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The Treasury’s Home Affordable Modification Program, known as HAMP, will sunset on December 30, 2016. HAMP, put in place early in the Great Recession, provides two separate avenues for a homeowner with a qualified mortgage dated prior to January 1, 2009 that is in default or at imminent risk of default to seek a mortgage modification subject to program guidelines.
In order to take advantage of HAMP, a complete application package must be submitted to the participating mortgage servicer handling your mortgage by December 30, 2016.
Although there may be an opportunity to participate if something less than a complete package is submitted by year-end, you should get the papers in early and obtain confirmation that the package is complete as far before 12/30/16 as possible.
HAMP reviews are currently conducted under Bankruptcy Court supervision in the Southern District of New York (in the Poughkeepsie, White Plains and Manhattan divisions) under the Court’s Loss Mitigation program.
It is unclear what may be accomplished to assist the many remaining distressed homeowners who desire a mortgage modification after HAMP; mortgage servicers and consumer advocates have been in discussions about a possible new, voluntary program option. It is likely that in-house (investor) modifications will continue to be available to qualifying borrowers in some instances. Whether those programs will be of significant value to homeowners post-HAMP remains to be seen.
Many people in California are fully aware that a bankruptcy filing is often the most expedient or most effective means of handling excess debt and other financial stressors that make it difficult to make ends meet. Individuals and households that have previously gone through a Chapter 7 bankruptcy or Chapter 13 bankruptcy filing and received a discharge already know the power of bankruptcy when it comes to eliminating debt. Filers who proceeded through a previous Chapter 7 filing might be impressed with the speed of the process since, under ideal circumstances, a Chapter 7 bankruptcy petition can be handled in as little as six to eight months. Individuals and households that proceeded through a Chapter 13 bankruptcy may recall the unique provisions of that Chapter of the U.S. Bankruptcy Code, which can protect property and more effectively handle secured debts.
While life events may require a second or other subsequent bankruptcy, financial stress usually involves increased expenses, decreased income, or a combination of both. The attorneys of The Bankruptcy Group recognize that no individual wants to fall back into debt after getting a fresh financial start, but circumstances of life can unfortunately push households into unsustainable financial positions. A Sacramento bankruptcy attorney can help households get out of debt regardless of whether it’s their first bankruptcy filing or they already have experience with the bankruptcy system.
When Will I Be Able to Get a Second Bankruptcy Discharge if I Already Eliminated Debt Under Chapter 7?
If you were previously granted a bankruptcy discharge, a requisite amount of time must elapse before you can receive a second discharge to eliminate your new debts. This fact is generally true no matter the Chapter through which you originally filed for bankruptcy. However, the Chapter of the initial bankruptcy combined with the Chapter for the second bankruptcy will affect the amount of time you have to wait to file a subsequent case.
For instance, if you have been previously granted a Chapter 7 bankruptcy discharge, certain time limits will apply. If you received a discharge under Chapter 7 of the U.S. Bankruptcy Code in the past and wish to receive a second discharge under the same Chapter, you will need to wait a minimum of eight years. If you would prefer to engage in a Chapter 13 bankruptcy in order to protect property or assets, or you have significant amounts of secured debt, you will need to wait a minimum of four years from the initial discharge for your subsequent bankruptcy proceeding.
When Will I Be Able to Get a Second Bankruptcy Discharge if I Already Eliminated Debt Under Chapter 13?
For individuals who first proceeded through a Chapter 13 bankruptcy, waiting periods also typically apply. However, the wait to file a subsequent bankruptcy after an initial filing is generally less than one would experience if the initial filing was under Chapter 7. Furthermore, under certain circumstances, a person who initially filed a Chapter 13 bankruptcy may be able to avoid the waiting period. In order for this to occur, (s)he must have satisfied all debts owed to secured creditors or 70% of all obligations in the previous Chapter 13 proceeding.
If the individual is not entitled to an exception to the waiting periods, (s)he will need to make sure that the timing is right for the second or subsequent bankruptcy filing. To file a Chapter 7 bankruptcy case after receiving a previous Chapter 13 discharge, one will typically need to wait six years from the initial discharge. If an individual wants to file a subsequent Chapter 13 bankruptcy after his or her initial discharge, the waiting period is two years.
