You are seeking legal counsel for matters that involve you and your family. That is why selecting a lawyer is so important and personal. At The Law Office of Mark A. Reed, clients have sought our legal help for over 15 years. A large law firm, like any huge organization, is eventually slowed by its own bureaucracy. Over time, large firms become inflexible and tend to operate more for the benefit and convenience of its members rather than the benefit and convenience of its customers. A solo practitioner is relatively immune from that phenomenon and can therefore provide service that is more responsive and better-tailored to each client’s needs.
Before you sign up for any debt negotiation services, you need to know all about this. If you think it is the same as some debt management plan or credit counseling, then you are mistaken. The reason you need to take care before going for any such plan is that it can affect your credit rating.
Let us have a look at the claims that these companies usually make. They will promise you that they will negotiate with your creditors and as far as your unsecured bills are concerned, they will get you a discount of somewhere between 10 and 50 per cent.
California is known as a title theory state where the property title remains in trust until payment in full occurs for the underlying loan. The document that secures the title is usually called adeed of trust but may also be referred to as a mortgage. California has a complicated set of rules concerning foreclosures and alternate rules for foreclosures; it is generally a consumer friendly state.
Prior to 1998, a student loan was dischargeable (you could eliminate it) in bankruptcy if the student loan was in repayment status (not including any deferment period) for at least 7 years at the time of your bankruptcy filing.
On October 7, 1998, the Bankruptcy Code was amended to make student loans nondischargeable if the student loan was made or guaranteed by the Federal Government unless you could show that nondischargeability would pose an “undue hardship” upon you and your dependents. Student loans still remained dischargeable if the student loans were not made or guaranteed by the Federal Government.
Many people owe back taxes that may not be dischargeable in Bankrupty. However, it is sometimes possible to wipe your tax slate clean at an enormous discount. If you qualify for something known as the Offer in Compromise, referred to as an “offer” or “OIC,” the IRS has been known to accept as little as 1% of the amount owed on a tax bill and call it even.
There is no legal right to have a valid tax bill reduced by the IRS — it is entirely a matter of government discretion. In all but a few instances, however, the IRS must at least give a properly submitted OIC fair consideration.
The year 2010 marks a new decade, as well as a new era for credit cards in the United States. On February 22, the Credit Card Accountability Responsibility and Disclosure (CARD) Act will go into effect. This law will permanently change what credit card companies can and cannot get away with.
Let´s take a look at these changes and how they will be affecting you: