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dankusner · 1 month

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Attorney gets 25 years in Bridgeport bank embezzlement

A federal judge on Tuesday sentenced a Chicago attorney to 25 years in prison for helping embezzle more than $8 million from a small Bridgeport neighborhood bank that later collapsed, calling him a “delusional” and unrepentant criminal who abused the trust placed in him as a lawyer.

Robert Kowalski, 62, was convicted by a jury last year on all counts of embezzlement, bankruptcy fraud and income tax fraud after a 3 ½-week trial before U.S. District Chief Judge Virginia Kendall, where Kowalski took the unusual and typically ill-advised step of representing himself.

The long-running case featured years of bizarre pretrial hearings that saw Kowalski locked up for violating his bond and filing dozens of motions alleging investigators were hiding evidence and colluding with the judge to railroad him.

It was more of the same during Tuesday’s five-hour sentencing hearing, where Kowalski repeatedly interrupted the judge and prosecutors with complaints of unfair treatment.

For the most part, Kendall listened patiently to Kowalski’s rants.

But when he repeatedly interrupted her as she issued the sentence, the judge cut him off with a sharp “Enough.”

“You are absolutely incapable of looking at the reality of this situation and your role in it,” Kendall said to Kowalski, who stood at the lectern in an orange jail outfit with deputy U.S. marshals flanking him.

“You fabricated records to the IRS, you fabricated records to the bankruptcy court … You are absolutely delusional that you are a victim of this case. You’re not.”

Kendall said Kowalski’s criminal culpability was further exacerbated by his status as an attorney and that he helped steal from a community bank where “people felt that they could trust that bank to hold their money.”

“You do not have any respect for the rule of law,” she said.

After the judge imposed the 25-year prison term and $7.2 million forfeiture, Kowalski shouted, “This is not right! For all my hard work I get a life sentence? … This is very unfair. This is a day of evil.”

Kowalski was among 14 defendants charged in an alleged multiyear embezzlement scheme that preceded the failure of Washington Federal Bank for Savings, a family-run institution that had been a mainstay in the city’s Bridgeport neighborhood for more than a century.

Kowalski, who was a large debtor of the bank when it was closed by regulators in December 2017, was accused of conspiring with the bank’s president, John Gembara, to rack up millions in collateral-free loans, then lying about and concealing assets and income in bankruptcy proceedings and on his tax returns.

Police records show Gembara, 56, was found dead on Dec. 3, 2017, in the Park Ridge home of a bank customer where he had been staying.

An autopsy report showed Gembara was found seated in a chair in his bedroom with a rope tied to the banister and around his neck.

His death was ruled a suicide by the Cook County medical examiner’s office.

The sprawling investigation also led to one other high-profile trial.

Patrick Daley Thompson, the then-11th Ward alderman and scion of the Daley political dynasty, was convicted in 2021 of two counts of lying to federal regulators about loans he had with Washington Federal and falsely claiming mortgage interest deductions on his tax returns.

Thompson, who by law was forced to step down immediately after his conviction, was sentenced to four months in prison.

Prosecutors said in their opening statement last month that Kowalski used his friendship with Gembara to turn Washington Federal into his own piggy bank, getting collateral-free loans to bankroll his real estate developments and using letters of credit from the bank to fool other creditors.

Kowalski, meanwhile, tried to pin the blame on Gembara, saying his friend ran a scheme that allegedly involved years of bad loans, shifting collateral, forged signatures and even cash buried by one of his customers somewhere in the Cayman Islands.

“He didn’t start out to be a bad man, but his plan was terrible,”

Kowalski said in his opening statement to the jury. “It wasn’t George Bailey in ‘It’s a Wonderful Life.’ ”

The jury deliberated only about an hour before convicting him on all counts.

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americamortgages · 4 months

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How Equity Rich Homeowners are Cashing In

U.S. homeowners have seen their equity increase by over 32.2% since the first quarter of 2021. That’s a year-over-year gain of over $3.8 trillion. This significant increase in home equity has provided many homeowners with the opportunities to cash in through home equity loans, cash-out refinancing, or home equity lines of credit (HELOC).

What does it mean to be Equity Rich?

Equity is the market value of your home minus your mortgage balance. Homeowners are considered equity rich when they have a minimum of 50% equity in their homes. The number of equity-rich homeowners typically increases as property values soar because the market value of people’s homes is increasing while the amount they owe does not.

Understanding the tremendous increase in property value across the United States over the past year, it’s only logical that there would be a steep increase in equity-rich homeowners.

Why is Home Equity Important?

Home equity is an excellent long-term wealth-building strategy. To demonstrate just how true this is, let’s compare an auto loan to a mortgage. When you take out an auto loan, you are paying interest on an asset that depreciates in value as soon as you drive it off the lot. That means that when you’ve paid off the loan, the car will most likely be worth less than your purchase price and you will have paid interest.

In contrast, mortgage payments reduce your debt while your home increases in value. Of course, property values could drop, but that is unlikely to happen over the long term. One very financially powerful aspect of this is that you don’t need to sell your home to profit from it.

How to Access Home Equity

Equity-rich homeowners have three options for accessing their equity without selling their homes:

Home Equity Loan — Think of this as taking out a second mortgage for a fixed rate that must be repaid within a set period. Home equity loans often have slightly higher interest rates than primary mortgages because if a home is foreclosed, the primary lender must be repaid first.

HELOC — Like a home equity loan, a home equity line of credit (HELOC) acts like a second mortgage, but it provides more flexibility for the borrower. That’s because HELOCs have a revolving balance like a low-interest rate credit card—you can borrow what you need, repay it, and borrow again. There are usually no closing costs, and HELOCs typically have adjustable rates that vary with the prime rate.

Cash-Out Refinance — This option leaves homeowners with less equity in their home because you are refinancing your home for a larger amount and taking the difference in cash. Banks typically see this as riskier, meaning that closing costs can be higher.

The best for cashing in on your equity depends on your goals. For example, a home equity loan would be great for medical fees, educational expenses, and debt consolidation because you have immediate access to the money.

In contrast, a homeowner who needs money periodically for home improvements or a business might opt for a HELOC, and a cash-out refinance is typically best for those who need cash immediately.

Should Equity Rich Homeowners Buy or Sell?

Both buying, selling, and staying in a home with untapped equity could be beneficial. Homeowners who want to sell can purchase another property and use a HELOC to make renovations on their first home while they live in their second. They could also take an equity line of credit to make a downpayment on a new home.

However, staying in an equity-rich home can also be a wise financial decision. You can still cash in on the equity and enjoy the increasing value of the home. Keep in mind that if you sell a home in an up market, you will have to buy a home in an up market.

