Have You Received a Debt Collection Letter From M.L. Zager? You May Be Entitled to Financial Compensation!

If you have received any debt collection letters from M.L. Zager, you may be entitled to financial compensation, even if you owe them money.

Florida law requires all debt collectors to be licensed to collect debts, and M.L. Zager may not have been licensed at the time they sent you that debt collection letter. If that is true, they may have violated a law called the Fair Debt Collection Practices Act and we may be able to sue them for you.

We handle these cases on a contingency fee basis, so there are no attorney’s fees or costs unless we collect compensation for you.  The best part is that the law provides that M.L. Zager would be responsible for reimbursement our legal fees and costs.  You have nothing to lose, but a lot to gain.

If M.L. Zager has sent any debt collection letters to you, please get in touch with us right away for your free consultation with one of our federal litigation attorneys. Call us now at 1-888-FIGHT-13.

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My Car Is Worth What? Increasing Vehicle Values and the Impact on Chapter 7 Bankruptcy Cases

The increasing costs of used cars have been raising quite a few eyebrows lately. According to a report by USA Today published on February 13, 2022, there has been an average increase of approximately 40.5% in the costs of used vehicles from January 2021 to January 2022. The new car market has also seen an increase of 12.2% for the same period. This increase has made motor vehicles, both new and used, more valuable than they have been in quite some time. This has created some ripples in the bankruptcy world, particularly in Chapter 7s. Chapter 7 bankruptcy trustees and Chapter 7 debtors’ attorneys have been closely paying attention.

Why Are Vehicle Values So Important to Chapter 7 Debtors?

When reviewing whether a Chapter 7 bankruptcy is a good option, the prospective debtor’s attorney must look to see if the debtor has unprotected equity assets.  With vehicles fetching a higher than customary price, it means that there will be more vehicles with more equity than the law protects. Where the motor vehicle has unprotected equity, the Chapter 7 trustee may ask the debtor to surrender the vehicle or repurchase the non-exempt equity.

Note: As a reminder, the motor vehicle exemption in Florida is $1,000.00. The Florida legislature is considering a bill to increase the motor vehicle exemption from $1,000.00 to $5,000.00.

Can I File for Bankruptcy and Keep My Car?

With the increase in the unprotected equity in the motor vehicle, how the owners are listed on the title or registration becomes exceedingly important. Under Fla. Stat. §319.22 (2)(a), motors vehicles registrations bearing the name of two or more persons separated by the word “or” are held to be jointly owned by all individuals on title with each having the right to sell or transfer the motor vehicle as each sees fit. Stated another way, each registered owner is 100% the owner of the vehicle. For bankruptcy, this means that the entirety of the vehicle’s equity will be attributable to the bankruptcy filer. Conversely, under Fla. Stat. §319.22 (2)(b), motor vehicle registration with the names of the co-owners separated by the word “and” indicates that the transfer of the vehicle is dependent on the consent and signature of the other co-owners. This allows the equity to be equally divided between the owners of the vehicles.

Explore Your Options with a Chapter 7 Bankruptcy Attorney

If you are considering filing bankruptcy, choose a law firm that will fight for you to help you in becoming debt-free.  Call us now for your 100% free consultation with one of our attorneys.  We will go through the details of your specific situation, help craft a plan that works best for you, and put you in the best position to try to obtain relief from these debts.  Call us now at 1-888-FIGHT-13.

Loan Lawyers has helped over 7,000 South Florida homeowners and consumers with their debt problems, we have saved over 3,000 homes from foreclosure, eliminated more than 100 million dollars in mortgage principal and consumer debt, and have recovered over 25 million dollars on behalf of our clients due to bank, loan servicer, and debt collector violations.  Give us a call today.

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Is There Any Protection from Wage Garnishment?

If you have been threatened with a wage garnishment, you may qualify for an exemption under Florida law. Many Florida residents find themselves faced with a lawsuit in which the Plaintiff seeks a wage garnishment against them. Wage garnishments are a tool used to collect monies after the entry of a judgment. If an Order of garnishment is entered against you, an otherwise precarious financial situation can quickly spiral, and further exacerbate an already tenuous financial situation. However, depending on your individual circumstances, you may qualify for an exemption that may protect you and your family against wage garnishment. Fortunately, Florida law offers protections against wage garnishment.