Work with a Sacramento Bankruptcy Lawyer in California
Regardless of whether this is your first foray into bankruptcy or if you have gone through a Chapter 7 or Chapter 13 bankruptcy proceeding previously, the Sacramento Chapter 7 bankruptcy attorneys of The Bankruptcy Group can help. We have law offices conveniently located in Roseville and Folsom, California just minutes from Sacramento and its courthouses. To schedule a confidential and free initial bankruptcy consultation, call 1-800-920-5351 or contact us online today.
The post How Many Times Can I File for Bankruptcy? Can I File for Bankruptcy Two or More Times? appeared first on BK Law.
Our Union Grove bankruptcy lawyer, Shannon Wynn, noticed a trend this month. Quite a few people landed on our bankruptcy website from searching for the terms “Does Chapter 13 Stop WE Energies”, “Will Alliant Energy Disconnect in the Winter”, and other various search terms under this topic. In this post, Attorney Shannon Wynn wants to address this topic and offer some advice.
WE Energies and Alliant Energy Winter Disconnections and Bankruptcy
First, Attorney Shannon Wynn will address the main question at hand. Does a bankruptcy stop WE Energies or Alliant Energy? The answer is yes.
If you qualify and file a Chapter 7 bankruptcy, you are required to produce all debts to the trustee for discharge. This includes utility bills. If your bankruptcy gets discharged, you will no longer be responsible for the utility debts. However, Attorney Shannon Wynn wants you to keep in mind that to continue service after bankruptcy you many need to submit a lump sum deposit to WE Energies or Alliant Energy.
If you file a Chapter 13 bankruptcy, your outstanding utility bills will be wrapped up into the repayment plan. Disconnection will no longer be an issue. However, you must make your repayment plan payments on time.
In Wisconsin, your heating source is not disconnected during the winter months from November through April. You can find the exact dates on your provider’s website. But, if you are even “Googling” to find out if you can be disconnected, you aren’t addressing the bigger problem.
File a Union Grove Bankruptcy to Stop Accruing More Debt
The bigger issue is accruing more debt. If you are having problems paying your utility bills, you may want to consider bankruptcy as an option. What happens in April when WE Energies or Alliant wants back payment in full from all the winter months you didn’t pay, or else they shut off your service? If you are having a hard time coming up with a couple hundred dollars for your heat and gas bills, then you will have even bigger trouble coming up with $1200 in the spring.
It doesn’t make sense to accrue more debt this way. There is no reason to stress during the entire winter season wondering what you are going to do to keep the lights on in the spring. Make a change now. Bankruptcy may be the relief you need to get your finances back on track and give yourself a fresh start for the New Year.
Schedule a Free Consultation with Our Union Grove Bankruptcy Lawyer, Shannon Wynn
Our Union Grove bankruptcy lawyer, Shannon Wynn, knows that each situation is unique. Wynn at Law, LLC offers a free, initial bankruptcy consultation. During your free consultation, you will describe your current financial situation to Attorney Shannon Wynn. Then, you will be provided with various options to rectify your current financial dilemma. There is no obligation, and you will know exactly how our Union Grove bankruptcy lawyer can assist you.
Wynn at Law, LLC has bankruptcy offices located in Lake Geneva, Delavan, Salem, and Muskego. You can schedule your free, initial bankruptcy consultation with Attorney Shannon Wynn by calling 262-725-0175. You can also complete the contact form on our website’s contact page and our Union Grove bankruptcy lawyer will get back to you promptly.
Find out if you qualify for bankruptcy.
Click Here to Get a Free Bankruptcy Assessment
from Wynn at Law, LLC
.
It’s Free. It’s Easy.
*The content and material on this web page is for informational purposes only and does not constitute legal advice.
Our Union Grove bankruptcy lawyer, Shannon Wynn, noticed a trend this month. Quite a few people landed on our bankruptcy website from searching for the terms “Does Chapter 13 Stop WE Energies”, “Will Alliant Energy Disconnect in the Winter”, and other various search terms under this topic. In this post, Attorney Shannon Wynn wants to address this topic and offer some advice.
