Tag Archives: lawyer

Seven Steps on How to File for Bankruptcy (Page 1 of 2)

March 6, 2020   Home Mortgage

In the 21st century, many men and women find themselves struggling to keep their heads above water financially. With ever mounting debt, these people oftentimes need to seek relief by filing for bankruptcy. Perhaps you are such a person who is fighting to make ends meet. As a result, you may be wondering how to file for bankruptcy.

The first step in learning how to file for bankruptcy is to make a comprehensive list of all of your creditors and outstanding debts. When you are working to determine how to file for bankruptcy, you need to appreciate that if you to proceed with a bankruptcy case, you must be sure that all of your debts are disclosed and listed in a bankruptcy petition.

The next step in filing for bankruptcy is to determine exactly what assets you have available to you. Your assets include your recurring income from your job, your home and major items of personal property that you might own (including such items as motor vehicles).

The third step you need to undertake when it comes to seeking bankruptcy relief is to contact all three major credit bureaus. When all is said and done, the three major credit bureaus may have the best record of all of your outstanding debt. By obtaining your credit reports from the three major credit bureaus, you will be able to cross reference your list of debt to make certain that you have all accounts covered and listed.

The forth factor that needs to be considered on the road to filing for bankruptcy, is to determine whether you will seek professional assistance in the pursuit of a bankruptcy case. Some people do elect to file for bankruptcy on their own without the aid and assistance of a lawyer. However, in most instances, it probably is in your best interest to seek the professional assistance of a lawyer in order to properly pursue a bankruptcy case. Therefore, unless you have a very simple bankruptcy on the horizon and unless you actually have some definite, practical legal experience, you should seek out the assistance of a lawyer to aid you in pursuing your case.

In working towards fully understanding how to file for bankruptcy, if you do make the decision to hire a lawyer, you will need to begin an organized search to find the best attorney to meet your needs. Keep in mind that in this day and age there are lawyers that specialize specifically in the area of consumer bankruptcies. As a result, you most likely will want to narrow your search to those specific attorneys who do have experience in dealing with bankruptcy cases. In the long run, you will be best served by engaging the services of a lawyer who has dedicated his or her career to bankruptcy law.

Once you narrow down the list of attorneys you are considering, the next phase in considering bankruptcy is to obtain references in regard to each of these attorneys’ prior performance. References will provide you with specific information on how a particular lawyer handles his or her business and on how successful he or she has been in the pursuit of prior bankruptcy cases. Your local bar association can provide you with the names of lawyers that specialize in the practice of bankruptcy law.

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Four Essential Tips For Seller Financing

March 3, 2019   Auto Loans

Seller financing has become an increasingly popular way for property owners to convert real estate into an income stream. It’s especially useful when potential buyers may have trouble meeting traditional qualifications. A seller financing agreement is handled like a loan for some of or the entire purchase price but instead of lending the money, the financer manages a promissory note for the amount of the loan. This makes seller financing an excellent option in a stagnant local market or in cases where the seller would prefer to treat the property as an ongoing investment without becoming a landlord. The seller may also benefit from a number of tax incentives. A seller-held note does entail fairly strict responsibilities, however. Mortgage note buyer DMO Direct Funding notes four particular characteristics that are universal to successful seller financing.

Competitive Interest Rates: As the seller, the interest rate is completely up to you, subject to applicable laws. Charging too high a rate makes it difficult to get interested buyers, but charging too low a rate provides little or no benefit for the seller. Since you’re not an institution you can charge a lower rate than a bank without taking a hit on your returns, but those returns should still be comparable to other investments. A financial advisor can point you to key indicators like T-Bills that will help you set your rate.

Prudence: Successful seller financing is as transparent and safe as possible. That means that as the seller, you’ve run a full credit check and you have accurate records relating to the property, including recent improvements and any past property inspections. You should also welcome the buyer’s investigations into the property. When these precede the signing you prevent future arguments about the property. Finally, make sure that the property is fully insured. Skipping these steps is the source of a great deal of grief for many would be seller-financers.

Legal Representation: You should never enter into seller financing without consulting a lawyer who specializes in real estate. You are responsible for the integrity of the financing documents and don’t want to be surprised if a malformed clause cuts you off from payments or worse yet, unintentionally runs afoul of the law. A lawyer should also be in easy reach in case there is any future dispute over the note.

Long Term Perspective: You should be able to track how the seller-held note fits into your overall finances over its entire term. That means you need to consider what might happen in an emergency when for one reason or other, payments aren’t coming in. Do you have the will and advice on hand to initiate foreclosure? Do you anticipate significant medical or tuition expenses in your future? Be prepared. Fortunately, if you’ve managed your note reasonably well you can sell it to a mortgage note broker. The note’s seasoning and terms will greatly influence its value.

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