Under Florida law, Florida Statutes, Sec. 222.11 provides:

222.11 Exemption of wages from garnishment.—

(1) As used in this section, the term:

• “Earnings” includes compensation paid or payable, in money of a sum certain, for personal services or labor whether denominated as wages, salary, commission, or bonus.
• “Disposable earnings” means that part of the earnings of any head of family remaining after the deduction from those earnings of any amounts required by law to be withheld.
• “Head of family” includes any natural person who is providing more than one-half of the support for a child or other dependent.

(2)(a) All of the disposable earnings of a head of family whose disposable earnings are less than or equal to $750 a week are exempt from attachment or garnishment.

(b) Disposable earnings of a head of a family, which are greater than $750 a week, may not be attached or garnished unless such person has agreed otherwise in writing.

The agreement to waive the protection provided by this paragraph must:

1. Be written in the same language as the contract or agreement to which the waiver relates;
2. Be contained in a separate document attached to the contract or agreement; and
3. Be in substantially the following form in at least 14-point type:

IF YOU PROVIDE MORE THAN ONE-HALF OF THE SUPPORT FOR A CHILD OR OTHER DEPENDENT, ALL

OR PART OF YOUR INCOME IS EXEMPT FROM GARNISHMENT UNDER FLORIDA LAW. YOU CAN WAIVE

THIS PROTECTION ONLY BY SIGNING THIS DOCUMENT. BY SIGNING BELOW, YOU AGREE TO WAIVE THE PROTECTION FROM GARNISHMENT.

  (Consumer’s Signature)     (Date Signed) 

I have fully explained this document to the consumer.

  (Creditor’s Signature)     (Date Signed) 

Federal law (15 U.S.C. SS 1671-1673) allows up to up to 25% of any individual Defendant’s disposable income (the part of earnings remaining after the deduction of any amounts required by law to be deducted) for any pay period or to no more than the amount by which the individual’s disposable earnings for the pay period exceeds 30 times the federal minimum hourly wages, whichever is less.

In Miami-Dade County, a client retained attorney Willie Brice, after three of her checks had been garnished. After speaking with the client, it was determined that the client qualified for exemption. After filing a Motion to dissolve the writ of garnishment, and successfully arguing the matter before the Court, not only was the client’s garnishment dissolved, but the garnishee was ordered to return all garnished monies to the client.

Talk to an Experienced Wage Garnishment Lawyer in Fort Lauderdale, FL Today

If you or someone you know is in need of experienced wage garnishment lawyers to protect your rights against wage garnishment, foreclosure, or other consumer debt matters, Call us today at (954) 807-1383 or contact us online to schedule a free consultation and to learn more about how we can help.

Loan Lawyers has helped over 7,000 South Florida homeowners and consumers with their debt problems, we have saved over 3,000 homes from foreclosure, eliminated more than $100 million dollars in mortgage principal and consumer debt, and have recovered over $25 million dollars 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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How Long Will a Chapter 7 Bankruptcy Case Take in Fort Lauderdale?

If you are in financial trouble and are considering filing bankruptcy, you want relief immediately. One of the most common questions our Fort Lauderdale bankruptcy lawyers here is about how long the process will take. Typically, the bankruptcy process takes anywhere from four to six months. Below, our attorney explains the timelines associated with each step of the process, and the factors that could delay your case.

File the Bankruptcy Paperwork

Your Chapter 7 bankruptcy case will officially begin when you file the appropriate paperwork with the court. You will need to provide information about your income, debts, assets, expenses, financial transactions you have recently made, and any property that falls within one of Florida’s acceptable exemptions.

Immediately after you file, an automatic stay is issued. This prohibits lenders and creditors from contacting you and trying to collect on a debt. The automatic stay will bring the immediate relief you need from debt collection companies and creditors. It will remain in place for the duration of your bankruptcy case.