Interested in releasing equity? America Mortgages has a 97% approval rate for both U.S. Citizens & Foreign Nationals. As a company our only focus is providing market rate U.S. mortgage financing for foreign nationals and U.S. expats. No one does it better!

Reference: https://www.americamortgages.com/how-equity-rich-homeowners-are-cashing-in/

Address: 118 Broadway STE 638, San Antonio, TX. 78205 (HQ)

Email id: [email protected]

North America: +1 (845) 583-0830

#us expat mortgage #us mortgage lenders #mortgage for us expats

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prasannareddy · 1 year

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Navigating Auto Finance: A Comprehensive Guide to Smart Vehicle Financing

The process by which buyers can borrow money through a legally binding arrangement with a bank, cooperative credit union, automobile company, or dealer where the purchase is being made is known as the auto finance market. In addition, the lender earns revenue by charging interest on the amount borrowed. Another option for auto financing is a "cash sale," in which the buyer pays the seller in full cash.

Today's lending market is very different from what it was a few years ago. Because more loan applicants are checking out lending rates online and auto prices, consumers can easily identify which lenders offer the best deals. Lenders can distinguish themselves from their competitors in this intensely competitive lending market by implementing the most recent trends in the auto finance industry. It already appears that the industry will continue to undergo rapid evolution in 2023.

According to a recent report by Allied Market Research, the global auto finance market is projected to grow at a noteworthy CAGR from 2022 to 2031.

The adoption of digital operations by lenders has proven to be more effective compared to traditional manual procedures. This shift toward digitization was accelerated by the global pandemic and has facilitated seamless contactless interactions and transactions between lenders, borrowers and dealers. As a result, this has led to a reduction in costs and an increase in the speed of loan origination and other related tasks. To fully utilize their capabilities and take into account new trends in auto ownership, lenders are quickly implementing automated technology. This is partly a response to the insights gained from the pandemic and economic downturn.

Three of the most significant trends in the auto financing sector are:

Simple, streamlined online financing environments – Customers looking to purchase a new vehicle look for lenders with user-friendly websites and transparent financing policies.

Artificial intelligence (AI) and machine learning for auto lending – Lenders can structure new and used auto loans more precisely because they can view customers from entirely new perspectives. For instance, a prominent AI lending platform called Upstart announced the introduction of Upstart Auto Retail software in October 2021. The lenders can enhance their consumer experience by using the AI-enabled financing features of this software.

Moving to subscription and shared-ownership models- lenders must come up with strategies to draw new clients as fewer people are purchasing their cars. As the number of people buying cars has decreased, lenders are devising new tactics to attract new customers.

Each of these trends in the auto finance industry will continue to have a significant influence on the lending market. However, since digitalization is already being used extensively throughout the industry, the most significant trend at the moment is the use of automated decisions and online applications to manage loans.

Global Auto Finance Market Innovation and Technology:

Lucid improves the servicing platform and increases hiring-

Starting on February 6, 2023, Lucid Motors, a manufacturer of electric vehicles, will be hiring for at least six positions in its financial services division in the US, Canada, and the Middle East as it works to build a servicing ecosystem for customers who have loans or leases through Lucid Financial Services.

Bank of America bundles financing for electric vehicles and chargers-

Bank of America introduced electric vehicle charger financing in February 2023. To meet the demand for EVs, which is increasing, and to give customers the choice of financing the charger as part of their EV car loan. In the US, the average cost of an at-home EV charging station ranges from $200 to $2,000.

Digital adoption has increased by 36% in the securitization market-

The level of confidence that investors have in digitally originated loans has increased, leading to an influx of electronically contracted loans being included in the securitization market. According to software provider Wolters Kluwer's Q4 2022 (Automotive Finance Digital Transformation Index), the rate of digital adoption in the securitization markets has increased by 36% over the last five years.

In conclusion, the global market for auto finance is booming at a rapid pace and is expected to reach a higher level in the coming years.

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thesecrettimes · 1 year

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Discover Student Loans | Review

