March 7th, 2010
A lawsuit is a document filed with a court that seeks to enforce a party’s rights. In most cases, this is a complaint that sets out that you owe money and why you owe it. This is a creditor’s first step for getting a judgment that can be used to garnish your wages, clean out your checking account, and put a lien on your house.
First, service has to be made. This is legal talk for proper delivery of the documents. Most service is done by certified mail or service by sheriff. The Bullitt County Sheriff will send you a letter telling you that papers are ready to be served on you and that you can pick them up. Generally, I do not recommend picking the papers up. Make them deliver them. However, usually, unless you are really lucky, you’ll eventually get served.
A lot of people mistakenly believe because the complaint may not contain a court date they don’t need to take action. Nothing can be further from the truth. Failure to reply allows the Plaintiff to get judgment without having to litigate the case. If you haven’t contacted a lawyer yet, this is the time.
The second you get papers, if not before, is the time to call a lawyer. Unless you know how to do it yourself – and really, you probably don’t- things start happening quickly at this point. (Lawyers have 7 years of college along with a mountain of continuing education. Unless you have this too, call a professional).
What do at this point? Well, there’s litigation, settlement, or bankruptcy. We’ll talk about those next time.
Tags: bankruptcy, bullitt county sheriff, complaint, default judgment, lawsuit, service
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February 14th, 2010
It would appear comic Sinbad is broke. I would come up with a punchline, but it appears that’s not a good way to get by.
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Tags: broke, celebrity debt, debt
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February 5th, 2010
Former homeowners/drivers may still be on the hook if there’s a difference between what they owe on their loan and what the bank sells it (the car or house) for at auction. These deficiency judgments are ticking time bombs that can explode years after the item goes away.
I find havnig an unpaid deficiency usually catches you right before you go to buy a house, get married, or try and move on.
If you are facing foreclosure, call now.
Tags: bankruptcy marriage, buy a house, deficiency, foreclosure, fresh start, lien
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January 9th, 2010
I see people every day in the Louisville area who are filing chapter 7 and chapter 13. Unfortunately, because of bad advice, because they make bad choices, or sometimes just dumb luck, they make lots of bankruptcy mistakes.
Here are some of the biggest ones and how to avoid them…
10. Tapping the 401(k)- most funds in 401(k) accounts cannot be disturbed in a bankruptcy proceeding. However, money taken out of one can. Also, the huge penalties and taxes associated with a recent 401(k) withdrawal are not dischargeable in bankruptcy. 401(k) loans also create some problems.
9. Cold checks- Some people think writing a cold check is great way to get a fast loan. Besides being a crime, cold check criminal prosecutions are not fixed by a bankruptcy filing. Don’t write cold checks. Bankruptcy can’t fix jail.
8. Using credit right before bankruptcy- obtaining credit or making charges too soon close to the date of your bankruptcy filing creates debts that may not be dischargeable.
7. Not paying child support/alimony- A chapter 13 bankruptcy can be used to get your child support caught up. However, in the mean time you can go to jail for not paying child support. If you have to choose between paying child support or a credit card- pay for your kids.
6. Doing it yourself- presently, there are more than a dozen banned bankruptcy helpers. Is yours one? How do you know? By the way, if you are getting any advice from her, are you ready to come to court to clean up her mistakes? Does she have insurance? Did you know that if you don’t file your bankruptcy documents properly you could lose your home and possessions? Get professional help with your bankruptcy or be prepared to hire professional help to clean up your bankruptcy.
5. The right representation- Does your attorney have malpractice insurance? How long has your attorney been filing bankruptcies? Is the lawyer you meet the same lawyer that goes to court with you? Has your attorney been sanctioned by the Bar? Do you talk to the lawyer about your case or a “legal assistant”? Can the lawyer tell you how your bankruptcy will effect your divorce? There is more to bankruptcy than filing out forms. If something is too good to be true it probably is. Hire a professional, not just a lawyer.
4. The truth- failure to tell your lawyer and thus the bankruptcy court the truth is a crime. Many times, failure to give the lawyer all information creates problems later- that could have been avoided.
3. Getting a judgment- If you don’t pay debt, chances are, you’ll get sued. If you file bankruptcy before a judgment, you don’t have to go throw the time and expense of getting rid of liens. Many times, I can’t get back money that has been garnished. A lot of times, the damage is already done. Filing bankruptcy gets it fixed sooner rather than later.
