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simpson-cartoonInflation and interest rates are the two primary culprits.

Bankruptcy can actually be a fix to this problem and is something that everyone should evaluate NOW.  Does it make sense to clear the deck and start fresh?  Especially when that deck is stacked against most Americans who are not otherwise wealthy.  Especially, for anyone who has private student loans, the decision is pretty much a no brainer — bankruptcy can result in a full discharge of many private student loans or a very low payment plan, with very low interest.  Basically, a way out.

High credit card balances, underwater vehicle loans, unpaid rent — bankruptcy can easily fix this.

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reboot_your_life_after_bk-ebook-picThere are so many things that set us apart and in my opinion make us one of the best law firms in the Tampa Bay area that you can choose to file your bankruptcy.  Whoever you are looking to hire to file a Chapter 7 or Chapter 13 bankruptcy, you should ask these questions:

  • What kind of lawyer and staff turnover do you have?  (our bankruptcy paralegal and attorney have been with us for five plus years – nearly ten in fact – it helps to speak with the same person as your case progresses, who knows you and your situation)
  • Can you help me with my student loans (this is where we really stand out — we own student loans – every day, we are reducing or outright eliminating student loan debt in one form or another)
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debt-settlementWells Fargo has always been difficult to work with when we try to negotiate private student loan settlements.  However, we’ve started to see better deals in the past two weeks from other private student loan servicers  – so I believe Wells Fargo loans are now fair game.

Well Fargo is exiting the student loan business.  In a recent Bizjournal article “Wells Fargo sells off private student loan business,” nearly $10 billion of student loans were transferred to Apollo Global Management, Inc. and Blackstone Group, Inc.  While it’ll be a few weeks, we expect this changing of the guard will open the doors for reasonable settlement opportunities.  Something we haven’t been seeing for most all of Wells Fargo loans.

What we’re telling our clients now is this:  don’t wait until the moratoriums are over.  Now is the time to get good deals.  In a few months time, after the moratoriums are lifted, creditor attorneys will back at it.  Filing lawsuits.  Garnishing wages.  Repossessions.  When they have the power to do those things, they will raise their settlement demands.  Their clients are bleeding money right now.  Now is the time to settle your debt  — whether it be credit card, deficiency judgments, private student loans, car loans, you name it.  In 6-12 months, the economic landscape will be better, and these deals we see now, won’t be there any longer.

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https://www.tampabankruptcylawyerblog.com/wp-content/uploads/sites/10/2015/07/christie_d._arkovich_p.a_1_small.jpgHow do you feel about discharging student loan debt in bankruptcy?

The American Bar Institute (ABI) Consumer Bankruptcy Committee conducted a poll on what changes would attendees like to make to student loan discharges that I found interesting:

10%    Recommended no changes – leave it as it is

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As the owner of a small bankruptcy law practice in Tampa, Florida, we were often thought of as the epicenter of the great recession and foreclosure crisis back in 2008-2012.

One thing that always made a big impression on me, was the number of people who genuinely believed and tried their very best to catch up with their bills once they became re-employed.  These were folks who unfortunately had to run up their credit cards when not working, only to encounter high interest rates and an inability to catch up and actually pay down the balance even after they got a good paying job.  Then I had to tell them that they could no longer file a Chapter 7 – the full bankruptcy.  Instead, they were limited to filing a Chapter 13 – and partially or even worse, fully repaying the debt.  Now this doesn’t always happen, but if you’re making 80k, are single and filing bankruptcy, it could.  And often did.

Don’t be this person.  Consult a bankruptcy attorney if you’ve had to run up your credit cards or incur a pile of debt whether medical expenses, unpaid rent, etc.

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Due to heavy demand, the CPAAcadmy is doing a video rebroadcast today at 10:00 of a Webinar course I did for them last month for those who help others try to reduce or get rid of student loan debt.

I also have a link to this on my website available anytime (audio only unfortunately).

So if you have an hour, your might want to tune it at 10:00 for the rebroadcast today!

 

 

 

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CPAacademy-logoWrapping up another busy week with student loan discharges in bankruptcy and forgiveness under the disability program.  Hosted an excellent presentation for Tampa Bay Bankruptcy Bar Association attorneys on the new procedures for small business reorganizations by Amy Denton Harris, a shareholder with Stichter, Riedel, Blain & Postler, P.A. and Guy Van Baalen, an Assistant U.S. Trustee with the Tampa U.S. Trustee’s office.

The highlight of the week was a webinar presentation I did for CPAacademy titled “Helping Your Clients Take Their Lives Back From Their Student Loans“.  I’d like to thank the 580 people who signed up even during the busy tax season with extensions expiring in just a few days.

I just have to share a few of the testimonials (all five stars except one four star who would have liked to seen a bit longer presentation!) to encourage you to watch and learn (or reach out to us to finally do something about your student loan debt):

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Credit-ReportWhat are the most common errors on a credit report that lead to FCRA claims — and resulting damages?

  1. Status Disputes – error/inaccuracy standards which give rise to valid disputes:
  • these are things that are factually inaccurate such as:
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facemask-mortgage-relief-covidSome creditors and loan servicers are jumping the gun in pursuing foreclosures, HOA liens, COA liens.  The federal government is also taking the position that it’s okay to pursue cases already in litigation.  We had to file a motion to abate arguing that the moratorium preventing involuntary collection activity includes cases already in litigation — which is well supported by case law.

None of these things should happening while the moratoriums are still in place.  For mortgages and tenant evictions in Florida, that means we are in a holding pattern until July 2 when the foreclosure and eviction moratorium is set to expire.  This includes actions on other liens as well.  Florida Statute Section 702.09 defines mortgages to include HOA and COA liens so they have to put things in park, same as other traditional mortgages.

It also appears that certain banks are not honoring mandatory forbearance requirements — if you have received any messages, letters or phone calls re: SPECIAL FORBEARANCE options, please reach out to us asap to help make sure that this goes smoothly.

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