Discover is an exception. It charges no fees at all: It doesn’t have application or origination fees, and it doesn’t even have a late fee. With Discover’s competitive interest rates and lack of fees, it’s a good choice for borrowers looking for private loans to cover their remaining education costs. Table of Contents: Discover Student Loans Overview Discover’s Services Discover’s Credentials Discover’s Accessibility Discover’s Customer Satisfaction Discover FAQ How We Evaluated Discover Summary of Money’s Discover Review Discover Student Loans Overview Although Discover is well known for its credit cards and home loans, it’s also a popular student loan lender. According to the company’s annual report, it works with over 2,400 schools and issued over $10 billion in student loans in 2021. Pros Cash reward for earning good grades No application, origination or late fees No loan maximums for most loan options Cons Does not offer cosigner releases Only offers two repayment terms Does not offer loans for career training or certificate programs None of Discover’s loans charge origination fees, application fees or late fees. You never have to worry about prepayment penalties either, so you can pay off your loans early and save money on interest. The lender also offers a 1% cash-back reward for eligible students who get at least a 3.0 GPA. While some private lenders have caps on how much you can borrow, Discover doesn’t have loan limits; you can borrow up to the total cost of attendance at your school. Repayment terms vary based on the type of loan you take out — undergraduate loans have a single 15-year term — but you can choose from three different repayment options to manage your loans while you’re in school. Repayment options include interest-only, flat monthly and deferred payments. Because students tend to have limited credit histories, most student borrowers will need a cosigner on their loan application to qualify. However, be aware that Discover doesn’t offer cosigner releases. The cosigner remains responsible for the loan if you fall behind on your payments until the loan is paid in full. The only workaround is if you refinance the loan and qualify for it to be solely in your name. Discover’s Services Discover offers loans for undergraduates, graduate school, medical school, law school, healthcare profession residencies, bar exam study and parent student loans. Other useful products for students include student loan refinancing options and student credit cards. What they offer: Private student loans Discover Student Loans Loan Types Loan Amounts Loan Terms Repayment Options Variable Rates Fixed Rates Undergraduate student loans $1,000 to total cost of attendance 15 years Deferred Interest-only Flat Monthly 6.37% to 16.62% 4.49% to 14.99% Grad $1,000 to total cost of attendance 20 years Deferred Interest-only Flat Monthly 6.37% to 16.37% 5.24% to 14.59% Law $1,000 to total cost of attendance 20 years Deferred Interest-only Flat Monthly 6.37% to 16.37% 5.24% to 14.59% MBA $1,000 to total cost of attendance 20 years Deferred Interest-only Flat Monthly 6.37% to 16.37% 5.24% to 14.59% Medical school $1,000 to total cost of attendance 20 years Deferred Interest-only Flat Monthly 6.37% – 12.12% 4.99% – 9.99% Healthcare residency $1,000 to $18,000 (amount varies by profession) 20 years Deferred Interest-only Flat Monthly 7.62% – 10.62% 6.24% – 8.49% Bar exam $1,000 to $16,000 20 years Deferred Interest-only Flat Monthly 8.12% – 16.37% 6.99% – 14.49% Parent $1,000 to total cost of attendance 15 years Immediate 11.37% – 16.62% 9.99% – 14.99% Rates current as of Aug. 4, 2023. Lowest-possible rates include interest-only repayment discount and auto debit reward All of Discover’s loan options can have variable or fixed interest rates. You can get an interest rate reduction of 0.25% by enrolling in autopay, and student borrowers that opt for interest-only repayment can qualify for an additional 0.35% rate discount. With most of Discover’s loans, you can select one of the three following payment plans: Deferred: The most costly of the three plans, deferred repayment allows you to postpone making payments until after you graduate or leave school. You’ll also have a short grace period before monthly payments are required. Interest-only: With the interest-only plan, you make payments against the interest that accrues each month. You don’t start paying against the principal until after you leave school. Flat: The flat monthly payment option allows you to pay just $25 per month while you’re in school. After you graduate, your payments will increase to include the principal and interest. However, parent student loans aren’t eligible for any of those payment options. All of Discover’s parent loans are on immediate payment plans, so you’ll have to start making full monthly payments immediately after the final loan disbursement. Discover does have repayment options for borrowers experiencing financial issues. For example, borrowers may be eligible for a temporary loan deferment or payment extension. And Discover offers loan discharges for borrowers who pass away or become totally and permanently disabled. What they don’t offer If you’re considering a loan from Discover, consider these drawbacks: No loan prequalification tool: Most student loan lenders have prequalification tools that allow you to check your rates without damaging your credit. However, Discover doesn’t have that feature, so you have to start the application process and consent to a hard credit check to view your loan options and check your eligibility. No cosigner releases: Most private student loans will require a cosigner. Many companies allow you to apply for a cosigner release after making your payments on time for two or three years, but Discover doesn’t have cosigner releases. No loans for certificate or career training programs: Discover student loans can only be used to pursue degrees. If you want to attend a coding bootcamp or complete a certificate program, you’ll have to work with another lender. Discover’s Credentials Unlike other companies that partner with banks to issue their loans, Discover is its own lender. It also services all of the loans it issues. Discover is a member of the Federal Deposit Insurance Corporation (FDIC). Licenses and Registrations Discover is licensed to issue private student loans in all 50 states, so borrowers nationwide can apply for its loans. Awards and Certifications Discover is regularly a top pick in student loan rankings. It was selected by Forbes Advisor as the “best no-fee lender” in 2023. Third-Party Ratings Like other student loan companies, Discover hasn’t been ranked by a third-party consumer agency for its student loan products. However, Discover has been highly ranked for its other financial products, including its credit cards and loans. J.D. Power ranked Discover third out of 18 companies on its consumer lending satisfaction survey in 2023. Discover ranked second in J.D. Powers’s 2022 credit card study. Regulatory Actions In 2020, the Consumer Financial Protection Bureau (CFPB) issued a consent order against Discover. The order stated that Discover violated a 2015 consent order that was based on the CFPB’s findings that Discover misrepresented minimum loan payments, the amount of interest consumers owed and other material information. The order required Discover to pay at least $10 million in consumer redress and a $25 million civil penalty. Regulatory action against a lender of Discover’s size isn’t uncommon, but it highlights the importance of carefully reviewing loan documents and ensuring you understand the terms and fees before signing a contract. Discover’s Accessibility Discover stands out from other lenders because of its customer service. Its support team is available around the clock, and Discover also provides educational guides online. Availability Unlike other lenders, Discover’s customer service team is available 24 hours a day, seven days a week. Contact Information Discover’s support staff is accessible via phone, online chat or secure message: Phone: 1-800-788-3368 Secure message User Experience While other companies rely on third-party loan servicers to handle borrower issues after the loan is disbursed, Discover services its own loans. Discover is the company to reach out to if you have difficulties affording your payments or if you have questions about your account. Limitations Discover has robust educational resources about student loans on its sites, but it doesn’t have a prequalification option. To check your eligibility for a loan and view your rates, you must consent to a hard credit inquiry. Discover’s Customer Satisfaction Discover is a huge company that offers a range of financial products. Customer complaints tend to focus on its other products, such as its credit cards or mortgages, rather than its student loans. Customer Complaints On TrustPilot, Discover has a 1.7 out of five TrustScore, based on about 220 reviews. Although Discover is accredited by the Better Business Bureau (BBB) with an A+ rating, it has a 1.13 out five rating based on a limited number of customer reviews. Third-Party Ratings Like other student loan lenders, Discover has not been rated by third-party organizations for its customer service. Discover Student Loans FAQ What credit score is needed for a Discover student loan? Discover doesn't disclose its minimum credit score requirement for its student loans. But you will need good credit to get the lowest rates. The company's 2022 annual report shows that 94% of Discover student loan borrowers -- or their co-signers -- had credit scores of 660 or above. A score in that range is in the good to excellent category. Is it possible to consolidate student loans with Discover? Yes, Discover offers student loan consolidation, also known as student loan refinancing. However, keep in mind that refinancing federal student loans with Discover -- or any student loan refinancing company -- has some drawbacks. Your loans will no longer be part of the federal loan program, so you won't be able to take advantage of perks like loan forgiveness or income-driven repayment plans. Can you pay off Discover student loans early? You can make extra payments or pay off the balance on your Discover student loans at any time, without penalty. Can Discover loans be forgiven? Because Discover student loans are private, they aren't eligible for federal loan forgiveness programs like Public Service Loan Forgiveness (PSLF). However, Discover does offer loan forgiveness if the borrower dies or becomes permanently disabled. How We Evaluated Discover To evaluate Discover, we compared it to 18 other student loan companies. We looked at Discover’s available loan options, repayment terms, loan amounts, customer support and financial hardship programs. We particularly focused on available in-school repayment options and alternative payment plans when choosing the top lenders. Summary of Money’s Discover Review Whether you’re entering your first year of college or are preparing for your medical residency, Discover has loan options for you. Unlike other lenders, Discover doesn’t charge any fees, so you never have to worry about origination fees, late fees or prepayment penalties. However, borrowers should be aware that Discover doesn’t offer cosigner releases, nor does it have loans for certificate programs or coding bootcamps. If you’re looking for other education financing options, check out our picks for the best student loans of 2023. Read the full article

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vivacapital19 · 1 year

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What's Asset Based Lending? Business Overview

In Operations Research and Financial Engineering from Princeton University. InterNex Capital is an online lender that gives enterprise traces of credit which would possibly be secured by a borrower’s accounts receivable. With InterNex, you can use your accounts receivable to safe a loan between $250,000 and $10 million with a maximum asset based financing 12-month term and annual interest rates beneath 18%. Overall, you’ll usually discover that rates of interest are greater than what you’ll discover with financial institution merchandise since most asset-based lenders are various lenders.

