States Tell Big Banks: “Enough!”

Massachusetts Attorney General Martha Coakley has announced that her office is preparing to file lawsuits against big banks that engaged in unlawful foreclosures. Massachusetts is the latest state to proceed with litigation, despite on-going negotiations between big banks and state and federal representatives to resolve allegations of unlawful foreclosure practices.

Banks are accused of cutting corners and unlawfully rushing through foreclosure paperwork. Federal and state officials recently met with representatives of several large U.S. banks to discuss an agreement that would resolve class action lawsuits in the federal courts and provide relief to struggling homeowners across the country. Discussions with some of the nation’s largest mortgage servicing agencies, including Bank of America Corp, JPMorgan Chase & Co., Wells Fargo, Citigroup, and Ally Financial, have been taking place for over one year. States are becoming impatient.

“I have lost confidence that the banks will bring to the table an agreement that properly holds them accountable for wrongful foreclosures,” Coakley said in a statement. She also said that her office has “begun preparing for litigation.” The announcement from Massachusetts comes on the heels of California’s withdrawal from negotiations, stating that the deal under discussion would not provide enough relief to homeowners.

If you are facing a foreclosure situation, it is important to discuss your rights and explore your options with an experienced attorney. The foreclosure process is a mixture of state laws and contract rights, and understanding the situation is your first step in resolving it to your benefit.

The federal bankruptcy law can be used to stop a foreclosure and give you an opportunity to repay a mortgage arrearage over three to five years, strip off an unsecured junior mortgage debt, or just simply give you time to walk away from your home. Filing bankruptcy will stop the foreclosure immediately and put you under the protection of the federal law.

Get help today by calling an experienced Haines & Krieger Las Vegas bankruptcy attorney at 1-800-LAWYERS. Bankruptcy can help you reclaim control over your debt situation and build a better financial future.

Top Advantages of Quick Cash Loans Online

Quich cash advances are the newest financing tools sweeping the US finance sector. These short term advances are not only in great demand but the business itself is attracting numerous banks, lending institutions and individuals to enter into the payday loan lending business.

The reasons behind this popularity are many. But the chief fact remains that the features of online advances are so consumer friendly that the borrowers don’t have to think too much before opting for a quick paycheck loan. Following are some of the top advantages of online cash advances.

• Online payday lending services are available day and night. You can easily apply for a quick loan overnight from the comfort of your home and get your cash the next morning.
• The application process is hassle-free and simple. The online form presented to the borrower ask for some basic details and can be submitted with a click.
• In any urgency situation these fast online loans can provide you a modest amount in just few hours.
• It is extremely easy to get the best payday loan deal online as the borrower can search for the interest rates by various online loan providers.
• There is no paperwork requirement demands put forward by online loan lenders. The information stored in online database save the lenders and the borrowers to involve in documentation.
• To avail these paycheck online loans the customer doesn’t need to have a clean credit history. Hence people with bad credit history can also take these emegency advances to cover up unpredicted expenditures.

Will My Chapter 7 or Chapter 13 Bankruptcy Affect my Family?

One of the most common questions I receive from my potential Chapter 7 or Chapter 13 Michigan bankruptcy clients is with regard to the effect of an individual’s bankruptcy upon his or her family-members. Of course, there is at least an indirect effect: the income and debt-load of a family-member always has a general effect on those around him- or herself.

 These potential clients mean something different than, though. They want to know what specific effect their bankruptcy will have on their spouse’s credit report, their children’s credit reports, employment prospects or business prospects of others in the household, ability to borrow student loans, and a host of other specific issues.

Generally, my response is that your bankruptcy will have no effect upon your family-members. However, there are a few instances where this may not be so.

 

With regard to the above concerns, my general response is a good one:

• Your bankruptcy will not appear on anyone else’s credit-report, even your spouse’s or children’s.
• Your bankruptcy will not hamper your family members’ employment prospects (or even your own: the Federal Bankruptcy Code forbids under force of Federal law discrimination with regard to hiring based on the filing of a bankruptcy, though this may vary based upon an employer’s characterization as a private or public employer if you are outside of Michigan and the 6th Circuit, where I practice).
• Neither you nor your family-members can be fired for having declared bankruptcy.
• Your bankruptcy will not limit your or your children’s ability to borrow for student-loans: discrimination in this area of lending is forbidden by the Bankruptcy Code.