2. Not filing taxes- besides being a crime, unfiled taxes create a set of problems that could have been fixed but now in bankruptcy. If you owe, you owe, no use in putting it off.
1. Not calling us- as soon as you think you might need to file bankruptcy, get advice from a professional. Like traveling across a jungle- filing bankruptcy requires a guide. Let us help.
Tags: 401(k) loan, attorney, bankruptcy, child support, cold check, jail, judgment, lien, louisville chapter 13, louisville chapter 7, non-dischargeable debt, sheriff, tax debt, taxes, truth, wage garnishment
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January 3rd, 2010
There are situations in which it’s best not to wait to file bankruptcy. If you have no hope of repaying debt then you have little to gain by putting off filing. It’s usually better to bite the bullet sooner rather than later. Also, people often make bad calls putting off bankruptcy- like making 401(k) withdrawals, selling off household assets at a huge loss, or even worse, borrowing even more money. Sometimes, if you wait too long, wages get garnished, liens get placed, and other stuff happens that makes your bankruptcy take longer and cost more.
Getting through bankruptcy can be easy or disastrous. Get me involved early. By planning ahead, we can do everything we can to make your bankruptcy smooth sailing and get you off to a fresh start.
Call today and start on your fresh start.
Tags: 401(k), 401(k) loan, pre bankruptcy, putting it off
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December 19th, 2009
Debt settlement firms pretend they can make creditors settle for “pennies on the dollar”. They claim their service is better than bankruptcy. I usually see them make things worse. These companies are not regulated by anyone. They can, and often do, collect thousands of dollars before providing any services. Sometimes, they take the money and run. A lot of times they can accomplish anything only to say to you “bummer”. Because they make more the longer it takes to settle your debt, they are in no hurry to work things out pronto.
First of all, debt settlement can be done by you just as easy as the settlement firms. If the creditor is not willing to work with you, they’re not about to work with some settlement firm. By getting involved with a settlement firm, the only message you’re sending is that you have extra money to pass out. This makes creditors even hungrier. Remember, debt settlement isn’t the law. Until you involve Courts, you can’t force a creditor to modify their legal rights.
To add insult injury, at the end of the settlement, the money you save is taxable income. So, about the time you’ve dug out all your savings to settle a bill, you get another bill from the government.
Before getting involved with debt CONsolidation, call me. Get real advice from a real lawyer. You owe yourself that much.
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December 19th, 2009
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December 2nd, 2009
“John”, a builder in Louisville, just finished his most recent million dollar home. But when, his contract fell through, he found himself facing a financial fate he’d never anticipated. Overnight owing a $100,000.00 payment on a construction loan.
This is the new face of bankruptcy. The recession, the worst in 70 years, pushed more used to be rich people into bankruptcy than in previous recessions.
Bankruptcy filings were up over a third in the first half of 2009 from the same period the previous year. Experts predict the number of bankruptcies will keep rising even as the economy gets better.
Studies show that more and more middle class folks are feeling the pinch. Personally, I’ve notice three times as many of my clients earn more than $50,000.00 than a couple of years ago. Experts blame the increase on slumping real estate prices and job losses, which have cut deeply into professional positions. Right here, I see a lot of builders, Ford workers, and professional people.
Bankruptcy isn’t just for the poor. More and more working people need bankruptcy than ever before.
Call us, we can help.
Wantland Law
Serving Louisville, Bullitt County, and surrounding areas.
Tags: banking crisis, building contracter bankruptcy, Bullit, bullitt county foreclosure, construction loan, house foreclosure, Jefferson, job loss, mortgage crisis
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November 19th, 2009
Rebuilding credit after bankruptcy is doable…however, you need to do a little work to make sure everything is as it should be.
A common worry I hear from client just out of bankruptcy that credit stuff on their credit reports is wrong. Sometimes things remain as collections on the report that were discharged in bankruptcy. Is this correct? Nope. End of the world? Certainly not. Fixable? Certainly.
The easy fix is to send a note to the credit bureau and the creditor that the debt was discharged by the bankruptcy and should no longer be on the report. Be sure to do in writing. Writing is a pain- I know- it’s also the only proof that you brought it to someone’s attention.
If they still refuse to fix it, the letter is your proof you asked. That proof, along with the motion I would file, would allow the bankruptcy court to sanction the creditor.
Good credit is possible after bankruptcy. With our help, we can get you back on track. Sometimes, just like your bills, you need a little help from us.
Call today. Tomorrow, start working on better credit.
Call us. We can help.
502-716-0000
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