A bankruptcy exemption is simply the value of certain property that state or federal law says, a creditor can NOT touch, no matter what. The two (2) types of Bankruptcy Exemptions are Real Property and Personal Property Exemptions. Each state enacts its own exemption laws or a state can decide to have the federal exemption laws apply within its borders. Regardless, every state provides protection for a certain amount of real or personal property owned by its citizens against the claims of creditors. Real Property (Homestead) Exemption In Alabama, the Real Property exemption is also known as the Homestead exemption. …Read More
Have you been struggling with debt but are afraid to seek bankruptcy counsel? So many times people who are struggling financially only turn to Bankruptcy as a last resort, as should be the case. Folks who have never had a reason to learn about what bankruptcy really is and has to offer, don’t know the benefits and usually assume it is a bad thing. I can’t begin to tell you how many clients tell me that they wish they had not waited so long to seek bankruptcy advice. Many people are nervous, scared and even ashamed, sadly, to come into…Read More
Many people worry about how filing a bankruptcy case will affect their home. As long as your case is carefully planned out ahead of time, you can typically file for bankruptcy relief without affecting your mortgage or your home. Mortgages Debts After Chapter 7 Depending on the type of bankruptcy case you file, you may either eliminate your mortgage debt or leave it untouched. In a Chapter 7 case, for example, you must choose whether or not to reaffirm the mortgage debt on any property you have. Reaffirming a debt basically means that you will still be obligated for that…Read More
Last week, the Consumer Financial Protection Bureau (CFPB) announced that in January to June of 2017, supervisory actions resulted in $14 million for over 104,000 consumers. “The Bureau’s recent supervision work has returned $14 million to more than 100,000 consumers, and found companies deceiving consumers and violating the law,” CFPB Director Richard Cordray stated. “Through supervision, the CFPB is putting an end to practices that harm consumers and taking proactive steps to prevent future violations.” Supervision and Corrective Actions The CFPB has authorization to supervise credit unions and banks with over $10 billion in assets. The CFP also has authorization…Read More
This episode of the Next Lawyer Up podcast features attorney Tom Ryan If you believe that estate planning is a straight forward and simple area of the law, you’ll think differently after listening to L. Thomas “Tom” Ryan, Jr. Tom is a very well-known lawyer in North Alabama and his firm’s offices are in Huntsville, Mobile and Pensacola, Florida. That is quite a sunny way away from his birthplace in upstate New York! Tom is an expert in his field and he covers all aspects of estate planning from wills and trusts through special needs and legacy planning, along with probate. I hadn’t had the…Read More
Security clearance issues are common place in the news these days. The news covers a lot of areas. Security Clearance Process in the News at the Highest Level Do you have to complete the SF 86 in its entirety to be given Security Clearance that allows access to classified material? Recently, the back log in the clearance process has gotten even more attention. This report notes that there is a government backlog of approximately 700,000 security clearance reviews which has led agencies like the Defense Department to inadvertently issue interim passes to criminals – even rapists and killers – prompting…Read More
Mandatory arbitration provisions are once again at the forefront of policy discourse on Capitol Hill as government agency heads and members of Congress grapple with how to best balance the interests of both companies and consumers. But there doesn’t seem to be much hope for one side of the debate, as Congress is set to overturn a rule issued by the Consumer Financial Protection Bureau (CFPB) in July of this year. The arbitration rule restricts certain companies’ ability to include arbitration clauses in contracts for things like bank accounts, credit cards, and payday loans. Despite the likelihood of Congress overturning…Read More
Americans are drowning in student loan debt. More than 3,000 people default on their federal student loans every day. It takes around 20 years for the average student loan borrower to pay off their loans. Today, there are over 44 million Americans with a total student loan debt of $1.4 trillion. But what happens if you can’t make the necessary payments? Missing a student loan payment will hurt your credit score and make it harder to borrow money in the future. What happens beyond your credit score depends on whether your student loan is held by the federal government or…Read More
It is estimated that 500,000 insurance claims on damaged automobiles will be filed as a result of Hurricane Harvey alone. Given that Hurricane Irma engulfed the entire state of Florida, the number of hurricane damaged vehicles there can be expected to be immense as well. According to the Chicago Tribune, about half of flood damaged automobiles are resold and while it’s not illegal to buy and sell if all parties have knowledge of the true condition of the car, oftentimes such damage is never revealed. So if you are planning the purchase of a used automobile in the near future,…Read More
In my blog today, I thought I would discuss generally who is eligible for Social Security retirement and work-related disability benefits. There are other forms of Social Security benefits available out there by way of the Social Security Act and its subsequent amendments, but I’ll focus on just these two types today, which are codified in 42 USC Ch. 7: Social Security for those interested in specific details. Eligibility Currently, there are about 170 million people out of a total population of roughly 320 million in the United States that qualify for one program or the other. According to Social Security, of the adults drawing some…Read More