However, there can be an impact upon your family-members if your family-members are also your creditors. That is, if you have borrowed money from them before filing for bankruptcy, they must be listed as creditors in your petition along with your other, commercial creditors. A hurried repayment of a personal loan prior to filing, depending on its amount, must be disclosed also in the petition and may result in the bankruptcy Trustee, in a Chapter 7 bankruptcy case, pursuing that family-member with legal action to retrieve the funds. However, the rules allowing this sort of action are quite particular, and they require an experienced hand.

Likewise, if you have gifted property or larger amounts of cash to family members in the year or more prior to filing for bankruptcy, this can be problematic, also. It is ill-advised to transfer assets out of one’s name prior to filing for bankruptcy.

In short, an experienced bankruptcy attorney should be consulted for the proper advice regarding treatment of assets of creditors, particularly where a family member is involved.

A bankruptcy can be the most effective tool possible for moving a person from a situation of hopeless debt and compounding interest and late-fees to a bright, clear future. Concern for family members is everyone’s priority interest, but worry for your family members should not prevent you from pursuing the best course of action. In most cases, they are in no danger, and, where there is an issue within the bankruptcy process itself, a good attorney can guide you through it.

If you are a southeast Michigan resident and are interested in filing for bankruptcy, please feel free to contact me at (248) 977-4182 or jhilla@aronofflinnell.com to schedule a free, initial consultation.

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How to Become Debt Free in Illinois

Not being in control of your finances can make you feel really bad about yourself. But with the economic crisis a lot of people today are suffering from the same situation. Credit card is the most common factor that leads people to huge pile of debts. An average American is carrying no less than three credit cards and typically, all of these credit cards have no less than $1,000 worth of balance. $3,000 is not a huge debt but because of the diminishing development in the economic sector and the continuous inflation rate in the country, people are forced to use their credit cards when purchasing basic necessities.

This is exactly what happened in the state of Illinois. The state suffered for more than 10% unemployment rate that has led the state to use up their entire unemployment compensation fund and even dip into other funds just to support those who are still continuously filing for unemployment compensation extension. This massive crisis has spread all over the United States, but Illinois is one of the states that topped the highest unemployment rate in all of the US.

The unemployment rate has caused a lot of people from Illinois to depend on their credit cards, which led to piled up credit card debts. Finding yourself in such situation is not something that you should take on easily. But you don’t have to stress yourself over this event of your life because there are a lot of options from debt consolidation agencies that you can choose from to free yourself from credit card debts. First of all, you should put in mind that filing for bankruptcy is not an option. Bankruptcy can harm your public reputation more than you understand. You are bound to suffer more than get relief, so unless you’ve taken all other options, never file for bankruptcy.

The best option is to file to consolidate your

credit card debts in Illinois.Consolidating your debts can help you stop your credit card balance from accumulating more interest, penalties and charges. You can start clean and wipe out all of your past mistakes and start over again. A lot of consolidating services today offer flexible payment options based on their client financial situation. They take your household expenses into consideration and create a realistic repayment plan to make it easy for you to pay for your debts.

3rd Quarter Estimated Tax Deadline Is Here!

It’s that time again. Your estimated taxes for the 3rd quarter are due Thursday . Are you prepared? If not, no worries. I have information to get you started.

Quarterly estimated taxes are expected to be paid on income that is not subject to withholding or on income that did not have enough taxes withheld.

Typically those paying their taxes on a quarterly basis include small business owners, S-corp shareholders, self-employed individuals, and freelancers. If you fit these qualifications, how do you know if you qualify?

You must file estimated taxes if:

• You’re expected to owe $1,000 or more for your taxes.
• You expect withholding and refundable credits to be less than the smaller of 90% of the tax to be shown on your 2011 tax return or 100% of tax shown on your 2010 tax return.
• As a corporation, quarterly estimated taxes must be filed if your corporation is expected to owe $500 or more.

How do you know when your taxes are due? The good news is that the IRS has a standard schedule to help you figure when you need to pay. Your estimated taxes are due four times a year shortly after the previous quarter. However, they aren’t due every 3 months.

Here’s the schedule:

• 1st Quarter : April 15
• 2nd Quarter : June 15
• 3rd Quarter : September 15
• 4th Quarter : January 15

If the 15th falls on a weekend or a holiday, then the due date is the next week day. That means that the next 4 dates for your estimated tax payments are:

• September 15, 2011
• January 17, 2012
• April 16, 2012
• June 15, 2012

You may want to mark your calenders now to help you for your next few payments.

If you need help figuring out your tax obligation, you can use the TurboTax Free Tax Calculators to estimate your taxes.  The IRS also has IRS Form 1040-ES worksheet that can assist you with calculating the proper amount. Try to be as accurate as possible so you can avoid underpaying and possibly be responsible for paying penalties.