The 341 Meeting of Creditors Hearing

When the court notifies your creditors that an automatic stay has been issued and they must stop all action against you, they will also be told of the 341 meeting of creditors hearing. You must also attend this meeting. You will be sworn in and the bankruptcy trustee will ask you a number of questions. Your creditors are also allowed to ask questions, but they rarely do. The 341 meeting of creditors must take place between 20 and 40 days after you filed bankruptcy. The questioning component of the meeting usually does not take longer than ten minutes.

A Second Hearing Date

In some cases, another hearing date has to be set after the initial 341 meeting of creditors. This may happen if you forgot to bring certain documents, such as your social security card, or you forgot to bring other information, such as your bank account statements. It is important to work with a Fort Lauderdale bankruptcy lawyer who will ensure you bring all the important documentation to the first hearing. That can help prevent further delays in your case.

Creditor Objections

Once the bankruptcy trustee has officially closed the 341 meeting of the creditors, your creditors can raise certain objections. They may object to a single debt that may be discharged, or they can even object to your entire case. Creditors must raise these objections within 30 days of the 341 meeting of creditors meeting.

The Financial Management Course

The bankruptcy courts want to make sure that you will not have your debts discharged in bankruptcy only to have you file for bankruptcy again in the near future. To help prevent this, you are required to take a financial management course. You can take this course any time after the 341 meeting of creditors has been scheduled, but it must be completed within 60 days of the first date set for the 341 meeting of creditors.

The Discharge

If everything proceeds accordingly, you should receive your bankruptcy discharge approximately 60 days after your 341 meeting of creditors final hearing. The judge will issue a court order that eliminates your debts. However, your case is still not considered officially closed at this point. That does not happen until the court resolves any outstanding issues. Once a judge has resolved these matters, they will issue a final decree and your case will be dismissed.

Issues that Delay a Bankruptcy Case

Although most bankruptcy cases take between four and six months to close, there are some common issues that could cause a delay in your case. These are as follows:

• More information required: If it is found at the 341 meeting of creditors that the trustee needs more information, they will reschedule another meeting. This means the 341 meeting is not yet concluded. If you submit the required paperwork before the rescheduled date, and the bankruptcy trustee is satisfied that they have everything they need, they may cancel the rescheduled meeting and conclude it. If they do not, you will have to attend another hearing and answer more questions about the documents and your financial situation.
• The sale of property: If your bankruptcy case requires certain property to be sold, you can expect your case to take longer. Real estate usually takes the longest to sell. Your case is only closed once the trustee has sold the property, distributed the proceeds to your creditors, and has filed a final report with the court.
• You are involved in a lawsuit: There are times when a creditor may object to discharging a certain debt. To do this, they will file a complaint with the court and you will be involved in a bankruptcy lawsuit. Bankruptcy lawsuits can add six months or more to a case and your case is not solved until the lawsuit is officially resolved.
• You do not take the course right away: There is a lot in the bankruptcy process that you cannot control. However, you can control when you attend the financial management course in most situations. The longer you take to complete this course, the longer your bankruptcy case will take. If you take too long to complete the financial management course, the court may throw out your case altogether and you will be required to start all over again.
• You are trying to discharge a student loan: Discharging student loan debt is done using a different process than discharging other types of debt. You will either need to negotiate a settlement with the lender or present evidence to prove your case during a trial. Discharging student loan debt can take one year or more.

Our Bankruptcy Lawyer in Fort Lauderdale Can Help Your Case Proceed Smoothly

When filing bankruptcy, you likely want the process over with as soon as possible. At Loan Lawyers, our Fort Lauderdale bankruptcy attorneys will ensure you are as prepared as possible so your case proceeds as quickly as possible. Call us today at (954) 523-4357 or contact us online to schedule a free consultation and to learn more about how we can help.

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Alternatives to Foreclosure in Florida

Throughout the country, foreclosure activity has increased by 11 percent since the beginning of 2022. California was the state with the most amount of foreclosures, but Florida had the second-highest amount of foreclosure starts. While California has seen 1,868 foreclosure starts, in Florida there have been 1,527. According to a representative from the ATTOM company, the agency that conducted the research, these kinds of numbers are what Floridians can expect in the future. For the next six months, there is likely going to be triple digit increases year-over-year and double digit growth month-over-month.