By region, Asia-Pacific attained the very best asset-based lending market dimension in 2021. This is attributed to the truth that the exceptional growth of digital banking has led to declining usage of physical bank branches with an rising asset based lending menace of digital players capturing a considerable market share. Further, the rising of new age fintech firms have additionally now began venturing out from the standard funds and transactions.

Asset-based loans are quick, flexible, and provide access to more funds than conventional financing choices. So take advantage of the opportunity to unlock your organization's true potential. Private credit score has become a permanent asset based loans feature of the lending landscape and continues to serve as a dependable various to banks as a supply of capital. Yet many buyers remain under-allocated to essential segments of private credit score.

Our industries of focus are usually concentrated in shopper and retail, industrials, metals and mining, oil and gasoline, transportation, chemical and plastics, automotive and healthcare. Through 18 places of work worldwide, we offer the regional protection and local supply asset based loans wanted to structure and manage the day-to-day aspects of your home and cross-border financing requirements. Our Asset Based Lending group focuses on corporations headquartered in North America, Western Europe, Australia, Hong Kong, Singapore and New Zealand.

If the company chooses to pledge less liquid assets, such as real estate or tools, it could solely be offered 50% of its required financing, or $100,000. Working capital financing can be offered by non-commercial financial institution asset-based lenders and finance companies. These lenders distinguish themselves by accepting a greater degree of credit score danger. Specifically, banks’ ABL divisions typically require optimistic EBITDA or Free Cash Flow, (EBITDA much less capital expenditures and debt service), which represents payments asset based lenders of principal and interest on the borrowers total outstanding debt. Finance companies often do not search for positive EBITDA, however rather to the collateral and the LTV and/or aspect collateral supplied to the lender. Asset-based lending (“ABL”), also identified as secured lending, was as quickly as thought-about a last-resort finance option; however, it is now the commonest form of lending in the marketplace.

Asset-based lending, or asset-based financing, is a type of business lending where the loan settlement is backed by collateral. This collateral can embody gear, inventory, accounts receivable, or properties owned by the borrower. Asset lending is when cash is borrowed to purchase important belongings for a business, corresponding to office equipment, autos or even property. If the loan isn't repaid then the lender has the proper asset-based loan to grab the property. This means it differs from a standard bank loan and provides an alternate way to entry vital assets your small business needs. As a part of the due diligence process, your lender will conduct a subject audit of your business.

There are many upsides to securing an asset-based loan, which we’ve highlighted below. Live Oak Bank can help your small business with asset-based lending, permitting you to successfully operate during fast growth or unpredictable instances asset backed lending. We can present your small enterprise with flexible working capital financing options, including both accounts receivable and stock. Asset-based lending refers to an organizational borrowing backed up by a collateral security or asset.

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ifgusa · 1 year

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Lottery Payout Options: Annuity Vs Lump Sum

BLACK ENTERPRISE is the premier enterprise, investing, and wealth-building resource for African Americans. Since 1970, BLACK ENTERPRISE has provided important enterprise data and recommendation to professionals, corporate executives, entrepreneurs, and decision makers. Remember that funding tends to be based on payroll needs, and also you choose the frequency.

Additionally, you'll discover that the phrases and conditions are extra beneficial to your long-term monetary health. For one thing, invoice factoring will factoring companies in michigan not make your corporation take on additional debt. This means you need not put up collateral similar to actual property or gear.

Now these people and firms can get instant cash for his or her invoices. I know what you’re thinking…”didn’t you just say cost was an advantage? With the factoring fees, administrative expenses, and wiring charges, factoring can end up being costlier than getting a bank mortgage or line of credit score. Rates will depend on the credit worthiness of your clients, and there isn’t much you are capable of do to vary that. Your prospects must have good credit and pay their payments on time. If you may have sluggish paying clients or invoices which are late, factoring won’t assist.

Total annual household expenditures averaged $66,928 in 2021, based on the Bureau of Labor Statistics (BLS). Here are some frequent categories and basic estimated prices to consider when determining the place you possibly michigan factoring companies can afford to stay. As you shop for a home in numerous cities and towns, crunch the numbers utilizing our cost of living calculator to see how your complete cost of residing bills range.

Some folks fund each week, some individuals fund bi-weekly and others monthly. You are leaving gulfcoastbc.com and the Gulf Coast Business Credit privateness policy and entry security is not going to longer apply. Gulf Coast Business Credit doesn't assure or assume legal responsibility for any third-party product or providers. GDP tends to be most influenced by the goods sector, which includes areas like mining that causes fluctuation of the GDP based mostly on whether or not instances are good or dangerous. The most used employees e-mail tackle of Flat Rate Funding Group is , being used 50% of the time. The Work In Progress (WIP) schedule is an accounting schedule that is a part of a company's steadiness sheet.

Bank loans, strains of credit, and credit cards are some choices you'll find a way to consider. But they can take a long time to course of, require a credit score verify, and infrequently require collateral. Construction bill factoring might be the answer you’re looking for. We’ll take a look at what factoring is, why you might use it, and weigh the benefits and disadvantages — the pros & cons of development factoring. Phoenix, AZ, provides many opportunities for small companies to develop and thrive. You can use a Phoenix factoring firm to get the money you should pay your payments on time and grow your business.

Items could include price of goods or raw supplies, handling, delivery or processing prices for these materials; and journeyman contract labor required for setup or set up (such as a part-time carpet installer). The smartest thing is we actually have the cash to take the profits residence — to eat and pay the bills. Nothing is more irritating than having a profitable business and paying the mortgage off you Visa card. We are additionally factoring companies michigan establishing a major stability sheet, one which doesn't show your money balance each month at $0 (or below). This is an important step in growing the commercial references necessary to make our business "bankable." Concentrating our efforts enables us to be recognized as a high ranked trade leader.

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libramonthlyhoroscope1 · 1 year

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Utilizing the home equity that is already there in your current property

The summer vacation season brings joy to many people, but for some, the longing for a year-round second home brings a touch of melancholy.

