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  • Laws to Secure Your Credit Reports

    Laws to Secure Your Credit Reports

    According to Javelin Strategy & Research, One of the financial advisory firms in the U.S., more than $100 billion has been gathered in fraud using consumer’s identification between 2011 and 2016. By keeping the identity of others, the criminals open new credit accounts and use that account to purchase the products. Thus, The fraudulent activity has enabled the criminals to cheat U.S. consumers to this large extent. Right now, There are new federal laws that can help the Americans to safeguard their identity and prevent theft. The law which is termed as Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) has come into effect since September 2018. The key tools (that are also free) security freezes and fraud alerts are being enhanced for the benefit of U.S. Consumers.

    Read the details on how the consumers can make the best use of the tools governed by the federal law for their benefit:

    What’s a Security Freeze?

    The new federal law defines Security Freeze as the restriction to disclose consumer specific reports which are subject to a security freeze to any person requesting the same. These restrictions are imposed on consumer or credit reporting agencies who handle such reports. In this way, The identity of the consumer is safeguarded and prevents identity criminals from opening credit accounts under different people’s names. Through the same Companies who are ready to offer credit in the consumer’s name who will not be able to check the credit file as it is subjected to security freeze and will deny any new requests for the offering of the credit.

    Since September 2018, The EGRRCPA mandated the security freeze on consumer’s report and it is to be done free of cost. The security freeze, When demanded by the consumer charged by credit reporting agencies. The security freeze will continue until the consumer requests for its removal.

    Security Freeze – Exemptions

    A security freeze is mostly applicable in cases where the disclosing of the credit report is limited while extending credit to the consumer. So the law has some states where there will be some exemptions too. A credit report cannot restrict from getting shared in the below cases. –

    • If the consumer’s account is being reviewed or collected, Then the person or entity associated with this process can access the credit report
    • Any government company or court acting under an issued court order, warrant or a subpoena will need the credit report access. A private collection agency also can request for the same if acting under similar orders
    • Government agencies that are investigating fraudulent activities or working on unpaid or delinquent taxes based on court orders can request the credit reports
    • Credit reports can be asked by insurance companies if they are considering ensuring the consumer involved
    • All purposes, Apart from the issuing of credit, May warrant the need for a credit report to be made available. It could be for verifying or authenticating the consumer’s identity or for fraud related investigations

     

    The Cons of a Security Freeze

    Getting credit would eventually become a tougher and difficult process if there is a security freeze forced on your credit report. This risk is generally notified to all consumers who inquire the imposing of the freeze on their credit report. As an alternative, Free fraud alerts are another means of being aware and alert about the breaching of your identity or stealing of your information.

    Fraud Alerts

    Fraud alerts are a statement in the credit report of a consumer indicating that the consumer may be a victim of a fraud. That is to notify the receivers of the report that there had been a chance of identity theft and They can take additional steps to verify the identity of the consumer prior to increasing the credit. There are two types in these fraud alerts initial fraud alert and an extensive fraud alert. The latter type is free for seven years and can be availed if the consumer criticisms about identity theft with the credit report company.

    Initial fraud alerts are ones that have been enhanced by the new federal laws. Prior to the revisions, The companies had to provide free initial fraud alerts for 90 days if a consumer is suspicious about his identity being compromised or stolen. Now, Under the new law, This period has been extended to one year. Active duty alerts are another type that is exclusively for members of the military and on active duty.

    Utilizing the law

    The EGRRCPA insists on having websites or means for the consumers to seek security freeze or fraud alerts with their credit reporting agencies. Alternative means for the consumers will be to reach the agencies through email and phone. Seek the guidance with experts in this field such as Recovery Law Group, who can give the necessary inputs to utilize the federal government laws to your favor.


      *Are you more than 60 days past due on your mortgage?

      *Do you own a home?

      Are you currently working?

      By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

    • Motions to Dismiss Denied in FDCPA/FCRA Case

      Motions to Dismiss Denied in FDCPA/FCRA Case

      Recently, the Eastern Division of the U.S. District Court Northern District of Illinois passed a judgment by denying all the attempts made by the defendant to dismiss the counts against them. In this FDCPA/FCRA case, the accused –Bayview Loan Servicing, LLC has failed to correct the error in lieu of the plaintiff’s mortgage obligation after filing for a bankruptcy discharge.

