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Q. Should I hire a law firm or a solo practitioner to handle my personal injury case? A. Many times an experienced practitioner such as myself, can get you a better settlement or award than a law firm. Law firms assign the majority of cases to less experienced Junior partners and Associates. Many have little actual experience in litigation and trial, and don't know how to set up a top dollar settlement, or how to conduct a good cross-examination. If you have a run of the mill case, it's likely that Jr. will be handling it. Jr. may have been hired simply because of someone he knows, and have no proven ability in the field of litigation.
Q. Can a law firm that has a partner or associate who is also a county or supreme court justice handle my personal injury case? A. Yes, but the entire firm would be disqualified from handling the case if any aspect of the case were to come in front of that particular judge.
Q. Should I try debt consolidation before I consider filing for bankruptcy? A. Bankruptcy requires a thorough inquiry into your financial affairs. Debt consolidation usually requires only a surface analysis of your financial situation. The veracity of your statements and representations concerning your financial situation are not subject to Federal Criminal Penalties as they are in a bankruptcy proceeding. If your situation warrants bankruptcy after full disclosure of all aspects of your present and future earning capacity, your assets both present and future, bankruptcy if warranted, is still the most effective form of debt relief.
Q. I have perfect credit, If I file a Chapter 13 won't this ruin my credit? A. If you are considering bankruptcy, the fact of the matter is that you don't have perfect credit, even though you may never have missed a payment. Credit is primarily an income to debt ratio calculation. Any bank considering giving you credit will evaluate whether you have the ability to maintain your payments on your current accounts and still incur more debt. If the answer is no, you have bad credit, even though you've never missed a payment.
Q. Why not file a chapter 7 rather than a chapter 13 if I'm going to file for bankruptcy? A. Chapter 7 versus chapter 13 needs to be carefully evaluated on a case by case basis. In addition to the credit advantage chapter 13 offers, the new laws require require debtors who are over to the median income to file under Chapter 13.
Q. If I file a chapter 7 will I lose my property? A. Possibly, depending on what you own. You may be able to keep non-exempt property that is difficult to liquidate such as household electronics, multiple TV's, garden tractors, however if you have significant assets that liquidate with ease such as certificates of deposit, stocks, ski boats, you should consider filing under chapter 13.
Q. I understand that some purchase money security interests in collateral other than automobiles do not need any "perfection" to be valid. But does that mean that I can stop paying on these debts and still get a bankruptcy discharge? A. Yes , in most cases the purchase money nature of the debt is not an obstacle to your discharge. However the creditor will have self help rights to repossess after a chapter 7 discharge.
Q. I want to keep all of the things that I've bought on financing but the balances due are worth more than what I can get for the property. What should I do? A. If you are filing a case under Chapter 13, or are required to file a case under Chapter 13 under the new laws, you can create split claims on under secured debts, which can reduce the overall extent of your repayment obligation. You should discuss this matter with an attorney.
Q. Are student loans dischargeable in a Bankruptcy case? A. Not in most situations. There still exists a "hardship" exception to the rule however that is much stricter than that required to just receive a bankruptcy discharge of other types of debts.
Q. If student loans are non dischargeable why do I have to schedule them in my bankruptcy case? A. Even though student loans cannot be discharged, your bankruptcy may be an asset case and holders of the loans are entitled to a share of the proceeds as with any other creditor.
Q. What is the automatic stay? A. Upon the filing of a bankruptcy the court enters an order for relief under 11 U.S.C.A. § 362. It is a Federal Injunction that prohibits a creditor from contacting the debtor in any way, while your case is open. Upon your discharge the court injunction becomes a permanent stay.
Q. Why is Chapter 13 better for credit than Chapter 7? A. The old school lenders and established banking institutions will give you extra credit for making your "best efforts" to repay as much debt as you can. Short term lenders looking to sell you on more debt just want to see that your credit report is clear of old debt and credit lines before giving you a new loan. Both forms of bankruptcy can improve your credit, however Chapter 13 is considered a little better for credit over the long run.
Q. Why would a lawyer with 19 years experience handle Chapter 13 bankruptcy without being paid in advance? A. The long term benefits that derive from helping financially troubled families within the goals and standards of the bankruptcy court greatly exceed the value of the retainer. "0.00" down assists us in representing you properly in the bankruptcy system. When you file a Chapter 13 you are generally representing to the court that you are insolvent and can't afford to repay your debts in full. The credibility of your statements may be subject to question if you paid a law firm a large retainer to file your case.
Q. Am I receiving the same service as if I paid a lawyer a sizeable retainer in advance? A. We are bound by the same legal ethical principles as a "paid up front" lawyer in a Chapter 13 case, that is to represent your interest "zealously within the bounds of the law", and to provide you with competent knowledgeable representation. Q. What does chapter 7 cost? A. Fees to handle a Chapter 7 case are payable in advance. The total cost for most cases including government filing fees, are about the same as what it would cost to rebuild the transmission in your car, or to rebuild the furnace in your house. The time and skill levels involved in your chapter 7 are at least as great as in the foregoing tasks.
Q. What does a lawyer handled uncontested divorce cost in New York? A. List Price: $1,275.00**
Q. Why would a credit card company accept less than what they are owed through debt elimination? A. Private negotiation of debts is as old as the history of western civilization. It is particularly effective in the commercial context where the lender has only a monetary interest in mitigating loss on a particular account. This is particularly true given the relief that has been, and still is available under the bankruptcy code. Most banks will informally work with a debt elimination professional to give similar relief to the treatment available to unsecured debts in a chapter 13 plan where the payback is above the 65 % level.
Q. What is the difference between "debt elimination" and "consumer credit counseling"? A. They are both a way to consolidate your debts, however consumer credit counseling services work for the lenders and are bound by their policies. A debt negotiator works for your interest's and will seek to place the bank in a position where they are looking at loss mitigation rather than just a reduction in profit.
Q. I heard an add by a consumer credit counseling service that they can reduce my payments by as much as 50%, is this true? A. There are many deceptive and misleading business practices in the field of debt relief. You need to be very careful who to believe and how much of what you have heard to believe. These statements are usually made in conjunction with a claim that you can become debt free in three years or less. By reducing interest rates on credit cards you can reduce payments by 50%. $30,000.00 of credit debt at a high interest rate of 24.99% will take 20 years and a payment of $629.00 per month to pay off. By reducing the average interest rate to 8% you can cut the monthly payment in half and the amortization or pay off period to 152 months. That's over twelve years, not less than 3. The total cost to pay off $30,000 in credit card debt is over $47,880.00 including their fees. With our debt elimination program we're talking about an anticipated minimum payback of 65% on the dollar of principle calculated as of the time you start the program.
***Call for price
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