What You Need to Know About Unpaid Taxes and Foreclosure

One of the responsibilities homeowners have is that they must pay taxes on their property. Most homeowners expect to receive a bill from the county in which they live, and not a private company. Unfortunately, some homeowners in Florida have learned the hard way that this is not always the case. Some even fear losing their home just because they did not pay attention to their mail. It sounds impossible, but sadly, it is true.

It has become more common in Florida today for tax commissioners in certain counties to sell a tax lien on a home to a private company. One of those private companies that commonly purchases these tax liens is Investa Services. When homeowners receive their invoice for property taxes from this asset finance company, they think it is junk mail and may not even open it before throwing it in the garbage.

It is then sometimes too late when they learn they are facing foreclosure due to unpaid taxes. If you are a homeowner, it is important to understand how third parties purchase tax liens, and what their legal obligations are, before foreclosing on a home.

Legal Obligations of Third Parties that Purchase Tax Debt

County tax commissioners sometimes sell property tax liens because they can sell liens for the entire amount of the debt, unlike third parties that purchase other types of debt. While these third parties can foreclose on a home due to unpaid taxes, there are certain steps they must take first. The third party must notify the homeowner within 60 days of assuming the property tax debt, so you should always know of the company that holds the debt.

Third parties must also wait 24 full months before foreclosing on a home due to unpaid taxes. This is another reason some tax commissioners believe they are actually helping homeowners by selling their tax lien because it gives the homeowner two full years to pay the debt.

Unfortunately, the parties that purchase tax liens are not always honest and they do not always comply with the law. Investa Services, particularly, has an ‘F’ rating with the Better Business Bureau with nine complaints filed against the company within the past three years. It is also very difficult to hold these companies accountable when they violate the law. However, when these third parties have not complied with the law and they threaten to foreclose on a property, the violation can serve as a foreclosure defense.

How to Save a Home from Foreclosure Due to Unpaid Taxes

Facing foreclosure due to unpaid taxes may seem like a hopeless situation, but it is not. Of course, you can simply pay the delinquent amount, but this is not always practical for some people. For example, homeowners have refuted the amount they owe, which is the basis for some complaints against Investa Services specifically. In these cases, there are other ways to keep your home without paying the amount the third party is claiming is due.

In Florida, you can dispute the assessment with the property appraiser’s office or you can file a petition with the county value adjustment board (VAB) to appeal the property appraiser’s assessment, or both. This will reduce the amount of taxes you owe and may make the debt more manageable, which can help you avoid foreclosure. When trying to reduce your tax liability, you can argue that the assessment is greater than the property’s taxable value, which means the value of the property has been wrongly assessed. You can also point to comparable properties with lower assessments, which can help prove that the assessment is too high.

Florida also has many property tax exemptions that can help reduce a homeowner’s liability. Sometimes, a person’s income level, personal status, such as the surviving spouse of a police officer, and even a person’s age can allow them to take advantage of an exemption that can lower the amount of property taxes they owe. Sometimes, a county may even defer taxes in certain situations, such as when a person can show that they have experienced great financial hardship. However, these types of deferrals are not usually available once the taxes are delinquent.

In other cases, a homeowner may simply be able to negotiate paying a lower amount with the taxing authority. Sometimes, the agencies that collect the taxes waive the interest and penalties that can make a tax loan more manageable.

Homeowners can also redeem their property after the tax lien sale. To do this, you will have to pay off the amount owed, but you only have a certain amount of time to do this. You must redeem the home before the county issues the tax deed to the new owner. Still, this option is not available if the court clerk has already received the full payment for the deed.

Lastly, the defenses available in other foreclosure cases are also sometimes available when foreclosure is a possibility due to unpaid taxes. For example, lenders and servicers must have standing before they can foreclose on a property. That is, they must have the note and have something to lose when the homeowner does not pay their mortgage. Others need to have standing too, such as third parties that purchase tax liens on homes. When they do not, or cannot prove that they have standing, they cannot foreclose on a home.

Our Foreclosure Defense Lawyers in Florida Can Help Save Your Home

If you are in fear of losing your home due to unpaid taxes, or for any other reason, do not fight the foreclosure on your own. At Loan Lawyers, our foreclosure defense attorneys in Fort Lauderdale know the defenses available that can help you stay in your home and we can advise on which one is most applicable in your case. Call us today at 954-807-1361 or fill out our online form to schedule a free consultation with one of our seasoned attorneys so we can review your case.

Loan Lawyers has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 2,000 homes from foreclosure, eliminated more than $100,000,000 in mortgage principal and consumer debt, and have recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact us for a free consultation to see how we may be able to help you.

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6 Questions About Credit Scores to Ask Yourself if You Are a Retiree

As a retiree, you likely know that having good credit is essential to your financial health. You know that the score assigned to you by the major bureaus, such as TransUnion, will have a direct impact on your ability to borrow and the interest rate you will pay on any loan you take out.

If you have established good credit habits earlier in life, it can help you nurture that good score in retirement. If you are not yet retired but are thinking about doing so in the next several years, it is important to establish those good habits that you can carry with you into your retirement years.

Even if you do not plan to borrow during your retirement, there are still questions you should ask yourself to ensure your credit remains intact now and in the future.

How Will Closing a Credit Card Account Affect My Credit Score?

Your credit utilization ratio is the amount of credit you have available to you compared with the amount you are using. If you close a credit card account and there is still a balance on the account, it will negatively affect your credit score. If you have a credit card account and you want to close it in retirement because you do not intend to use it, pay off the balance first so it will not hurt your utilization rate and therefore, negatively affect your credit score.

Is Credit Taken Into Account if I Tap My Home Equity?

It is not uncommon for a person to have accumulated a lot of home equity by the time they are in their retirement years. It is also very common for retirees to want to make upgrades to their home, repairs they had been putting off, and other improvements. To do this, retirees often consider tapping into their home equity either through a line of credit or a home equity loan to help pay for the maintenance project.

If you want to tap into your home equity to help you pay for jobs you will do around the home, your lender will take your credit score into consideration during the approval process.