      Facts of the Above case:

      1. Before the merger between Countrywide Home Loans and Bank of America in September 2012, the plaintiff had carried out 2 mortgage loans with Countrywide Home Loans. After the merger, his loans were under Bank of America. In December, he was informed that his previous loan of mortgage were now taken over by Bayview loan Servicing and he owes the sum amount to them.
      2. After learning about the new acquision, the plaintiff applied for bankruptcy under chapter 13 in December 2012. As per the Bankruptcy plan, he agreed to surrender his home. An Order of Discharge for the same was received by him in May 2014.
      3. After the Order of Discharge was issued, Credco (Defendant No 2) without the plaintiff’s consent, requested and received all the copied of the plaintiffs Experian Credit Report.
      4. In the mean while, the plaintiff was constantly receiving Post-discharge communications from Bayview. As per the communications, he had failed to pay his mortgage payments and hence faced foreclosure of his home as per the bankruptcy plan.
      5. As per the plaintiff’s claim, Experian and Equifax’s Credit report contained errors as per his mortgage with Bayview. He alleges, that despite informing both the reporting agencies of the error, Equifax did nothing to correct the error. On the other hand, Experian did attempt to correct the error, but failed to eliminate few information.
      6. The plaintiff also alleged that Bayview had violated the Fair Credit Reporting Act (FCRA), the Fair Debt Collection Practices Act (FDCPA) and the Illinois Consumer Fraud Act (ICFA). Credco (Defendant No 2) has also been accused for violating the FCRA.

      In this case, the Court accepted the plaintiff’s plea and passed the judgment in his favor. As per the court, FDCPA’s norms were violated by Bayview and hence, all motions to dismiss were denied.

      If you are one such victim and believe that yours rights have been violated under FDCPA or FCRA, do not hesitate to contact the best Recovery law Group Firm to come to your aid. With experienced litigators, your case with be handled with utmost ease and professionalism. To get in touch you can reach out to them on their website or simply call them (888-297-6203) and fix an appointment to get immediate redressal.


        *Are you more than 60 days past due on your mortgage?

        *Do you own a home?

        Are you currently working?

        By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

      • Is there any hope left for Student Debtors?

        Is there any hope left for Student Debtors?

        Contrary to other common debts, student debt is considered “next to impossible” to pay off debts. And if the student plans on paying off these kinds of debts, they will end up in “undue hardship”. A recent Court case has relieved the burden of many such students and has arisen a Ray of hope in them once again.

        In Sara Fern v. Fedloan Servicing, the bankruptcy court’s judgment was passed in favor of Sara Fern. The court stated that the student loan due on Sara worth $27,000 would indeed cause undue hardship in her case and hence the loan was waived off. This case is unique and needs special mention since the decision could have been reversed as well, where Sara could have been asked to enroll in a repayment plan where she could pay off her loan slowly with no monthly obligation.

        Despite, U.S Department of Education’s plea that she was not facing undue hardship as she was not paying the loan amount every month, the court passed the judgment in favor of Sara, as she had 3 children to take care of and no supporting hand. She was in fact barely able to make ends meet with her current job which paid her merely $1,506.78 per month. She supported all evidence which proved that despite searching for better opportunities and job alternatives, she was unable to find a better option which took care of her basic needs along with paying off her loan amount.

        The bankruptcy court took into consideration the cost of repayment plans, accrued interest along with the impact that the debt would create on Sara’s housing and Credit statement while passing its decision to discharge her loan. As much as this judgment is unique, the most astonishing fact about this decision is that the court believed that the debt would create emotional stress on Sara making it another reason for its judgment.

        Despite the unique decision taken by the bankruptcy court in case of Sara Fern, it paves the way for future litigation and approach on similar cases.

        If you are a victim of Student loan and are looking for an option to get relieved from them, Recovery law Group, an esteemed name in Dallas and Los Angeles, comes to your rescue. You can reach out to them with your problems at – 888-297-6203


          *Are you more than 60 days past due on your mortgage?

          *Do you own a home?

          Are you currently working?

          By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

        • Instagram Photos land Rapper 50 Cent to Bankruptcy Court!

          Instagram Photos land Rapper 50 Cent to Bankruptcy Court!