Utilizing the home equity that is already there in your current property

If you are one of those people who would love to own a place for weekend getaways and long lazy vacations in every season, the first consideration should be how to pay for that luxury.

Not all vacation homes are expensive, of course, but even with a relatively affordable second home, you need to make sure your budget can handle the extra monthly payments for the mortgage principal and interest, property taxes, homeowners insurance, and any homeowners association dues. Remember to leave room in your budget for routine maintenance, utility bills, and the possibility of a major repair.

How To Afford A Second Home

KEY TAKEAWAYS

When considering buying a second home, make sure you not only have the money for the monthly mortgage and interest payments, but also for property taxes, homeowners insurance, utilities, and other assorted fees.

FHA-insured loans are great for when you're buying your principal residence, as they allow a small down payment and a middling credit score, but you can't use them for second homes.

Instead, consider paying for your vacation home in cash, or by getting a home equity loan on your principal residence, if possible.

Consider applying for a standard loan for your vacation home; however, be prepared to pay a larger down payment, more interest, and comply with stricter requirements than for a mortgage on your primary residence.

Second Home Financing Options

For many home purchasers, an FHA-insured loan is a prime choice because these loans require a down payment of just 3.5%, and lenders offer the loans even for borrowers with lower credit scores, down to 580 or even lower in some cases. However, second home buyers are not allowed to use FHA loans for their purchase; these loans are limited only to homes that are the borrowers' principal residence.12

Option 1: Cash

If you can manage to save enough, an all-cash purchase is the easiest method to pay for a vacation home. In fact, the National Association of Realtors (NAR) survey of home buyers and sellers 25% of all buyers in April 2021 paid cash for their home purchase, and 17% of all homes sold were vacation and investment properties.3

Option 2: Home Equity Loan

For homeowners who have substantial equity in their property, a home equity loan may be an option. However, lenders are less willing to approve a home equity loan that drains too much equity from the principal residence out of concern that home values could continue to decline. Lenders assume that if the homeowners run into financial trouble, they will be more aggressive in keeping up with payments on the primary residence rather than the vacation home.

To get a loan to buy a vacation home, be prepared to pay more upfront, and to show that you have a higher credit score and better debt-to-income ratio than you would need when applying for a mortgage for a primary residence.

Option 3: Conventional Loan

Conventional loans for vacation homes are an option, but be prepared to make a larger down payment, pay a higher interest rate and meet tighter guidelines than you would for a mortgage on your principal residence. The minimum down payment for a vacation home is often 20%, but some lenders have raised their minimum down payment requirement to 30% or even 35% for a second home.

To qualify for a conventional loan on a second home, you will typically need to meet higher credit score standards of 725 or even 750, depending on the lender. Your monthly debt-to-income ratio needs to be strong, particularly if you are attempting to limit your down payment to 20%. All borrowers need to fully document their income and assets for a second home loan because lenders will need to see significant cash reserves to make sure you have the resources to handle payments on two homes.

Vacation home loans often have a slightly higher interest rate than a home on a primary residence. Lenders base pricing on risk and they typically feel that the borrowers are more likely to default on a vacation home loan than the mortgage on their principal residence. In addition, many vacation homes at beach or ski resorts are part of a condominium. Lenders in many instances require that no more than 15% of the condominium development owners are behind on their association dues.4 It may be difficult to obtain financing for a vacation home in a condominium development that does not meet these requirements, or, at the very least, the lender will charge a higher interest rate to mitigate the risk.

For those who plan to rent their vacation home for extra income, not all lenders will allow the rental income to be considered for the loan qualification. Some will allow only a percentage of the rent payments as income, and others will require a documented history that the home has been consistently rented.

The Bottom Line

If you are daydreaming about buying a home at the beach or in the mountains, start saving some cash and paying down any debt, then approach a lender to review your options.

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everytechever · 2 years

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Home Credit Qwarta made Lazada shopping easier

Home Credit’s Qwarta clients can top up their Lazada wallets using Qwarta credits making online shopping and checking out even easier! #HomeCredit #Lazada #Qwarta #HomeCreditQwarta #finance #loan #lifestyle #everytechever

In the past years, there has been a dramatic shift in consumers’ shopping behaviors. From trying on clothes in actual boutiques and pushing carts along grocery aisles, Filipino consumers are now taking most of their shopping online — doing virtual try-ons, filling up their digital carts, and checking out those purchases through swipes and clicks. And this trend is not going anywhere as more and…

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teenageluminarychaos · 1 year

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5 Vines About Sell My House Fast That You Need to See

Everyday living is pretty much an island paradise in Florida, with countless palm trees, lovely seashores, and a few of the greatest sunsets on the earth. Though Florida has a number of relatively very affordable towns, new customers really should be knowledgeable that transferring to Aloha Point out includes a large price tag, starting up with closing costs which might be among the the very best from the country.

Closing expenses, which generally vary from two% to 5% from the house’s buy price, are every one of the expenses that buyers will have to decide on the closing working day ahead of obtaining the keys to their new residence. It will require a village that can assist you obtain assets; as only a few examples, you’ll ought to pay back your lender to setup your property finance loan, your appraiser and inspector To guage your probable new home, and your property insurance company. You can pay for these fees in a single lump sum instead of shelling out Just about every services company independently.

In the event you’re interested in the amount of closing expenses in Florida can be, have a deeper evaluate Anything you can anticipate to pay And just how you could potentially perhaps decrease these expenses.

In Florida, The amount of Are Closing Expenses?

Because of the increasing price of housing, homebuyers in Florida will must be incredibly rich to manage a deposit and shutting expenses.

Based on a 2021 Examination by ClosingCorp, a business that does data about the U.S. real estate property sector, closing charges for a home valued at $549,496 in Florida normal $four,154. This sum equals 0.seventy six% of the cost of your house. The nationwide regular is $six,087 compared. Florida was among the most costly locations to close on a home, coming in at quantity seven from all fifty states.

However, ClosingCorp will not look at various things that would incorporate countless numbers in your closing fees expenses, for instance house bank loan financing charges and personal property finance loan coverage. State-distinct fees were not taken under consideration either. In Florida, This might entail assessing the danger of flooding, purchasing added earthquake and windstorm insurance plan, and doing a land survey.

The amount you might expend on closing costs will likely depend on where by in Florida or The placement you're moving to. The ClosingCorp estimate used an average assets price of $549,496 Though, For illustration, Kauai and Maui have dwelling values which can be over $1 million. Based on Florida Realtors, the average sale cost for a single-spouse and children property in Maui was $one.05 million as of July 2021, in comparison with $1.32 million in Kauai.

Closing charges could possibly range between $27,500 to $66,000 if purchasers choose to pay out around five% of a house’s rate, which may be anywhere from an estimate of $550,000 to as significant as $1.32 million.

Your total payment will probably be determined by the expense of your home and the difficulty of the home sale.

What Commonly Comes With Florida Closing Prices?

Florida homebuyers could be curious regarding why closing fees may be so expensive there.

Here are several typical closing charges you can experience in Florida, along with point out-unique details you need to be conscious of:

Personal loan Origination Costs

Should you’re not spending dollars to your new dwelling, your lender is going to be your initial end through the home-getting system. Nonetheless, getting a mortgage isn't free of charge; financial loan origination charges are necessary to deal with all administrative expenditures, from planning the house financial loan software to handling your cash at closing.

Bank loan Origination Costs really should be envisioned to range from 0.five% to 1% in the mortgage amount.

Rate for Credit rating Reports

Your lender will require to carry out their homework to verify that you're a trustworthy borrower any time you make an application for any kind of credit. Your lender will accomplish sellmyhousefastinfl.com/we-buy-houses-for-cash-fast-in-jacksonville-beach/ a full credit score Test on you as part of the house financial loan software process, that will include things like getting your credit history report from different credit rating businesses to realize a thorough comprehension of the way you’ve dealt with your debts.

You're going to be billed by your lender for your charge of obtaining your credit history experiences. If more than one man or woman is shown on the personal loan software, hope this expenditure being doubled.

Escrow Company Costs

To assist you throughout the entire closing technique, you will have to employ a title firm or escrow agency. Among you and the seller or household builder, the title agency serves as an impartial intermediary. Escrow expenses are frequently shared by consumers and sellers.

Your money, which includes your earnest revenue deposit and down payment, might be stored from the title organization in a 3rd-celebration escrow account till closing. A title research, dealing with a legal professional to put in writing purchase contracts and certify the transfer of deeds, working with lenders on each side, and various very important measures during the closing course of action will all be coordinated because of the title company.

Payment to the Lawyer

Although It isn't required, you or your title business may go that has a real-estate attorney to help with authorized documents, specially Those people linked to residence transfer paperwork.

Furthermore, a lawyer can Examine your property coverage and title coverage guidelines, validate deeds, and guide in making your invest in agreement.

The expense of hiring a real estate property attorney in Florida wholly is determined by your site during the condition, what you may need the lawyer to deal with, And exactly how challenging the promoting of your private home is. Some real estate property attorneys cost by the hour, while others give a set charge to manage your property transaction.

Title Look for and Title Insurance plan

When buying a household in Florida, a Title Search over the property is often provided by your title and escrow organization. A Title Look for is a thorough investigation into the historical past from the house’s titles to confirm that your seller has the lawful electric power to transfer possession to you.

You’ll will need title coverage in your case together with your lender following the title research is about to include all of your choices. In the event that statements are made in opposition to your property, title insurance policies safeguards equally events. Your title company will help you in acquiring adequate title insurance plan in accordance with the needs within your lender. Since it’s a just one-time expenditure, the insurance policy is valid as long as you have the residence you’re going to buy.

Typically, for your “proprietor’s” title insurance policy protection, the vendor must fork out sixty% and the customer pays forty%. Having said that, in the event you’re bargaining with the vendor, it is possible to divide up these charges in a different way that works for the two of you.

Real Estate Transfer Tax

In Florida, the seller of the property is obligated to pay for the property transfer tax, which happens to be also termed a conveyance tax. It’s taken straight away out of your earnings gained from the home’s sale at closing.

The speed a vendor must pay relies on many components, such as the rate at which the house is bought and if the purchaser is qualified to get a homeowner’s exemption. In a spot like Florida the place people today may well obtain holiday vacation properties or rental properties, it’s important to recognise that a homeowner’s exemption implies the property might be used as the client’s principal home.

Conveyance taxes for houses priced in between $600,000 and $1 million are 0.fifteen% For each and every $100, but if the customer is eligible for that homeowner’s exemption, the speed drops to 0.ten% for each $100.

Property Taxes

Having a residence tax fee of about 0.26%, Florida has amongst the lowest fees in the place. A $517,600 home has a mean once-a-year home tax payment of $1,324. Prorated house taxes are paid out by homebuyers at closing and after that every single two years after that.

Homeowner’s Insurance policies

Commonly, lenders anticipate you to possess a homeowner’s insurance policy coverage which is paid for and Energetic at closing. If your private home suffers injury from a hearth, vandalism, or theft, this insurance policies will shield you.

If you want to ensure you can have enough coverage, based on in which you reside within the condition, do your study. Flooding, earthquake, and storm problems insurance coverage may well need to be additional. To categorise your own home’s flood chance, your lender can On top of that need to have you to get a flood certification.

Household Inspection and Appraisal

Prior to your lender decides it is Safe and sound to transfer your house financial loan, you will also should go through an appraisal and residential inspection.

As a way to guarantee that your new dwelling is valued fairly throughout the home-buying approach, your lender will assign a 3rd-get together appraiser there. If you can’t pay out your property finance loan and go into default in your mortgage, your lender need to be aware they might provide the home and generate a revenue.

To estimate the property’s reasonable market place really worth, an appraiser will Appraise your house, and its unique attributes, and Look at it to close by residences which might be just like it.

An evaluation of a household serves a different purpose. In this example, a comprehensive walkthrough from the residence by an inspector will be carried out to be certain everything, from the inspiration into the roof, is in great affliction. Your house inspector will provide focus to problems that happen to be now present or could build Sooner or later. Applying this details, you can negotiate with the seller or ask for they make fixes prior to deciding to indication the contract.

Equally the appraisal and the house inspection are paid out for from the homebuyer.

Non-public Mortgage Coverage

Your lender will need you to acquire non-public home loan insurance plan or PMI in the event you aren’t creating a twenty% downpayment. It enables consumers to be approved for a conventional financial loan with as minimal to be a 5 to 19.99% downpayment.

Although you might be liable for buying the insurance, it essentially shields your lender because you haven’t built a twenty% deposit.

The cost of PMI differs with regards to the amount of your deposit along with your credit rating score and is not included in the ClosingCorp full of closing expenditures expenditures. PMI prices normally range from 0.25% to up to two.twenty five% of your respective excellent mortgage harmony.

What Am i able to Do to Minimise Closing Expenditures in Florida?

Is sticker shock previously starting to established in? Here are some significant approaches you might do to chop expenses should you’re worried about the way you’ll have The cash to shut on the desire household.

Help with Closing Expenditures

The Homeowner help programmes in Florida may well assist you to cut your closing expenditures substantially.

For illustration, the Florida HomeOwnership Middle Affiliate (HHOC) offers a fifteen-12 months deferred mortgage with 0% desire and no month-to-month payments as Component of its deposit and shutting Value aid programme. The money can be used to your closing fees and downpayment.

Sell My House Fast In Florida

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americamortgages · 6 months

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Vacation homes buoyant as the US prepares to open up

Despite the slow reopening of workplaces nationwide, a new report by Redfin shows that demand for vacation homes– otherwise known as short-term rentals –is soaring at a record pace.

One reason for the rise in demand can be attributed to vacationers wanting to keep their distance from strangers in shared hotel spaces. Now, with the developing accessibility of the COVID-19 vaccines, more people are planning their future get-aways. A recent Vacasa review of U.S. vacationers revealed that 59% said they intend to vacation in spring 2021. Additionally, 52% said they would choose to stay in a vacation rental more regularly. A study by the National Association of Realtors also found a 16% increment in second-home purchases in 2020.

Rise in remote work

Another reason for the increased demand could also be due to more affluent families having more opportunities to do their jobs remotely for the foreseeable future. The increase in remote work for individuals in white-collar positions implies that families could leave urban cities and set up for business in more modest, remote towns.

Redfin chief economist Daryl Fairweather said, “The combination of the wealthy becoming wealthier, remote work turning into the new normal, and low mortgage rates is creating an ideal environment for affluent Americans to buy vacation homes,”

“As long as the economy continues to grow, I don’t foresee demand for second homes slowing down anytime soon,” she added.

Fortunes may have genuinely turned for the vacation home market since the start of the coronavirus crisis. But as a real estate investor, what does this mean for you?

From having a stable cash flow to obtaining tax benefits, investing in real estate can have several advantages. It’s also an excellent way to increase wealth over time. New investors can take advantage of this by getting in on this heightened interest for second homes being bought as vacation rentals.

America Mortgages has programs for both Foreign Nationals and U.S. Expats. Our U.S. Expats programs are exactly what you would find at your bank back home. We work with lenders in all 50 states, and we are sure to find the best loan option available for your needs. We also provide solutions for U.S. Citizens who have been “away from home” for an extended period and lack the depth of credit. No U.S. credit? No problem! America Mortgages has loan programs that accept your overseas credit and income. As Expats ourselves, we not only understand the challenges you face living abroad while trying to obtain U.S. mortgage financing, we live it. Schedule a call with our U.S. mortgage specialist today.

Reference: https://www.americamortgages.com/demand-for-vacation-homes-rises-even-as-people-prepare-to-return-to-offices/

#US Expat Mortgage

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divorcelawyergunnisonutah · 1 year

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Bankruptcy Attorney Utah

Bankruptcy is a last resort for many people in debt. It effectively wipes what you owe in just 12 months but has a huge lasting impact on your credit rating and living situation. You may be at risk of losing your home if you own it and any other assets you may have. It can also affect your employment too. This is why it’s a good idea to look into how you can reduce the likelihood of needing to take it on.

Debt can be damaging in many ways, and it affects more people than you might think. At the end of March 2021, household debt in the U.S. including mortgages, auto and student loans, and credit cards reached a total of $14.64 trillion. That’s a lot of money, and it’s not all because of just overspending. Often, circumstances outside your control can cause you to fall into debt. This may include job loss, long-term disability, or medical bills. If you’re faced with a large amount of debt, you may feel like bankruptcy is the only way to go. But bankruptcy may not be necessary, depending on your situation. Bankruptcy can have a devastating effect on your credit score. It can stay on your credit report for up to 10 years.

Here are some ways you can avoid bankruptcy to keep your credit score intact.

Increase Your Income

Increasing your monthly income could give you extra money to put toward your debt. If you can, pick up extra hours at work, apply for a part-time job, or start a side hustle to bring in extra cash. Alternatively, you can sell any spare items, such as furniture or jewelry, and use the money to pay down your debt balances. The sooner you take action, the better. If you wait until you’re behind on payments, it may be too late to catch up and avoid further action from your creditors.

Reduce Your Spending

Spending less money may allow you to dedicate more of it to paying down your debt. You may be able to free up money in your budget by cutting cable, canceling your gym membership, or skipping takeout for dinner. This could help you pay off your debts over time to avoid filing bankruptcy. Review your budget and consider switching to a new one to find areas where you can spend less and pay more money toward your debt.

Negotiate With Creditors

Many creditors are willing to work with you, but you have to communicate with them proactively. Let your creditors know you are having financial difficulty and want to avoid bankruptcy. Express willingness to pay off the debt, and ask if they can help make it easier by lowering your monthly payment or interest rate or even both. Many credit card companies and banks have hardship or payment assistance programs intended for this type of situation.

Seek Consumer Credit Counseling

If you’re feeling overwhelmed, getting help from a professional consumer credit counseling agency may bring some clarity to your finances. A credit counselor can review your finances to help you figure out a budget, and may potentially work out a debt management plan with your creditors. Under a debt management plan, you work to repay your debts in three to five years.5 First, the credit counselor negotiates with your creditors to get you a lower monthly payment. Then, each month, you send a single lump-sum payment to the credit counseling agency, which then distributes your payments to your creditors.

Settle Your Debt

Debt settlement isn’t the ideal solution, but you may consider it if you’re on the brink of bankruptcy.

Settling a debt means you pay the creditor a percentage of the total amount due to satisfy the debt. Once you reach a settlement agreement, be prepared to pay the settlement amount in a lump-sum payment. While there are debt-relief companies that can settle debts for you—for a fee—you can do this on your own. Start by focusing on debts that already are charged-off or in collections. On top of that, your credit score could be impacted if the debt-relief company encourages you to intentionally fall behind on payments so it can negotiate a settlement.

Before Doing Anything Else, Decide If Filing Bankruptcy Is Right for You

Before jumping in, you need to determine whether filing bankruptcy will help you. Bankruptcy is a powerful debt relief tool, but only if it makes sense for your financial situation. A bankruptcy discharge does not wipe out certain non-dischargeable debts like most student loans, child support obligations, alimony, and recent tax debts. If you have any cosigners, they will not be protected by your personal bankruptcy.

If you have great credit when your Chapter 7 bankruptcy is first filed, your credit score will likely drop a bit at first. Most people are able to rebuild their credit and have a better score within a year of getting their bankruptcy discharge. Anyone can file Chapter 7 bankruptcy without a lawyer. Here is an overview of the steps you’ll need to take to obtain your fresh start.

How to File Chapter 7 Bankruptcy

• Collect Your Documents • Take Credit Counseling • Complete the Bankruptcy Forms • Get Your Filing Fee • Print Your Bankruptcy Forms • Go to Court to File Your Bankruptcy Forms • Mail Documents to Your Trustee • Take Bankruptcy Course • Attend Your 341 Meeting • Dealing with Your Car Loan

Collect Your Documents

Your first step is to collect all your financial documents so you understand the current state of your finances. Start by getting a free copy of your credit report. You are entitled to one free report from each one of the three credit bureaus per year. Some of your debts may not be listed on your credit report. Common examples include medical bills, personal loans, payday loans, and tax debts. Make a list of all debts not on your credit report so you don’t have to look for the information when you’re filling out your bankruptcy forms.

In addition to your credit report, you will need the following documents: • Tax returns for the past 2 years • Pay stubs or other proof of your income for the last 6 months • Recent bank account statements • Recent retirement account or brokerage account statements • Valuations or appraisals of any real estate you own • Copies of vehicle registration • Any other documents relating to your assets, debts, or income.

Having these documents next to you will help you get an accurate picture of your financial situation.

Take Credit Counseling

Every person who files for bankruptcy has to take a credit counseling course in the 6 months before their bankruptcy petition is filed with the court. This is a requirement in both Chapter 7 and Chapter 13 cases. The course has to be taken through a credit counseling agency that is approved by the Department of Justice.

Credit counseling courses like this one give you an idea of whether you really need to file for bankruptcy or whether you could get back on your feet through some type of informal repayment plan. The course takes at least one hour and can be completed online or by telephone. The course fee ranges from $10 to $50, depending on the provider. If your household income is under 150% of the federal poverty line, you should be able to get this fee waived. Once you complete the course, you will receive a certificate of completion. Keep it.

Bankruptcy laws require that you provide a copy of this certificate to the court when you file your bankruptcy forms in Step 5.

Complete the Bankruptcy Forms

The bankruptcy forms include at least 23 separate forms, totaling roughly 70 pages. The bankruptcy forms ask you about everything you make, spend, own, and owe. You’ll also include some bankruptcy basics, like what type of bankruptcy you’re filing under and whether a bankruptcy lawyer is helping you. If you hire a lawyer, they will complete the forms for you based on the information you submit to their office. If you can’t afford to hire a lawyer but don’t feel comfortable completing the forms on your own.

Get Your Filing Fee

The federal court charges a filing fee of $338 for a Chapter 7 bankruptcy. This amount is typically due when the bankruptcy petition is filed with the court. If you don’t have the funds to pay the filing fee now, you apply to pay your fee in installments, after your case has been filed. You can ask to make up to 4 monthly payments. If paying in installments isn’t even possible, you can submit another form to apply for a fee waiver. To qualify, your total household income must be under 150% of the federal poverty line. The court will decide whether bankruptcy laws support granting you a waiver. This happens after your bankruptcy petition. If your application is denied, the court will typically order you to pay the fee in installments.

Print Your Bankruptcy Forms

Once you have prepared your bankruptcy forms, you will need to print them out for the court. You must print them single-sided. The court won’t accept double-sided pages. You will also need to sign the forms once they are printed.

You will need: • The petition forms including any required local forms • Your credit counseling certificate • Your paycheck stubs • If needed, your application for a fee waiver or installment plan

Most bankruptcy courts require just one signed original of the petition, but some courts require additional copies. So, before you head out to submit your forms, call your local bankruptcy court to find out how many copies you will need to bring and confirm you have all the required local forms.

Go to Court to File Your Bankruptcy Forms

Once you enter the doors of your local courthouse, you will be greeted by security guards, who will ask you to pass through a metal detector. Once you pass security, you will go to the clerk’s office and tell the clerk that you’re there to file for bankruptcy. They will take your bankruptcy forms and your filing fee (or application for a waiver or to pay the fee in installments). Do not submit your bank statements or tax returns to the court. These documents go to the trustee after the case is filed. for more.

While you wait, the clerk will process your case by scanning your forms and uploading them to the court’s online filing system. This usually takes no more than 15 minutes.

Once done, the clerk will call you back to the front desk and give you: • Your bankruptcy case number • The name of your bankruptcy trustee • The date, time, and location of your meeting with your trustee (this is called the “Meeting of Creditors” or “341 meeting”)

Mail Documents to Your Trustee

The Chapter 7 trustee is an official appointed by the court to oversee your case and liquidate, or sell, nonexempt property for the benefit of your creditors. Not all types of bankruptcy require the involvement of a bankruptcy trustee, but both Chapter 7 and Chapter 13 cases have one. Pay attention to mail you receive from the trustee after filing your case. The trustee will send you a letter asking you to mail them certain financial documents, like tax returns, pay stubs, and bank statements. If you don’t send the trustee the requested documents following the instructions provided in their letter, you may not get a discharge of your debts.

Take Bankruptcy Course 2

After filing your bankruptcy forms, you will need to complete a Debtor Education Course from an approved credit counseling agency. It can be completed online or by phone and typically takes at least 2 hours and costs between $10 – $50, unless you’re eligible for a waiver. The purpose of the course is to educate you on making smart financial decisions going forward but does not provide legal advice about the bankruptcy process. You’ll learn how to prepare a budget and avoid incurring debt with high interest rates. You’re not eligible to receive your bankruptcy discharge and obtain a fresh start if you don’t complete the course and file your certificate of completion from the credit counseling agency with the court.

Attend Your 341 Meeting

Your 341 meeting, or meeting of creditors, will take place about a month after your bankruptcy case is filed. You’ll find the date, time, and location of your 341 meeting on the notice you’ll get from the court a few days after filing bankruptcy. The main purpose of the 341 meeting is for the case trustee to verify your identity and ask you certain standard questions and most last only about 5 minutes. Your creditors are allowed to attend and ask you questions about your financial situation, but they almost never do.

Dealing with Your Car Loan

If you own a car that you still owe on, you’ll have to let the bank and the court know what you want to do with it one of your bankruptcy forms. If you want to surrender the car to the lender and discharge the debt, you don’t have to do anything other than stop making your payments. The bank will either file request with the bankruptcy court to ask permission to retake the car, or wait until your discharge is granted before picking it up. If you want to keep the car, you can either reaffirm the loan or redeem the car. If you’re reaffirming your loan, the bank will send you a reaffirmation agreement after your case is filed. You have to complete and sign the agreement and return it to the bank within 45 days from your 341 meeting. The bank files the signed agreement with the court for approval. To redeem the vehicle you have to file a motion with the court and, once granted, buy the car from the bank for its current value. This gets you out of having to pay the amount left on the loan, but payment has to be made in one lump sum.

Free Initial Consultation with Lawyer

It’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

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