Like many questions that surround credit scores, this is one with many answers. For example, if you tap into your home equity by taking out a reverse mortgage, your credit score and income level are not given as much weight as they are when taking out a home equity loan.

Will Cosigning a Loan Impact My Credit Score?

Many retirees have established good credit before retirement so they are in a good position to cosign loans for their children. These loans are typically for student loans, home loans, and vehicles. While this is a very thoughtful gesture, you should consider how it will impact your credit score; it could drastically affect it.

When you cosign a loan, you are legally responsible for the debt, even if you are not the only one paying it back. If the person you are cosigning for does not repay the debt, the debt collectors can come after both of you to recover the amount owed.

The action they take may involve a debt collection lawsuit. If the debt collector is successful and wins the lawsuit, you may have your wages garnished, or your bank account may be seized. However, it is important to note that your 401(k) assets and Social Security benefits cannot be garnished in order to collect on a debt.

How Will My Credit Score Impact My Insurance Premiums?

In Florida, auto insurance companies are allowed to check your credit before they approve you for a policy. An insurer providing you with homeowners’ insurance can also check your credit score before approving you for a policy. Insurers check credit scores when determining how much risk a certain person poses, and they correlate it with how likely you are to file a claim.

Having a good credit score can help you secure a lower insurance premium, so you pay less. On the other hand, if you have a low credit score, you may have to pay a higher rate and you may even be denied coverage altogether.

Do I Want to Travel During Retirement?

It is a dream of many to travel during their retirement years and to do so, you may want to open a travel rewards credit card. These cards offer rewards, such as Air Miles, on many different purchases people make every day so they can receive a deal when they travel. There is a catch to these cards, though, and that is that you must have an extremely good credit score to qualify. The annual percentage rate you will have to pay can also be affected by your credit score and the higher your score, the lower the rate the credit card company will charge you.

How Can You Maintain Good Credit in Retirement?

Many people think that when they reach retirement, they do not have many of the worries they once did. While that may be true for many things, your credit score is not one of them. To ensure you maintain a good credit score during retirement, it is important to continue with the good habits that helped you achieve a good score in the first place. These include paying your bills on time, not applying for too much credit in a short timeframe, and keeping older accounts open.

Our Debt Defense Lawyers in Florida Can Help when Collectors Take Action

Unfortunately, retirement does not shield you from harassing debt collectors that want to collect on a debt. If a debt collector has threatened to take legal action against you, our debt defense lawyers in Fort Lauderdale are here to help. At Loan Lawyers, our attorneys have the necessary experience to defend against these lawsuits, and we want to put our experience to work for you. Call us today at 954-807-1361 or contact us online to schedule a free consultation.

Loan Lawyers has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 2,000 homes from foreclosure, eliminated more than $100,000,000 in mortgage principal and consumer debt, and have recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact us for a free consultation and find out more about our money back guarantee on credit card debt buyer lawsuits, and how we may be able to help you.

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Can Chapter 11 Save Your Business from Foreclosure?

Recently, a Florida lender was going to foreclose on Don Ramon’s, a SoMa destination that has been extremely popular for decades. Fortunately, for the politicos and locals that loved frequenting the hot spot, it will remain open after the owner filed Chapter 11 bankruptcy. The story is not an uncommon one, particularly during the pandemic, which is causing so many businesses to permanently close their doors. So, if you have a business and are considering Chapter 11 bankruptcy, can it protect you against foreclosure? The answer is yes, but it can also help individuals who are in fear of foreclosure, as well.

What Is Chapter 11 Bankruptcy?

Historically, it was once true that only big businesses and large corporations could afford a Chapter 11 bankruptcy due to the high costs involved. Fortunately, that is not the case today, and a Chapter 11 bankruptcy is now a viable option for small and large businesses alike. Chapter 11 bankruptcy is used by businesses when they are struggling financially, usually due to a temporary downturn in business. Chapter 11 bankruptcy holds many benefits for business owners. Mainly, it provides an opportunity for businesses to reorganize and develop a strategy for moving forward.

Regardless of whether a business is trying to avoid debt collections from vendors, cannot make their rent or mortgage payments, or cannot pay their employees, Chapter 11 is an option that can help businesses get back on track.

Chapter 11 Requires a Payment Plan

Many people think that when they file for bankruptcy and are successful with their case, they are no longer liable for paying their debts because these debts are discharged during the process; however, while this is a possibility with other types of bankruptcies, such as Chapter 7, it is not possible with a Chapter 11 bankruptcy. During a Chapter 11 bankruptcy, you can retain your business and home, but you must also enter into a repayment plan that deals with your unsecured debts. The payments you make towards your debt are paid to the bankruptcy trustee, who then forwards them to the creditors you owe the debt to.

It is easy to assume that because you will have to repay your debts, Chapter 11 is not right for you. However, when developing the repayment plan, the bankruptcy trustee will ensure the plan is affordable for you.

How Chapter 11 Affects Foreclosures

As in a Chapter 13 bankruptcy, which also involves a reorganization of debt and a repayment plan, a Chapter 11 bankruptcy can help you save your business from foreclosure. To save your business from foreclosure, you must have more than $1,257,850 in secured debt or over $419,275 in unsecured debt (as of 2019). If you do not meet these requirements, you may be able to file a Chapter 13 bankruptcy instead.

However, contrary to popular belief, Chapter 11 is not reserved for businesses only. Homeowners who meet the minimum requirements are also often eligible to file Chapter 11 bankruptcy. People who have the significant amounts of debts required for Chapter 11 often do not qualify for Chapter 13, so having both options is beneficial for anyone who is struggling with debt.

Cramming Down or Removing Liens with Chapter 11 Bankruptcy

While a Chapter 11 bankruptcy can allow you to avoid foreclosure and reorganize your debts, there are other benefits that come with this type of bankruptcy as well. One of these is the possibility of removing liens from your property, or cramming down liens.

