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May 1, 2008
Today, in the United States, states have created usury laws in order to set a maximum legal interest rate limit. Because Congress has chosen not to regulate interest rates on a national level, individual states have made the decision to to protect their consumers. Unfortunately, the usury cap is still at a very questionable rate and in the last twenty or so years it has only risen. In the state of Michigan, the usury rate is currently 25%. Which begs the question, why have interest rates been allowed to soar to such outrageous amounts?
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January 28, 2008
As it stands now, Chapter 13 bankruptcy is the most effective tool in saving your home from foreclosure. It allows you to get caught up, while freeing you from other debt you may have. However, there is a call to allow bankruptcy judges to help even more. Jack Kemp, the former secretary of Housing and Development, recently wrote an opinion for the Los Angeles Times. In it, he outlines changes that could make Chapter 13 bankruptcy more helpful to homeowner ’s and the economy in general.
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Chapter 13 Bankruptcy Checklist |
Chapter 13 Bankruptcy was designed to enable individual debtors the option of applying a percentage of their future earnings to a portion of their current debts over an extended period of time. Chapter 13 authorizes the wage earner to keep the property (like your home and
car) while consolidating and reorganizing debt, allowing the debtor a reasonable opportunity to arrange installment-payments of what is owed out of future income. The debtor is protected from creditors by an "automatic stay" (an injunction against the continuance of any action by any creditor against the debtor or the debtor's property) while the plan for repayment is developed and carried out. Debtors who file for Chapter 13 Bankruptcy agree to pay some portion of their debts over a three to five year period.
In order to qualify certain documentation and information must be provided to the attorneys at Second Start before the filing of your case.
• Copies of your state and federal tax returns for the past two years.
• Copies of the last six months of pay stubs, proof of income, or profit and loss statement for both filing and non-filing spouse.
• Copies of all leases.
• Copies of all rental agreements with tenants.
Affidavits from anyone providing monthly support payments.
• Copies of any divorce judgments or documents providing for domestic support or child support obligations.
Important Notes:
• Appointments:
First: Initial Consultation
Second: Debt Certifictation
Third: Filing Chapter 13 Bankruptcy Case
• You will receive notice from the court regarding the time and date of your 341 Meeting of Creditors and Confirmation Hearing
• Section 341 Meeting of Creditors: Please arrive 15 minutes before the scheduled time and bring your Drivers License and Social Security Card to the hearing.
• Confirmation Hearing: Bring proof of all payments.
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