Are you worried about your personal belongings being taken if you file for bankruptcy? Well, don’t be! There are many common misconceptions about filing for bankruptcy. One of the most common myths is that the Bankruptcy Court will take your valued personal possessions and sell them to your creditors in order to pay back your debts. This is completely wrong. Read more »
Posted on February 28th, 2013 by Andy Nguyen, Esq.
There are plenty of bankruptcy law firms out there, how do you choose? The list below are things to consider when choosing a bankruptcy lawyer.
The first question you need to ask is, “Are you a bankruptcy lawyer?” This may seem like common sense, but the reality is that many bankruptcy law firms have paralegals or “specialists” conduct the initial consultation. Read more »
Posted on February 27th, 2013 by Andy Nguyen, Esq.
A brand new Nisan Versa costs just under $12K, it’s the cheapest new car in America. That’s much less than the price of the average new car, yet it doesn’t sell very well. So, I ask you – why don’t you drive a Nissan Versa? Because you want more than a stripped-down, cramped, mediocre crash-test scoring mode of transportation. You want a car that is safe, has convenient features, and is big enough for the family.
Nissan decided to position the Versa as a car that is attractive on price alone. As a result, other desirable options like air conditioning and even some necessities such as anti-lock brakes and adequate frame reinforcement for crashes are chopped from the base model.
You already have an estate plan, but when was the last time you reviewed it? You’ve done all the hard work getting it carefully and thoroughly drafted and set up. You probably spent a good amount of money on attorney’s fees as well. But we’re here to remind you that it is also just as important to review your estate plan annually.
Reviewing your estate plan is incredibly important, especially this year (more on this later). Read more »
Estate planning is crucial for protecting your hard earned assets. Earlier this year, legislators finally gave us all some certainty regarding the federal estate and gift tax, which has been in limbo over the past 11 years. Over this time, the estate tax exemption and rates have gone wildly up and down from year to year. In 2001, the estate tax exemption was $675,000 with a top tax rate of 55%, and then in 2012, there was a $5.12 million exemption with a top rate of 35%. For 2013 and beyond, the basic exclusion amount is at $5 million. This number is then adjusted every year to factor in inflation. For 2013 deaths, the exemption amount is at $5.25 million, with a top tax rate of 40% (increased from 35% last year).
Atlantis Law Firm was recently contacted and interviewed by lawyers.com, a prominent legal resources website. They recently read our blog article about the newly agreed to $8.5 billion settlement for foreclosure abuses, and interviewed us as a trusted source for more information.
Filing for bankruptcy will help you obtain financial relief and give you a fresh start. It can eliminate a majority, if not all of your debts. However, it will also hurt your credit. A chapter 7 bankruptcy will stay on your credit report for 10 years after discharge, and a chapter 13 bankruptcy will stay on for 7 years. Therefore, after your bankruptcy discharge, it is extremely important to start repairing your credit.
On Monday, January 7, 2013, an $8.5 billion settlement over foreclosure abuses was agreed to between 10 large banks and Federal regulators. As part of the settlement, $3.3 billion in direct payments will go straight to borrowers. An additional $5.2 billion will go towards providing homeowners with assistance with loan modifications and forgiveness of deficiency judgments.
It was indeed a Happy New Year’s for California homeowners! On January 1, 2013, the California Homeowners Bill of Rights went into effect, giving homeowners more foreclosure rights. This new bill protects homeowners and is designed to ensure fair lending and borrowing practices, particularly during the foreclosure process.
Posted on December 19th, 2012 by Andy Nguyen, Esq.
Mortgage Settlement Background Information
Recently, Joseph Smith Jr., the Monitor of the National Mortgage Settlement, released a report updating the status of the settlement. The National Mortgage Settlement is a historic, joint state-federal settlement with five of the largest mortgage servicers in the country: Ally/GMAC; Bank of America; Citi; JPMorgan Chase; and Wells Fargo.