If you own a corporation, you can use IRS Form 1020-W, Estimated Tax for Corporations to calculate your corporate estimated taxes.

Now that you know what you owe, it’s time to get that payment in. Fortunately, there are several options:

• Mail- Check the IRS to see which location is correct one for you.
• Phone – Electronic Federal Tax Payment System has phone lines to take your payments
  • 1-800-316-6541
  • 1-800-555-4477
• Online -Electronic Federal Tax Payment System

If you’re paying by mail, please make sure your payment is postmarked no later than the due date to avoid penalties.

Here are some tips to make tax time easier:

• As soon as you can, fill out the worksheet with Form 1040-ES or Form 1020-W
• Keeps tabs on your income and taxes due. While you can wait until the deadline gets nearer, a much less stressful way to handle your tax payments is to calculate them on a monthly basis. Use tools like a spreadsheet. This comes handy when your actual income is much higher than your estimates.
• Have a record of all your estimated tax payments on hand. Should anything come up when you file your taxes, having the paperwork handy is vital. By having my payment information on hand, I was able to clear up a matter with the IRS and get the refund due to us.

How many of you pay quarterly estimated taxes? Do you wait until the last minute or are you an early bird? Do you have any additional tips for those just starting with paying their quarterly taxes?

QSGI exits Chapter 11 bankruptcy

QSGI, a leading data security company located in Palm Beach, Florida, recently exited Chapter 11 bankruptcy.

CEO Marc Sherman said of the process, “We have emerged a much stronger company with a solid balance sheet, sustainable profitability, as well as a clear and achievable growth strategy.”

QSGI filed for bankruptcy in 2009 citing $22.7 million in debt and $24 million in assets.  At the time of their filing, the company had 48 million shares of stock.

In filing for Chapter 11 bankruptcy, the data security company was able to continue its operations while reorganizing.  Sherman says that QSGI will continue to keep shareholders up to date on their status with the Securities and Exchange Commission after exiting bankruptcy.

If you have questions about filing for Chapter 11 bankruptcy, the West Palm Beach Chapter 11 bankruptcy lawyers of Eric N. Klein & Associates, P.A. can help you to understand the benefits of filing for Chapter 11 and how the Chapter 11 bankruptcy process works.  Contact us today by calling 561-353-2800.

California Foreclosure and Short Sale Trends

The federal government has recently changed their criteria for short sales, in an effort to stem the flow of foreclosures. The new legislation encourages lenders, through bonuses, to streamline short sales and keep homes from being foreclosed upon. While this looks very good on paper, and may even help some, what about the people who wish to keep their home out of foreclosure with out being forced to sell?

Many people opt for a short sale because they feel that there is no other option left for them to save their home. If given a chance, these people would love to keep their home as they rebuild their lives. Most do not know where to turn for true help.

Reorganization bankruptcy is an option for any home owner facing a California foreclosure. Chapter 13 bankruptcy will prevent a California foreclosure from occurring while the court is restructuring your debt. 

When you file bankruptcy the court will put a stay on any foreclosure proceedings that are taking place. This allows the home owner to remain in the house during the court case without fear of being evicted. Once the court has reorganized the debts of the home owner, the applicant will only need to make the single payment to the court each month to retain their home.

Lack of consumer confidence continues with High Street banking giants

For the last few years the leading High Street banks in the UK have taken a real battering in terms of consumer satisfaction and confidence levels, with many people losing faith in the biggest banks, including those that have had to be bailed out by taxpayers. A recent survey has shown that lack of confidence and satisfaction with the big High street banks continues, despite their general market dominance.

The survey was carried out by the consumer campaign group, Which?. As part of the process twenty eight banks and building societies were analysed in terms of their customer satisfaction levels. All main services were looked at when assessing customer satisfaction levels, including current accounts, savings accounts, credit cards and mortgages. This comes after it was revealed that in the first half of this year the Financial Ombudsman Service received around 54 percent more complaints about financial institutions compared to the final half of last year.

When it came to customer satisfaction levels amongst financial institutions none of the leading High Street banks even managed to make the top fifteen. In fact, the results showed that the four banks that had the highest levels of customer satisfaction when it came to current accounts controlled only 6 percent of the current account market whereas the four banks that had the lowest levels of customer satisfaction with current accounts controlled 38 percent of the current account market.

An official from Which? said: “The high street is dominated by banks that have a shocking record for customer satisfaction – what more proof do we need that the market isn’t working? We will only have a truly competitive market when banks are made to face up to a simple choice – either look after your customers or be prepared to lose them.”