WE Energies and Alliant Energy Winter Disconnections and Bankruptcy
First, Attorney Shannon Wynn will address the main question at hand. Does a bankruptcy stop WE Energies or Alliant Energy? The answer is yes.
If you qualify and file a Chapter 7 bankruptcy, you are required to produce all debts to the trustee for discharge. This includes utility bills. If your bankruptcy gets discharged, you will no longer be responsible for the utility debts. However, Attorney Shannon Wynn wants you to keep in mind that to continue service after bankruptcy you many need to submit a lump sum deposit to WE Energies or Alliant Energy.
If you file a Chapter 13 bankruptcy, your outstanding utility bills will be wrapped up into the repayment plan. Disconnection will no longer be an issue. However, you must make your repayment plan payments on time.
In Wisconsin, your heating source is not disconnected during the winter months from November through April. You can find the exact dates on your provider’s website. But, if you are even “Googling” to find out if you can be disconnected, you aren’t addressing the bigger problem.
File a Union Grove Bankruptcy to Stop Accruing More Debt
The bigger issue is accruing more debt. If you are having problems paying your utility bills, you may want to consider bankruptcy as an option. What happens in April when WE Energies or Alliant wants back payment in full from all the winter months you didn’t pay, or else they shut off your service? If you are having a hard time coming up with a couple hundred dollars for your heat and gas bills, then you will have even bigger trouble coming up with $1200 in the spring.
It doesn’t make sense to accrue more debt this way. There is no reason to stress during the entire winter season wondering what you are going to do to keep the lights on in the spring. Make a change now. Bankruptcy may be the relief you need to get your finances back on track and give yourself a fresh start for the New Year.
Schedule a Free Consultation with Our Union Grove Bankruptcy Lawyer, Shannon Wynn
Our Union Grove bankruptcy lawyer, Shannon Wynn, knows that each situation is unique. Wynn at Law, LLC offers a free, initial bankruptcy consultation. During your free consultation, you will describe your current financial situation to Attorney Shannon Wynn. Then, you will be provided with various options to rectify your current financial dilemma. There is no obligation, and you will know exactly how our Union Grove bankruptcy lawyer can assist you.
Wynn at Law, LLC has bankruptcy offices located in Lake Geneva, Delavan, Salem, and Muskego. You can schedule your free, initial bankruptcy consultation with Attorney Shannon Wynn by calling 262-725-0175. You can also complete the contact form on our website’s contact page and our Union Grove bankruptcy lawyer will get back to you promptly.
Find out if you qualify for bankruptcy.
Click Here to Get a Free Bankruptcy Assessment
from Wynn at Law, LLC
.
It’s Free. It’s Easy.
*The content and material on this web page is for informational purposes only and does not constitute legal advice.
The post Bankruptcy and WE Energies / Alliant Energy Disconnections appeared first on Wynn at Law, LLC.
Overview In this bankruptcy case study, we are going to analyze the financial situation for Ms. L., who resides in Chicago. She resides on Woodland Park Avenue of the East side of the city. She filed a chapter 13 bankruptcy back in 2006. Thus, she is eligible for either a chapter 7 bankruptcy case or+ Read More
The post This Is The Bankruptcy Case Study For Miss L., Living In Chicago appeared first on David M. Siegel.
I just spoke to a young lady this morning who cosigned on a vehicle. The other person on the hook for the vehicle debt has just filed for chapter 13 bankruptcy. The vehicle is not going to be reorganized through the chapter 13. Thus, the auto finance company has the right to modify the automatic+ Read More
The post Co-Signed Auto Debt In A Chapter 13 Can Get Very Tricky appeared first on David M. Siegel.
Many California businesses are highly successful endeavors. However, for every successful business, there are a number of businesses that do not take off in the way their founders or investors envisioned. The lack of sustained commercial success is typically not for a lack of effort, hard work, or vision. The simple fact is that sometimes projections and models do not pan out and despite all efforts to keep the business afloat, it may nevertheless begin to take on significant debt that can hinder day-to-day operations.
In California, businesses or non-profits have numerous options to handle debt. While bankruptcy is the traditional method of dealing with excessive debt, other options exist. In certain situations, it may make sense to simply dissolve the non-profit, business, or other entity. The Sacramento bankruptcy attorneys of The Bankruptcy Group can help business owners or managers of a non-profit assess the situation the entity faces and make an appropriate decision regarding how to handle debt.