A lien is placed on property when a creditor has a legal right or claim to the property. Liens are commonly placed on property by banks and credit unions in order to collect what is owed to them. Construction liens are also sometimes placed on properties when a contractor has performed work or provided materials to the property and they have not been properly paid for the work or materials. Liens are typically only removed once the home or business owner has paid the debt in full, but they can also be removed or “crammed down” in a Chapter 11 bankruptcy.

Cramming down liens refers to when the balance left on the mortgage is greater than the market value of the property. Cramming down a lien means reducing it down to the current market value. Junior mortgages, including HELOCs, HOA liens, tax liens, and judgment liens can all be crammed down in a Chapter 11 bankruptcy. Again, with some liens, you may not be able to completely remove a lien and not just cram it down, which can be greatly beneficial.

Is Chapter 11 Bankruptcy Right for You?

It is always difficult to determine whether filing for bankruptcy is the right option for your circumstances. This is particularly true when you are considering filing Chapter 11 bankruptcy, which has certain requirements and criteria. However, in some cases, it may be the only possible way to reorganize your debts and keep your business. Most small businesses do not file Chapter 7 bankruptcy because it will close most companies and because most companies are not entitled to a debt discharge.

Businesses also cannot file Chapter 13 bankruptcy although in some cases, stakeholders may file Chapter 13 individually if restructuring their personal finances provides enough relief financially to keep the business afloat. Still, in most cases when a business is looking to avoid foreclosure or to restructure its debts, a Chapter 11 bankruptcy is usually appropriate.

Our Florida Foreclosure Defense Lawyers Can Help Save Your Business

During the COVI-19 pandemic, too many businesses have fallen into financial hardship, with some even having to close their doors permanently. If your business is in trouble, our foreclosure defense lawyers in Fort Lauderdale can help you avoid foreclosure so you can get your company back on track. At Loan Lawyers, we will advise on whether Chapter 11 bankruptcy is right for you, and advise you of your other options that can help. Call us today at 954-523-4357 or fill out our online form to schedule a free consultation so we can review your case.

Loan Lawyers has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 2,000 homes from foreclosure, eliminated more than $100,000,000 in mortgage principal and consumer debt, and have recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact us for a free consultation to see how we may be able to help you.

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Can You Ignore Debt Collection Notices?

Most people are familiar with debt collection notices. These letters, which are usually sent by debt collection companies, are sent when a person defaults on their credit card bills, student loans, or even utility bills. Debt collection companies are third parties that creditors and lenders hire to collect on unpaid debts.

It is important to know that you are still liable for the debt even after it has been purchased by a debt collection company.

However, it is not uncommon for people to want to avoid paying their debt, and they may ignore debt collection notices as a result. While no one can force you to read these notices and take the requested action, there are consequences to ignoring debt collection notices.

These consequences are outlined below so you know what you are facing when you throw out those debt collection notices.

The Impact on Your Credit Score

Debt collection companies will report all accounts to the credit bureaus such as TransUnion and Equifax. When they do, that action can have a negative impact on your credit report for many months, and perhaps even years. Depending on the type of debt, your credit score will drop and you may have already felt this impact if the debt involves an unpaid credit card or a loan that has gone into default. This is because when you do not pay these types of debts, the late payments and charge-off from the credit company will affect your credit score even before a debt collection company starts sending you notices.

This is one reason it is so important to pay off your debt. Even though a paid debt may remain on your credit report for a period of time, paid debts are considered much more favorable than unpaid debts. This is very helpful when you are trying to obtain new credit. You should review your credit report regularly to determine if there are debts on your report that are not yours, and also so you know which debts you have yet to pay off.

Collection Calls

Anyone who has unpaid debts knows just how ferocious debt collectors can be when they are trying to recover unpaid debts. After all, they cannot make a profit unless they recover the debt that has gone unpaid. While debt collectors are governed by the Fair Debt Collection Practices Act, not all companies abide by the laws contained within the law. Under this Act, debt collectors can only call during certain periods of time, and they cannot contact you more than once a day. Additionally, once a debt has gone to a debt collection company, you may no longer have the option to pay the original creditor.

You can send a cease and desist letter asking the debt collection company to stop contacting you about a certain debt. However, debt collectors typically only hold a specific debt for a period of a few months. If you do not pay within that time, another debt collection agency will take over the debt. Depending on how many times your debt changes hands, you may have to send cease and desist letters to several debt collection companies before you repay the debt.

Difficulty Obtaining More Credit

Debt collections are a serious delinquency and they tell other lenders and creditors that you cannot always pay back the debt you have taken on. Lenders and creditors will consider you a borrower with high risk, so, if you apply for new credit, there is a good chance you will be turned down.

While this is not always a big deal when you are applying for a credit card or a line of credit, it becomes a much bigger deal when you are trying to purchase a home. If you have unpaid debt collections on your credit report, it becomes incredibly difficult to obtain a mortgage.

High Interest Rates

Having debt collections on your credit report does not necessarily mean that you will not be able to obtain new credit in the future. A creditor or lender may approve you for new credit but due to the high risk your credit report presents, you may have to pay a much higher interest rate. The high interest rate compensates the lender or creditor in the event that you do not pay the new debt.

If you are not applying for new credit but rather a service, such as cable or a cell phone, the company may ask you to pay a security deposit in advance. However, the deposit will be returned to you after a certain period of time as long as you make timely payments each month.

Difficulty Obtaining Employment

It is not uncommon for an employer to check the credit history of employment candidates. This is especially true if you are applying for a job that will require you to handle money, or an upper-management job.

If you have debt collections on your credit history, it could make it more difficult to obtain this type of employment.

Legal Action

As long as the statute of limitations has not expired on your debt, debt collection companies can take legal action against you in an attempt to recover the debt. If a debt collector files a lawsuit against you and is successful in court, they can secure a judgment that allows them to garnish your wages or take other action against you.

Even if you believe the statute of limitations has expired on your debt, it is still in your best interest not to ignore the summons. Any time a debt collector takes legal action against you, it is important to speak to an attorney who can advise on your case.

Our Florida Debt Defense Lawyers Can Protect You Against Legal Action

If a debt collector has already taken legal action against you, or you fear they soon will, our debt defense lawyers in Fort Lauderdale are here to help. At Loan Lawyers, we know the defenses available in debt collection lawsuits and we will use them to build a strong case for you. Call us today at 954-807-1361 or fill out our online form to schedule a free consultation and to learn more about how we can help.

Loan Lawyers has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 2,000 homes from foreclosure, eliminated more than $100,000,000 in mortgage principal and consumer debt, and have recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact us for a free consultation and find out more about our money back guarantee on credit card debt buyer lawsuits, and how we may be able to help you.

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What Is a Wrongful Foreclosure?

Homeowners are becoming increasingly worried in Florida, as President Biden’s foreclosure moratorium has been extended but is set to expire in a few weeks.

The housing crisis of 2008 is still too fresh in the minds of many homeowners and it is natural to fear that this scenario may play out poorly once again. While the same type of foreclosure crisis is unlikely to occur in Florida, it is important to learn some lessons from what we have already lived through.

During the crisis, lenders made several errors, or simply acted in bad faith and caused many homeowners to lose their homes. These were wrongful foreclosures. Today, any homeowner that fears they may lose their home should understand the tactics lenders use, and how those actions can help with their foreclosure defense.

Below are some of the most common strategies lenders will use during a wrongful foreclosure.

Homeowners Face Foreclosure When Not in Default on Loans

The notion that a homeowner should not lose their home unless they default on their mortgage is one that most people can agree to. However, during the crisis, it was not uncommon for lenders to foreclose on homeowners that were current with their mortgages. Some had even paid off their home completely, yet they were still threatened with foreclosure.

These mistakes were typically due to processing errors. Miscommunication between lenders, title insurers, servicers, and other bank contractors was largely to blame for these mistakes. While it may sound as though these mistakes are nearly impossible to make, they are much more common than many people believe. In fact, during the housing crisis, banks publicly apologized for the mistakes made.

Lenders Foreclosed During a Loan Modification

The practice of dual tracking is prohibited by law, but lenders do it all the time. Dual tracking occurs when a homeowner applies for a loan modification with their lender and while the application is being processed, the lender proceeds with foreclosing on the home. Not only is this illegal but during the housing crisis, lenders were actually encouraging it.

At that time, lenders told homeowners seeking a modification that they could not obtain one unless they were behind on their mortgage. They advised these homeowners to not pay their mortgage for a couple of months so they could then apply for a modification. Once the homeowners were in default, they took the advice of their lender and applied for a loan modification. In some cases, the lenders would start the foreclosure process while the modification application was in the process of being approved.

In other instances, a homeowner’s application for a modification was denied and the lender proceeded with foreclosing on the home. Homeowners then tried to catch up on their mortgage payments, but due to the additional fees, it was nearly impossible and they lost their home.

Homeowners Could Not Catch Up Due to Additional Fees

The fees associated with loan modifications are not the only ones that make it difficult for homeowners to catch up on their mortgage payments. Homeowners who were already struggling with their mortgage debt found it even more difficult to pay during the housing crisis due to the fees their lender charged. The problem became such an issue that the Federal Reserve Governor at the time, Sarah Bloom Raskin, criticized the mortgage lending industry for their “Pandora’s Box of predatory tactics.”

Lenders padded fees by including broker-price options, late fees, inspection fees, and more. The Federal Trade Commission also tried to advise homeowners of the problem and inform them of how to protect themselves by releasing a consumer fact sheet. The fact sheet urges individuals to carefully review their billing statements and to ensure that any and all fees that appear within the statement are legitimate.

Even when homeowners could afford these fees, lenders often applied the payments to insurance premiums and fees, which would cause the homeowner to fall into foreclosure even though they could afford their mortgage. At the time, a judge even spoke to the Tampa Tribune and said they were seeing charges that ranged between $1,000 and $2,000 instead of the $100 to $200 in fees homeowners usually face. While the banks at the time denied that they were padding fees, an attorney at the National Consumer Law Center told legislators that these fees were responsible for approximately half of the foreclosure cases she had seen.

If lenders were willing to pad fees in this manner just over a decade ago, they may still employ that tactic today to get even more in payments from homeowners.

Lenders Cannot Prove Standing

Even when a homeowner is obviously in default because they could not pay their mortgage, and not due to any deceitful tactics, it is not possible for just anyone to foreclose on a home. To begin the foreclosure process, the lender or servicer must have standing. That is, they must be able to prove that they own the debt and have the right to foreclose on the home. In most cases, the note is used to prove this.

During the housing crisis, a number of lenders and servicers did not have proper standing, but they foreclosed on homes anyway. In a 2007 study of bankruptcy mortgage claims, it was found that banks did not have the appropriate documentation in approximately 40 percent of cases. While the issue was a main concern of homeowners and their attorneys during the housing crisis, today, lenders and servicers still try to foreclose on homes even when they do not hold the note or other documentation that shows they own the loans.

Our Foreclosure Defense Lawyers in Florida Know the Tactics Lenders Use

Facing foreclosure is always scary, but it is important that you do not panic. At Loan Lawyers, our foreclosure defense lawyers in Fort Lauderdale know the tactics lenders use to foreclose on homes when they have no right to, and we will use that when building a defense for your case. We also know that other defenses are available that will give you the best chance of keeping your home. Call us today at 954-807-1361 or fill out our online form to schedule a free consultation.

Loan Lawyers has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 2,000 homes from foreclosure, eliminated more than $100,000,000 in mortgage principal and consumer debt, and have recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact us for a free consultation to see how we may be able to help you.

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Should Seniors File for Bankruptcy?

If you are facing bankruptcy, you have many questions. If you are facing bankruptcy and are over the age of 65, one of those questions might be whether you are too old to file. It is true that your own life circumstances, including your age, can make a big difference in how bankruptcy will affect the financial difficulties you are facing.

However, no one is ever too old to file for bankruptcy. Instead, it is worthwhile to know how your age will impact the bankruptcy process and what the process may look like for you.

Can Seniors File for Bankruptcy?

Anyone can file for bankruptcy regardless of their age. There is no requirement that says people who are over a certain age cannot file. You can file as long as you are considered a legal adult. While some people think they may be too old to file, it is likely because they have heard that doing so may come with certain risks.

Generally speaking, seniors usually have significantly more equity in their homes than younger people. This makes the concept of filing a Chapter 7 bankruptcy very different from someone who is younger and still has several working years ahead of them. Seniors typically have much more to lose if their home is surrendered as part of the bankruptcy agreement. They also have a lower chance of recovering what they have lost than someone that will work for many more years after filing bankruptcy.

However, there are many more factors seniors must consider when deciding whether or not to file bankruptcy. This is even truer in today’s environment. To ensure the right decision is made, it is critical that any senior considering bankruptcy understands the risks and rewards associated with it.

Why Do Some Seniors Not Consider Bankruptcy?

Even when a senior considers bankruptcy briefly, there are reasons they might ultimately decide to use another form of debt relief. Much of the time, it is because seniors are often considered to be ‘judgment proof.’ This means that they simply do not have the assets that can be seized as payment. During the bankruptcy process, the bankruptcy trustee will seize certain assets and sell them to help repay creditors.

However, many of the assets seniors have are exempt from seizure. Certain types of income, such as Social Security benefits, retirement savings, and more cannot be seized during the bankruptcy process. These assets are not only exempt from seizure in bankruptcy cases, but in other types of debt collection, as well. Due to the fact that seniors will not lose these assets in debt collection efforts, there are automatically fewer reasons to choose bankruptcy.

Still, even though many of the assets seniors own are exempt from seizure, that does not mean bankruptcy is never a good option. Today, many seniors remain in the workforce and they have no intention of leaving any time soon. A senior that is still earning an income and has other assets that not exempt from seizure may find that bankruptcy is still a good option. This highlights the need to examine all of the factors related to a case before a senior, or anyone else for that matter, files for bankruptcy.

For example, a senior homeowner that is still working and has non-exempt assets and income may choose not to consider filing bankruptcy. Florida has one of the most generous homestead exemptions of all states, and the Constitution of the State of Florida allows a homeowner to keep their house in most cases, and there often is not even a limit in equity. Still, when a senior has a home and non-exempt assets, their home may be protected but those other assets will not. Another person of the exact same age, though, may have a home but their assets are exempt, so filing for bankruptcy may make more sense for them.

When Should Seniors File Bankruptcy?

It is difficult to say with any degree of certainty whether a person should file bankruptcy or not. Ultimately, a person must consider the impact the bankruptcy and their current debt load is having on their life. Some people do not mind having significant amounts of debt while for others, it is a huge burden. Any time the stress of debt is too much for a person to bear, it may be of benefit to file for bankruptcy, regardless of a person’s age.

It is also worthwhile to note that two of the main types of debt discharged during bankruptcy are medical debt and credit card debt. These are also two of the most common types of debt seniors are likely to incur. Seniors that carry significant medical or credit card debt and want to have it discharged may choose to do so through a bankruptcy filing.

Other Options for Seniors Considering Bankruptcy

Determining whether or not you should file for bankruptcy once you are considered a senior is not an easy choice. You must consider how much equity you have in your home and, if so, if and how Florida’s homestead exemption will affect it. You must also consider the amount of debt you are currently carrying, what type of debt it is, and whether filing for bankruptcy is worthy of the discharge it may bring.

It is difficult to consider all of these factors on your own and determine the impact they will have on your life. A bankruptcy lawyer can advise whether it is the best option for you, or if you have other options available. For example, in many cases, a bankruptcy lawyer can also review your debt before you file to determine if simply defending against it is a better solution.

Call Our Bankruptcy Lawyers in Florida Today

If you are a senior considering bankruptcy and do not know if it is the right choice, our bankruptcy lawyers in Fort Lauderdale are here to help with your case. At Loan Lawyers, we will review the full facts of your case, advise on the impact bankruptcy will have on your life, or if it is worthwhile to defend against your debt. Call us today at 954-807-1361 or fill out our online form to schedule a free consultation with one of our knowledgeable attorneys.

Loan Lawyers has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 2,000 homes from foreclosure, eliminated more than $100,000,000 in mortgage principal and consumer debt, and have recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact us for a free consultation to see how we may be able to help you.

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Why Choosing the Right Bankruptcy Law Firm Could Make a Huge Difference

When you make the decision to file for bankruptcy, it’s wise to work with a bankruptcy law firm that can represent you and handle the legal process on your behalf. There may be many bankruptcy lawyers in your area to choose from. Picking the right attorney could make a significant difference in the outcome in your case and your overall satisfaction.

Bankruptcy is a complex area of law. You want an attorney who focuses on this specific field and has handled every aspect of consumer debt negotiation and litigation. An experienced bankruptcy attorney will be able to tell you if bankruptcy is the right choice for you. If so, they can create a long-term, achievable plan that meets your goals.

It’s also crucial that you find an attorney you’re comfortable with – someone who responds to your concerns and can explain your options in terms you understand.

At Loan Lawyers, we have helped over 6,000 clients in Florida manage their debt. We offer free consultations to discuss your options and see if we’re the best fit for you. Contact us now to find out more about our foreclosure defense, debt defense and bankruptcy law firm.

Plan Your Bankruptcy to Protect Your Assets

A successful bankruptcy petition requires careful planning to ensure that you can exit bankruptcy with as many of your assets intact as possible. The right bankruptcy law firm can first help you explore alternatives to bankruptcy for resolving debt issues – such as applying for debt consolidation loans, mortgage loan modifications, or negotiating a debt settlement agreement.

If you and your attorney decide that bankruptcy represents the best option in your case, your attorney can help you decide between Chapter 7 and Chapter 13 bankruptcy, including determining which form of bankruptcy will best help you achieve your financial goals.

If you choose to file for Chapter 7 bankruptcy, a knowledgeable bankruptcy attorney can help you protect as many of your assets as possible through available bankruptcy exemptions. Even if you choose to file for Chapter 13 bankruptcy, your attorney can also help you navigate the repayment plan process to ensure that you’ve protected important assets, such as your vehicle or your home.

Prepare All Your Petitions, Schedules, and Local Forms for Filing

The paperwork required to file for bankruptcy can seem incredibly complex to a layperson. Filing for bankruptcy requires you to provide detailed financial information about your assets, debts, and income. Making even a small, unintended oversight in your paperwork can lead to the dismissal of your case, extending the time it may take you to get bankruptcy relief. In certain circumstances, making errors in your filings may even expose you to allegations of bankruptcy fraud.

Having an experienced bankruptcy attorney to fill out all the paperwork required for your bankruptcy proceedings will help reduce the risk of errors in your paperwork that can delay the proceedings or even result in the dismissal of your case. If you decide to pursue Chapter 7 bankruptcy, a bankruptcy lawyer can walk you through the complex means test, which determines your eligibility to file for Chapter 7.

Represent You in Bankruptcy Court

Bankruptcies are heard in federal bankruptcy courts, which have particular rules and procedures. Although litigants representing themselves are granted a bit of leeway by courts, they are still expected to adhere to court rules and procedures. Failing to do so can lead to sanctions including the dismissal of your bankruptcy petition. A bankruptcy attorney will have familiarity with court rules and procedures and know what needs to be done to move your case along.

A bankruptcy case also requires you to work with the trustee handling your case, as well as with your creditors, who have a right to be heard or participate in certain proceedings during the bankruptcy case. Having a bankruptcy attorney to handle communications with the bankruptcy trustee and with your creditors can help ensure that your rights and interests are protected, especially if your creditors object to some part of your bankruptcy case. The right bankruptcy law firm can help take the stressful aspects of your case off your shoulders.

The Right Bankruptcy Law Firm Can Advise You Every Step of the Way

Your bankruptcy attorney can explain the entire process to you so that you will know what to expect throughout the proceedings, including:

• Making sure you understand what goes on during the creditors’ meeting and during court hearings
• What assets you will get to keep or may have to give up in bankruptcy
• How long the process should take
• When you should expect to receive a discharge of your debts
• What debts you may still be responsible after your bankruptcy case.

Going into bankruptcy court can seem intimidating, but the right bankruptcy law firm will fully prepare you and put you at ease.

The right bankruptcy lawyer will advise you at every stage of your bankruptcy case, especially when filing for Chapter 13 bankruptcy and having to work through a three-to-five-year repayment plan. It can prove helpful to have responsive, skilled lawyers to turn to if, for example, your circumstances change and you need to seek a modification of your Chapter 13 repayment plan.

A helpful bankruptcy law firm will also make themselves available even after you’ve received a discharge from the bankruptcy court. Bankruptcy attorneys can help if creditors whose debt has been discharged still attempt to pursue collection of that debt. Your attorney can seek injunctive relief to prevent those creditors from contacting you, reporting that debt to the credit bureaus, or filing legal actions against you.

Most importantly, a good bankruptcy attorney will also prepare you for life post-bankruptcy, including providing advice and resources to help you rebuild your credit after your case. They can help you if you face difficulties securing credit, housing, or employment due to having a bankruptcy on your credit report. Bankruptcy should provide you with a fresh start on a path to financial health. The right bankruptcy law firm will work to make sure you don’t fall back into financial trouble after bankruptcy.

Contact Loan Lawyers Today

If you are considering filing for bankruptcy or are looking for legal assistance with debt problems, the foreclosure defense, debt defense, and bankruptcy law firm of Loan Lawyers wants to help.

Contact us today for a free consultation to speak to one of our knowledgeable attorneys about your case. Don’t hesitate to learn more about your legal rights and options and how our firm can help you pursue the outcome you are looking for in your case.

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Why Bankruptcy May Not Be Your Best Option When You’re Sued for a Debt

Are you struggling financially and can’t make payments on all your debts? Are your creditors taking you to court to collect the money you owe? If so, you might be considering filing for bankruptcy as a means of stopping the collections and court processes and wiping out some or all of your debt.

Before you file, it is a good idea to consider whether bankruptcy is the right solution for your situation. While bankruptcy can provide relief from debt, it also has significant, long-lasting consequences that can lengthen your path to financial stability. In some instances, you may have other alternatives for resolving an unsustainable debt situation.

Do you have questions about your options for dealing with creditors and debt collectors? Do you want to get on a sustainable path toward a debt-free life? Contact the attorneys at Loan Lawyers today for a free case review to learn more about how our debt defense, foreclosure defense, and bankruptcy law firm can help you.

You Can Afford to Pay Your Debts

You could resolve debts that you are having difficulty paying without resorting to bankruptcy. Some people have the financial ability to pay their debts, but they need to organize them better and seek better terms.

It might be possible to negotiate lower interest rates, extended payment periods, principal reduction, or other measures to make the debt payments more manageable.

Filing Bankruptcy Will Hurt Your Credit Score

When you file for bankruptcy, your credit score will take an immediate hit. Although your score may start to slowly recover once your debts are discharged, a bankruptcy will remain on your credit report for seven to 10 years, depending on what type of bankruptcy you file for.

While you have a bankruptcy on your credit report, you may find it difficult to get a credit card, a car loan, a mortgage, or to lease a residence, since lenders might look at a bankruptcy as a sign of your inability to responsibly manage your finances and debts.

You Can Lose Assets in Bankruptcy

The bankruptcy process could also require you to give up a substantial portion of your assets. If you file for Chapter 7 bankruptcy, also known as liquidation bankruptcy, you will usually be required to sell off all assets that you own, except for those that fall within a few limited exemptions. The proceeds of the assets sold will be used to pay your creditors.

In Chapter 13 bankruptcy, you normally keep your assets, since in Chapter 13 bankruptcy, you will make payments towards your debts over the course of a court-approved repayment plan. However, even in Chapter 13 you may still have to give up certain assets, like a car, boat, or home that is still subject to a loan, if you cannot pay off the loan during the Chapter 13 repayment plan or if you cannot work out a restructured loan agreement with the lender.

Consider Other Options and Alternatives to Bankruptcy

If you have trouble paying your bills or are being dragged into court by creditors or debt collectors, you may have alternatives to bankruptcy to resolve your debt issues and to start yourself on a more financially sustainable path:

• Creating a budget – Depending on the amount of your debts and your income, you might be capable of working your way out of debt by creating a strict budget and sticking to it. Stopping all credit card use and only using cash to pay for expenses can help avoid the temptation of accumulating additional debt. Review your expenses to see what costs you can live without. Consider paying off your debts by making the minimum monthly payments on all accounts except for the one with the smallest balance – make as high a payment as you can safely sustain on that account. Once it is paid off, roll over that payment amount to the next smallest account, and so forth until all your accounts have been paid off.
• Debt and financial counseling courses – If you are having trouble establishing a personal budget or wrapping your head around your outstanding debts and the best and most efficient way to pay them off, you can also consider taking a reputable debt counseling course, where experts can help you bring your expenses under control and draft a plan for paying your way out of debt.
• Debt consolidation loans – Having balances on multiple debt accounts, especially credit card accounts, can become very expensive and difficult to keep track of. You might consider a debt consolidation loan, which lumps all your debts into one payment, often at a lower interest rate than found on many credit cards.
• Loan modification agreements – Certain types of loans (home mortgages, in particular) may be eligible for a loan modification agreement, which can help lower your payments by refinancing to obtain a lower interest rate or by extending the term of the loan to spread out payments.
• Debt settlements – You might consider approaching lenders to negotiate a debt settlement agreement. In a debt settlement agreement, you and the lender agree that you will pay a sum less than the total amount due on the debt (usually in one or a few lump-sum payments). Lenders are often willing to consider debt settlements when you are considering bankruptcy as a means of resolving your debt, since creditors often receive far less or sometimes nothing at all on a debt in bankruptcy.

Talk to an Experienced Attorney at Loan Lawyers

If you are having trouble solving your debt issues, you may have options other than filing for bankruptcy to get you back to financial stability. Contact the foreclosure defense, debt defense, and bankruptcy law firm of Loan Lawyers today for a free consultation. We’ll be ready to discuss your situation and your rights and options for resolving your debt situation.

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Choosing the Right Law Firm to Represent You for Your Debt Lawsuit Makes All the Difference in the World.

Is your peace of mind threatened by mounting debt, with no end in sight? Are your income sources drying up? Relief is at hand if you know whom to call.

Can’t quite bring yourself to consider bankruptcy? Depending on your circumstances, you may discover there are solid solutions for you other than bankruptcy.

Imagine yourself rescued from the harassing phone calls, non-stop collection notices and the haunting possibility of having your home sold in a foreclosure action. Visualize receiving your full paycheck again, without a huge cut of it going to pay high-interest credit card debt.

If you’re struggling through financial trouble, you’re not alone. Regardless of the cause of your debt, it may be time to consider all your options.

The Right Law Firm Can Help You Identify Your Best Defenses

Once you need to take legal action regarding debts, the question becomes which law firm is right for you. It’s likely the most important decision you will make.

It’s best to hire an experienced law firm with a 360-degree view of all the debt solutions that are available. Ideally, you want a firm with a proven track record of success at the negotiating table – and also a firm that is fearless in court.

Look for a firm with the following characteristics:

• Has a heart for people in a tough spot
• Focuses exclusively on helping people with debt issues
• Tailors the defense to your particular needs
• Brings a comprehensive, multi-faceted analysis to your situation
• Helps you understand that although you have debt, you also have rights
• Is successful at getting principal and interest reduced on debt
• Can get your credit card debt removed
• Can keep your bank accounts from being frozen
• Gets the upper hand over the nation’s largest banks and mortgage companies
• Is relentless in filing lawsuits against debt collectors who violate state and federal law
• Charges affordable legal fees, often on a contingent fee basis
• Knows realistic ways to help you make money off your foreclosure defense

Loan Lawyers brings all this and more to debt relief on your behalf. We’re a foreclosure defense, debt defense and bankruptcy law firm. We’ve helped more than 5,000 families all over South Florida and beyond.

Prevent Your Wages from Being Garnished

You work hard and need every penny of your paycheck. Having part of your income garnished to pay down debt is a painful way to live. In fact, it seems counter-productive while you’re trying to work your way out of debt.

If you avoided your creditors or let the debt go unpaid for a long time, garnishment is a legal tool that can be levied against you. Unfortunately, in some cases you may also owe for your creditor’s attorney fees, interest on the outstanding debt and court costs.

It doesn’t have to be this way. An experienced attorney with Loan Lawyers will exhaust all options to get your debt resolved so you can rediscover your financial stability.

Avoid Having to Go to Court

If you’re struggling to pay your bills and cover your debt, the last thing you want to do is lay bare all your personal finances in a court of law. Whatever you do, don’t blow off your court appearance. You may land yourself in even more trouble with the law.

Save yourself the embarrassment of a court appearance and avoid the legal consequences. Hire a skilled litigator to act on your behalf.

Avoid Trying to Learn Legal Processes and Procedures

Should you go it alone?

If the amount of the debt is relatively small and the action has been filed in small claims court, it may make sense to represent yourself. Otherwise, be aware there are risks involved.

Your story of how your finances went awry may be profound in your telling of it. You may be confident in your public speaking skill. Buttressed by your own self-confidence, you may feel it’s worthwhile to skip hiring a lawyer and instead represent yourself. But be careful!

The law that addresses debt relief, foreclosure relief and bankruptcy is known for being incredibly complex. The processes and procedures sometimes conflict and are often open to interpretation. Statutes of limitations and discovery deadlines are firm. Missing one can wreck your case beyond repair.

Be aware that the other side will be skillfully represented by an experienced legal team with impressive credentials and vast resources.

Many lawyers who concentrate in this area of the law offer a free initial consultation. At a minimum, you should take advantage of this opportunity. Explain your circumstances and get the insights you need. It’s a better option than trying to teach yourself the intricacies of debt relief law. Your financial future is at stake.

Obtain Proof of Your Debt Before You Settle

You may be surprised to learn that many banks, mortgage companies and other creditors are sloppy at record-keeping. Sometimes they fail to fully document their loans. Other times they simply can’t locate the paperwork that binds you to repay them.

You can take advantage of circumstances like these. Be sure you confirm that you do indeed owe the money. Require your creditor to provide proof. This can be a valid tool to use in negotiating.

A Foreclosure Defense, Debt Defense and Bankruptcy Law Firm Serving South Florida

When you hire Loan Lawyers, relax knowing we’re committed to your best interest. Our reputation is built on fighting for the legal rights of individuals like you who are overwhelmed by debt and financial hardship.

Contact us now  and let’s get the conversation started. Your initial consultation is free, completely confidential and without obligation.

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Defenses to HOA Foreclosure

Recently, a couple in Central Florida did not pay their homeowners’ association (HOA) fees and soon found themselves under the threat of foreclosure. One of the homeowners, Cindy Decker, says that she paid the HOA fees, as well as the late fees the HOA added. Still, even though she had brought her status up to date, the HOA continued to threaten her with foreclosure. The HOA blamed her for paying the wrong law firm after the HOA had changed attorneys. In the end, Decker and her husband won the case against the HOA and were allowed to remain in their home.

While the above story had a happy ending, it is not always easy to see that kind of hope when you are facing an HOA foreclosure. Fortunately, there are many defenses to foreclosure, even when your HOA is the one threatening you with it.

How Can an HOA Foreclose on a Property?

Homeowners’ associations govern planned developments such as condominiums. The property may offer many amenities, such as parks, gyms, and pools. The amenities are jointly owned by homeowners within the community that bear the costs of repairing, maintaining, and replacing the amenities when necessary. To do their part, the homeowners must all pay HOA fees to cover the costs of the maintenance and repairs.

A homeowner’s responsibility to pay HOA fees is generally covered in a Declaration of Covenants, Conditions, and Restrictions (CC&Rs). When homeowners do not pay the fees and assessments as outlined by the CC&Rs, the HOA may place a lien on the property. The HOA may also report the lien to the county recorder to provide notice to the public that the lien exists.

Once a lien has been placed on the property, it is generally the first step towards foreclosure. So, a homeowner could face foreclosure even if they are current with their mortgage and only owe a few hundred dollars in HOA fees. However, it is important not to panic because there are many defenses available.

Improper Accounting

Sometimes, assessment liens are not valid, or they may contain a significant amount of mistakes due to improper accounting by the association or the management. When the management company does not properly account for your payments, it can provide a valid defense against an HOA foreclosure.

A foreclosure defense lawyer can require the HOA to explain the amounts they are asking for, and verify that the accounting was done as required by law. The calculated amounts must be outlined to show the interest, late fees, fines, and assessment fees the homeowner is being asked to pay. When the HOA cannot explain the amounts they charged, and the fact that they were calculated as allowed by the law, the homeowner will not face foreclosure.

Unreasonable Fees

Determining when fees are unreasonable is sometimes open to interpretation. A foreclosure defense lawyer can determine when the fees being charged are unreasonable, whether they are late fees, management fees, fines, or accrued interest. For example, a homeowner may owe $400 in assessments and are late in paying it. While the HOA can place a late fee on that amount, the amount must be reasonable. If the HOA charged another $4,000 in late fees for the $400, particularly if the late fees covered a shorter period of time, a judge would likely determine the late fees are unreasonable, which can provide a defense to foreclosure.

HOA Does Not Have Authorization to Foreclose

Many HOAs are very transparent and honest about what happens if a homeowner does not pay their fees. While the regulations and rules governing the HOA often provide the HOA with the authorization to foreclose, that is not the case for all HOAs. It is crucial that homeowners know the provisions of the laws regarding their homes. A foreclosure defense lawyer can analyze the agreement between the homeowner and the HOA to determine whether the HOA was authorized to foreclose. When the HOA does not have the authority to foreclose on a property, it can serve as a defense to foreclosure.

Payments that Were Misapplied

Homeowners sometimes make appropriate payments, but the HOA misapplies those payments. For example, an HOA may charge for an assessment, but then misapply the assessment fees paid by the homeowner as a fine. To use this defense, homeowners should remain very observant about the payments they have made and what they were for, so they can better understand when those payments have been misapplied. A foreclosure defense lawyer can also advise on when payments have been misapplied and when this can be used as an effective defense strategy.

Bankruptcy

It is sometimes possible to use Chapter 13 bankruptcy as a defense to foreclosure. It is important to understand that when filing for bankruptcy, it can cause a credit score to drop by 85 to 160 points. Through a Chapter 13 bankruptcy, the mortgage and any other fees associated with the property are restructured into a payment plan that is more manageable for the homeowner to pay.

How to Protect Yourself from HOA Foreclosure

While there are many defenses available for an HOA foreclosure, there are also ways to avoid it altogether. First and foremost, homeowners should document any payments they make to the HOA and insist on a receipt for any payment made. Copies of the receipts should be kept in a safe place so they can be used to fight any future foreclosure. If a dispute still arises, homeowners should speak to a Florida foreclosure defense lawyer that can advise them of their rights.

Call Our Foreclosure Defense Lawyers in Florida Today

Sadly, there is more than one way Floridians can lose their home. While many people think it is only the lender or servicer that can foreclose on a home, that is not true. Regardless of your situation, if you are facing foreclosure, it is important to contact a Florida foreclosure defense lawyer. At Loan Lawyers, we understand that there are defenses available that can keep you in your home and will use them effectively to give you the best chance of success. Call us today at 954-807-1361 or contact our experienced legal team and schedule a free consultation with one of our skilled attorneys.

Loan Lawyers has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 2,000 homes from foreclosure, eliminated more than $100,000,000 in mortgage principal and consumer debt, and have recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact us for a free consultation to see how we may be able to help you.

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