The reason for the increase in foreclosures is largely due to the fact that foreclosures are returning to pre-pandemic numbers. Now that state and federal legislation protecting homeowners from foreclosures have long since expired, more and more Floridians are likely to find themselves in this position. If you are one of them, it is important to know there are alternatives. Our Florida foreclosure defense lawyer explains what these are below.

Refinancing

Refinancing your mortgage essentially replaces your current mortgage loan with an entirely new one. When you refinance, you can lower the interest rate, reduce the monthly payments, cash out equity in your home, and even change your lender. This is beneficial because any of these changes could make the loan more affordable for you to pay. The other benefit that comes with refinancing your loan is that you can avoid foreclosure and stay in the home now, and in the years to come.

Lenders will often allow borrowers to refinance their mortgage, but there are times when they may not allow it. These include if you are currently carrying too much debt, you have poor credit, you do not have enough cash, or your home has dropped in value.

Loan Modification

Loan modifications are very similar to refinancing the loan. Through a refinance you can change the terms of your loan such as your interest rate, the length of the loan, and perhaps even the principal amount owing. The difference between a loan modification and a refinance is that a loan modification only changes the terms of the current loan. A refinance replaces your current loan with an entirely new one.

Loan modifications always have the potential to become very complex. You will have to apply for one with your lender. When you do, your lender will want to see evidence that you can make payments according to the new terms of the loan. You may have to provide a debt-to-income analysis, an updated credit score, and asset statements and pay stubs. Negotiating a loan modification is not easy. A foreclosure defense lawyer in Florida can help ensure the best chance of success.

Deed-in-Lieu of Foreclosure

A deed-in-lieu of foreclosure is a legal document that transfers the title of the property owner to the lender in exchange for eliminating the loan deed. A deed-in-lieu of foreclosure has the same outcome as other alternatives to foreclosure, such as a short sale. The bank will own the home at the end of the process, meaning you will have to move out of the property. However, this option will also allow you to avoid the stress of foreclosure and exit the process without having to go through the litigation process. It can also help protect your credit score.

Although deeds-in-lieu of foreclosure do have many benefits, they also carry some potential risks.  For example, you may lose money if you could have listed the property on the market and sold it for more than what is owed on the mortgage. Often, a deed-in-lieu of foreclosure is only used as a last resort and it is usually best to work with a foreclosure defense lawyer who can advise on the best route to take.

Short Sale

A real estate short sale occurs when the owner of a financially distressed home sells their property for less than what they still owe on the market. A short sale requires the lender to accept less than what is still owed on the loan and so, the lender has to approve the sale.

People often wonder why a bank would approve a short sale, but they do for many reasons. First and foremost, it allows the lender to avoid the costly foreclosure process. Lenders are also not property owners, nor do they want to be. As a result, they may be more willing to work with you during the short sale process, knowing you will probably keep the property in good condition at the same time.

Bankruptcy

Any type of bankruptcy will automatically stop a foreclosure process. Once you file for Chapter 7 or Chapter 13 bankruptcy, the bankruptcy judge will issue an automatic stay. This prohibits creditors from contacting you to collect on debt, and prohibits lenders from continuing or starting foreclosure actions. If you file Chapter 7 bankruptcy, any equity you have in the home is exempt, meaning you will not lose it to repay your creditors. If you file Chapter 13 bankruptcy, any debt you carry will be organized into a repayment plan so it is more affordable for you to pay.

Like a Chapter 7 bankruptcy, a Chapter 13 bankruptcy may also allow you to discharge some of your debt. Due to the fact that some of your debt may be discharged during bankruptcy, it may also free up some of your funds that you can then use towards your mortgage. Potentially, that could allow you to stay in your home.

Call Our Foreclosure Defense Lawyers in Florida Today

If you are in fear of foreclosure, or your lender has already started the process, our Florida foreclosure defense lawyers can help. At Loan Lawyers, we have helped thousands of homeowners remain in their homes and we want to put that experience to work for you. Call us today at (954) 523-4357 or contact us online to schedule a consultation.

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