What Is a California Business Dissolution?
For certain entities, including non-profit entities, it may be prudent to explore additional state law remedies to address debt and debt situations. One of these potential state law remedies available in California is a dissolution under state law. In California, a dissolution of an entity can be voluntary or it can be involuntary.
A voluntary dissolution in California is a step that the directors and other controlling parties of a non-profit organization can elect to take. Nonprofits can be dissolved for nearly any reason or for no reason at all. In fact, an entity can be dissolved without any input from the courts. However, in certain scenarios, one or more interested parties may petition a California court to oversee and supervise the process of winding down and dissolving the entity.
The exact process regarding how a non-profit or other entity should proceed comes down to the current facts and circumstances in the matter. In certain situations, most commonly where creditors of the organization exist, certain directors or board members may need to approve the dissolution. It is also necessary to consult with any governing documents concerning the entity when determining the correct method of winding down the entity through a voluntary dissolution.
Can a Dissolution Be Forced or Involuntary in California?
Certain interested parties may bring about an involuntary dissolution case in an array of circumstances. Interested parties that can start involuntary dissolution proceedings include:
- 50-percent of the non-profit or entity’s board of directors
- One-third of all members vote to bring about dissolution proceedings
- Any party authorized to commence involuntary dissolution in the organization’s bylaws or governing documents
- The California state attorney general
The impact of an involuntary dissolution proceeding is significant. While the process bears a certain resemblance to a straight bankruptcy under Chapter 7, it is a distinct legal proceeding. However, in comparison to the bankruptcy process, even an involuntary dissolution can provide for more flexibility and may present a viable option when parties are still able to negotiate and work together. Once the dissolution process begins, the entity is under an obligation to wind down operations while settling debts and obligations through a liquidation of its assets.
How Do I Know if a Bankruptcy and Dissolution Are Right for a Nonprofit?
When a non-profit begins to experience financial stress due to excessive debts and obligations relative to the organization’s revenue, directors, and managers may be called upon to make difficult decisions regarding the future of the business. While both bankruptcy and dissolution under state law can produce the end result of a liquidated entity, laws regarding the treatment of debt and creditor claims varies significantly.
Consider that the bankruptcy process comes with certain protections and powers that are not available in a dissolution. That is, the automatic stay can stop creditor collection attempts and the entity has certain powers to avoid certain contracts or transactions to facilitate settling its debts. These powers and protections are not available in a dissolution proceeding. In exchange for the lack of these powers, there is greater flexibility in a dissolution. Furthermore, parties can avoid the involvement of a court in the finances and day-to-day affairs of the entity.
Work with Non-Profit Business Dissolution and Sacramento Bankruptcy Attorneys in California
If your non-profit business or other entity has run into financial difficulties, the most prudent path forward may be a liquidation of the entity’s assets. However, the approach the responsible parties take regarding the liquidation can have profound impacts on the overall disposition of the debts and obligations. The Sacramento bankruptcy lawyers of The Bankruptcy Group can help you and your non-profit business determine which path is likely to provide a prudent means to move forward. To schedule a confidential consultation, call 1-800-920-5351 or contact us online today.
The post Should a Troubled California NonProfit File Bankruptcy or Wind Down through a Dissolution? appeared first on BK Law.
The easily availability of consumer debt in the United States (U.S.) has significantly increased debt amounts by more consumers, especially those with low to moderate income. This makes these families and individuals most vulnerable to financial difficulties when they suffer income interruptions or emergency expenses when it comes to staying a float debt payment
The post Consumer Debt and Bankruptcy: Your Options appeared first on Tucson Bankruptcy Attorney.
The easily availability of consumer debt in the United States (U.S.) has significantly increased debt amounts by more consumers, especially those with low to moderate income. This makes these families and individuals most vulnerable to financial difficulties when they suffer income interruptions or emergency expenses when it comes to staying a float debt payment
The post Consumer Debt and Bankruptcy: Your Options appeared first on Tucson Bankruptcy Attorney.
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Use your company’s blog posts to opine on current industry topics, humanize your company, and show how your products and services can help people.
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