          Rapper 50 Cent got a rude shock when he was called to court for his Instagram photos. Despite filing for bankruptcy under Chapter 11 in summer, he had been posting photographs on Instagram, posing with huge stacks of cash. This raised suspicion and he was ordered to appear in bankruptcy court to explain his actions since bankruptcy is a legal way out for people who have been unfortunate enough to suffer huge irreversible financial losses. Transparency while filing is one of the important points for an individual to get relief. However, with photographs like the one posted by the rapper, 50 Cent’s asset disclosure seemed anything but transparent!

          Tantalizing photos of the rapper lounging on a bed surrounded by bundles of cash; refrigerator filled with money and stacks of $100 bills being used to spell “BROKE” apart from online reports of him buying a swanky new house in Africa were the reasons for him being called to explain his actions in bankruptcy court. Since a person who fails to disclose his assets while filing for bankruptcy can lose more than he intended, it is better, to be honest with your lawyer. In case you are looking for a bankruptcy lawyer in Los Angeles Contact Recovery Law Group at phone number – (888-297-6203).

          In Rapper 50 Cent’s case, the lawyer clarified that the photos, which probably were from an earlier occasion and for promotional purposes (brand image), were used by people who were out to smear his reputation in order to cough out money. A disgruntled women who wanted to collect $7 million from the rapper due to a sex-tape dispute but was unable to, joined hands with a disgruntled partner of a failed headphone deal and 50 Cent’s mortgage lender. The purpose of their association was an attempt to get an independent financial expert to manage 50 Cent’s money till the time he could pay back $30 million to his creditors. Thanks to his expert lawyer, 50 Cent was able to dodge all these allegations. Needless to say, having a good lawyer and a transparent relationship with them can save you from being unceremoniously dragged to court.


            *Are you more than 60 days past due on your mortgage?

            *Do you own a home?

            Are you currently working?

            By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

          • Get to know everything about Chapter 13 Bankruptcy through Dallas Attorneys

            Get to know everything about Chapter 13 Bankruptcy through Dallas Attorneys

            Finding yourself on sticky financial wicket can be traumatic for many people. Often accumulated debts make a person unsure of what to do next. As per Dallas bankruptcy lawyers’ Recovery Law Group bankruptcy is one of the best options available. However, filing for bankruptcy requires you to choose from a number of Chapters, each specifically designed to help people get over financial problems. In case, you are unsure which chapter suits your case, Chapter 13 might be your best chance for starting afresh. Chapter 13 bankruptcy works best for people with reasonably sufficient disposable income which can be used to make reasonable monthly payments with respect to their debts.

            Why opt for Chapter 13 bankruptcy?

            Unlike Chapter 7 bankruptcy, where unsecured debts are liquidated, in Chapter 13, the debtor can restructure the accumulated debt into manageable payments over a longer period of time (3-5 years’). However, not everyone can opt for this Reorganisation Bankruptcy. To qualify for this chapter you should have a regular income and the wages must be adequate enough for the repayment plan. The various benefits of filing for Chapter 13 bankruptcy include:

            • You can repay debts in 3-5 years;
            • Can put an end to annoying creditor actions;
            • You might be able to get rid of 2nd or 3rd mortgage;
            • You might be able to save your home from foreclosure;
            • Get a fresh financial start after you complete the repayment plan.

            In case you are unsure whether Chapter 13 is the best chance for you to get out of financial problems, contact expert bankruptcy attorneys at 888-297-6023 to find out more.

            Using Chapter 13 Bankruptcy to stop foreclosure

            Since debts are reorganized in Chapter 13, it makes it easier for people to avoid repossession or/and foreclosure. If you have fallen behind on making payments, and are risking foreclosure, Chapter 13 is an excellent way to take control of the situation. Filing for bankruptcy puts an automatic stay in place due to which any foreclosure and debt collection is put on hold. However, it is essential that you follow the Chapter 13 bankruptcy timeline to avail the entire benefits:

            1. Take a mandatory credit counseling course within 180 days of filing

            Every Chapter 13 bankruptcy case requires completion of an approved credit counseling course prior to filing. The course should be done from a U.S. Trustee’s Office approved agency. The course is beneficial in making you aware of your situation as well as ensure that you have sufficient income to pay back creditors over the stipulated timeframe. The fee of the course is $25-$35, but in case you cannot afford it, it can be waived off.

            1. Automatic stay benefit

            Once you submit forms for your Chapter 13 bankruptcy and the filing fee is paid, a court order for automatic stay is issued by the court. This puts a stop, over all kind of collection efforts like repossession, foreclosure, etc. being made by debt collectors. However, if you have previously filed for bankruptcy within the last year, you might not get automatic stay security or it might be limited.

            1. Submit a repayment plan for court approval

            You and your bankruptcy attorney can come up with a reasonable repayment plan as per your income. This is done by carefully assessing your finances as well as taking the credit counseling course. Once the repayment plan is devised, it is sent to the bankruptcy court for approval.

            1. Creditor meeting within 20-40 days of filing

            The creditor meeting is a hearing which is attended by your bankruptcy trustee, attorney, and any creditors wishing to attend the same. The purpose of the meeting is to discuss your Chapter 13 bankruptcy. Many times, creditors do not appear for the meeting. The information is reviewed and questions answered by your attorney.

            1. Confirmation hearing 20-40 days after creditor meeting

            The proposed repayment plan is reviewed by the bankruptcy court and confirmed if it meets all requirements like –

            • Being feasible (enough income to pay creditors as per proposal)
            • Made in good faith and not to manipulate the bankruptcy process
            • Conforming to bankruptcy laws (precedence to creditors and priority debts)

            6. Secondary counseling after the creditors meeting

            During the bankruptcy process, debtors filing for Chapter 13 bankruptcy are required to finish another credit counseling course. This course helps you develop a habit of living on a budget and getting you ready for life after bankruptcy.

            1. Repay debt every month for 3-5 years

            Repayment plans are effective immediately and you are required to make monthly payments as per it over a course of three to five years. In case, there is any change in your finances due to which you need to modify your repayment plan or change the chapter of bankruptcy (from Chapter 13 to Chapter 7), you can consult with an expert bankruptcy attorney.

            1. Get remaining debts discharged after your bankruptcy ends

            During your repayment plan, most of your debts are paid off. However, any debt that remains after the repayment plan is over, is generally discharged. It is important to remember that some debts like taxes, child support, etc. cannot be discharged, though most unsecured debts are eliminated after Chapter 13 bankruptcy.

            Eligibility for Chapter 13 Bankruptcy

            Whereas Chapter 7 bankruptcy requires you to pass a “means test”, Chapter 3 does not have such a requirement. This does not mean that there aren’t any eligibility criteria. It is important to show the bankruptcy court that you earn sufficient income that you can make your repayment obligations after making necessary payments for secured debts like car or mortgage payments. The court allows you to use income obtained through:

            • Profits from self-employment
            • Income from your job
            • Any benefits (disability, social security, workers’ compensation, unemployment, )
            • Spousal or child support
            • Earning from property sales

            You are also required to meet debt limit requirements as part for Chapter 13 bankruptcy eligibility. The secured and unsecured debts, which keep changing every year, cannot exceed a definite amount. Non-payment of secured debts which are linked to property like house or car can lead to creditors taking the property back. Unsecured debts (credit card and medical bills), on the other hand, are not attached to any property. In case your debt amounts cross the specific limit set by law, you might have to consider another type of bankruptcy (possibly Chapter 11).

            Chapter 13 bankruptcy is available for individuals and not businesses. An individual with a business debt in his/her name can include the said debt in Chapter 13 bankruptcy as business-related debts can also be reorganized in this bankruptcy chapter. In case you are an individual who has been going through a bad financial phase and are looking for a way to get a fresh start, consult expert bankruptcy lawyers to seek a way out through this phase.


              *Are you more than 60 days past due on your mortgage?

              *Do you own a home?

              Are you currently working?

              By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

            • Foreclosure, Bankruptcy and Creditor Harassment

              Foreclosure, Bankruptcy and Creditor Harassment

              Who wouldn’t want a guide on how to handle bankruptcies and make wise decisions with their financial struggles? The book, Consumer Defense: A Tactical Guide to Foreclosure, Bankruptcy, and Creditor Harassment: The Luxury of the Informed, is a guide that is greatly welcomed by individuals and business owners. The authors, Ahmad T. Sulaiman, and Matthew H. Hector have laid down the concepts of consumer law in such a simplified format that it is easily understood by anyone. Lawyers and non-lawyers find this guide to be quite beneficial and it isn’t an understatement to say that this guide has been getting good reviews too!

              Consumers who encounter financial setbacks and see themselves in crisis situations generally panic and act in fear! This guide is primarily intended for them to help them make some important and informed decisions – on the basis of important consumer law oriented concepts. With the knowledge of consumer law, the consumers or individuals can be prepared to face their crisis moments without anxiety or fear! They will also know to protect their consumer rights appropriately.

              It is important to mention that one of the authors Ahmad T. Sulaiman has also written Managing Foreclosure Cases in a Recession (Thomson) and Illinois Foreclosure Defense Strategies (Aspatore Books). He practices law and specializes in real estate law, student loan law, bankruptcy law, mortgage foreclosure law, and the civil litigation law (special focus on FCRA, FDCPA, TCPA, and RESPA). His clientele includes individual investors, individual homeowners, business owners, and commercial property owners.

              Grab a copy of this of Consumer Guide on Amazon.com and the consumers are best assured of some expert guidance through it. In situations that go beyond your capability and if you seek some guidance on creditor harassment or foreclosures, Recovery Law Group will come to your aid with their adept team. Based in Los Angeles and Dallas, the team of bank attorneys will standby to handle your financial crisis situation and help you with great advice. So speak with them – 888-297-6203 for a quick consultation and talk about your bankruptcy queries.


                *Are you more than 60 days past due on your mortgage?

                *Do you own a home?

                Are you currently working?

                By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

              • Different Ways of Supplementing Your Income

                Different Ways of Supplementing Your Income

                Los Angeles is one of the most expensive cities in America, where the cost of living is 43% more than the national average and cost of housing is more than Two times the national average. This has led many people residing here to live under debt or impatiently wait for their pay cheque every month. Many people are looking for alternatives to supplement their income. The gig of short-term work is on the rise. Selling your stuff on the internet to increase your income is a great way. Thanks to the internet, A lot of options are available for people to sell particular belongings either online or offline for cash.

                Know Everything about Selling Stuff Online

                Many online marketplaces are thriving thanks to the internet boom. In case you wish to sell stuff online, some of the popular options include:

                • eBay — Here any object is sold at a fixed price auction to the highest bidder. The stuff that is mostly sold on eBay combines vintage merchandise, niche products, collectors’ items. It is important to remember that there are a number of fees associated with the site listing fees, final sale fees, Paypal processing fees, etc.
                • Craigslist – IS a common choice for one-off sales. Listing and selling here are free where most sales are completed personally unlike eBay where the entire transaction takes place online.
                • Facebook Marketplace – Here, You are selling to people you already know. FB Marketplace accounts are linked to Facebook profiles so you are aware of the identity of the buyer as well as a seller here, Unlike Craigslist where there is anonymity.
                • Amazon – In case you have a number of the same type of products to sell, Amazon is a great option.
                • Etsy – Etsy is the preferred listing and selling the place for all creative and crafty items.

                Since first-timers often end up making some mistake while attempting to sell stuff online, it is important to be aware of tips which can help make more money.

                1. Never ship product till payment is received. If you are selling stuff online, trusting the other party is important, However, Not at the cost of getting fooled or being cheated. Blind faith while selling the stuff will result in you being in for a monetary loss. It is important to see that the payment is credited before dispatching the stuff.
                1. Keep margin for shipping costs. Shipping off stuff requires money. You need to be aware of how much money you will require to spend on shipping before actually putting a price on your stuff. U.S. Post Office postage cost calculator comes in handy in such cases.
                1. Ensure personal safety. In case an online business deal is to be completed in person, It is important to ensure your personal safety. Choose a public place during normal business hours for the meet. In case a local police station offers SafeTrade Stations where online buyers and sellers can exchange goods and cash that is a better option. If you do not wish to share your address with strangers, You can always rent a P.O. Box from the local post office.

                Everything about Selling Stuff Offline

                In case you wish to sell your stuff directly without any additional charges like shipping costs, transaction fees and avoid any shady people you meet online, then offline selling options are also available. Offline sale options include:

                Garage sale – If you wish to sell off stuff the traditional way, holding garage sale is an excellent option. All you need to do is find out the local rules to figure out the details and advertise about it. It is a great way to get rid of all your unwanted stuff.

                Pawn shop – If you want instant cash for your stuff, pawn shops are your best bet as they pay you immediately. However, The price that they pay is generally below the market value of the item.

                Consignment shops – Though they might appear similar to pawn shops, consignment shops are different. In this case, your property is under your ownership till it is sold. The proceeds are split with the shopkeeper once it is sold.

                Trade-ins – People can use this way to sell off the automobile and similar stuff to reduce the price. Many businesses allow people to trade stuff (gaming consoles, old video games, smartphone, etc.) at a discount, in-store credit or cash.

                Taxes are an integral part of your pay. When you work for an employer, Your employer cuts taxes at source, however, When you make any earning as an independent contractor or a freelancer or even by selling your stuff, every penny you earn is yours. It is important to remember that you do owe taxes in this case too. You need to assure that your income is set aside and provisions are made to cover the income tax bill as well as the self-employment tax. Though there probably won’t be any form listing available for the money you earned by selling your stuff, You are required to report the same to the government. Understanding what you had originally paid for the stuff can help as you can deduct that amount while paying income tax.

                Though both online and offline selling methods are lucrative, it is important to make a decision regarding the best one for you. In case there is an urgent requirement for cash, then pawn shops or trade-in are a good option (Sometimes, Facebook Marketplace or Craigslist can also give quick results). In case, time is not short, then all options are open for you. If monetary problems are the reason why you are wishing to sell your stuff, then it is important to consult bankruptcy lawyers. They might find another way where you don’t have to sell your prized possessions and yet get out of trouble. Consulting with lawyers makes you aware of your options vis-à-vis bankruptcy and clearing debt problems without losing any property.


                  *Are you more than 60 days past due on your mortgage?

                  *Do you own a home?

                  Are you currently working?

                  By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

                • The Decline in Chapter 11 Filings

                  The Decline in Chapter 11 Filings

                  There is certainly a vivid decline in the rate of filed bankruptcies for business across the entire United States. Bankruptcies are commonly filed by only small businesses that have annual revenue of 2.5 million or less. These small business organizations generally approach the courts for their tougher conditions towards the business operations. Only a few states such as Illinois witnessed Chapter 11 filings demonstrating a gain in 2014. The increase was close to 6 percent at the end of the first quarter of 2014. This increase has been majorly contributed by large casinos in Illinois such as Harrahs, Showboat, Caesars, and Horseshoe. These casinos have filed for Chapter 11 bankruptcies in the Northern District of Illinois.

                  This situation has been assessed by economists and they cite a few reasons for this declining trend. The lower interest rates associated with business loans have urged the businessmen to borrow more but these businesses that underwent financial struggles have already closed in the year 2007 when the recession was seen. Another reason is that the filing of bankruptcy is generally a costly affair and hence businesses start looking for other alternatives to solve their debt issues.

                  There is a forecast for the increase of Chapter 11 filings in the coming days as there has been a rise in the interest rates of business loans and some of the already issued ones, like the ones of 2009 are very soon due. So if there is a business that is yielding good revenue yet experiencing financial difficulties and battles paying their dues, then filing for business bankruptcy is a viable choice. By working towards the restructuring of debts, the business can get the financial relief that is needed and can be brought on its track with better control.

                  If you are running a business that doesn’t generate revenue in order to pay your business dues, then it is better advised to reach a law firm like the Recovery Law Group. Their team of bankruptcy attorneys will explain clearly all the process and the outcome of Chapter 11 bankruptcy filing. Recovery Law Group operates in Los Angeles, California and in Dallas, TX. Remember that working with the experts in this field and with an efficient plan of reorganizing the debts in your business, you can gain better control of your business. Call them at 888-297-6203 to avail their services and reshape the financial structure of your business with them!


                    *Are you more than 60 days past due on your mortgage?

                    *Do you own a home?

                    Are you currently working?

                    By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

                  • Deals & Holidays – Important Financial Lessons for You

                    Deals & Holidays – Important Financial Lessons for You

                    When holidays approach, Every group is frenzied with the thoughts of buying several things for themselves as well for the family. According to the National Retail Federation, Families are expected to spend close to $1000 for gifts, non-gift purchases (like Black Friday deals) and on holiday food. While everyone is easily moved about the season, Holidays are also times that one needs to watch out for cautious spending as this affects the financial status of an individual or a family for the rest of the year. Here is a list of careful moves or important lessons that can help you to spend efficiently and be cautious about your credit – debts that you tend to collect –

                    1. Plan the spending– It is wise to always get a budget that suits your income and the family needs. Involving the older children of the family will teach the habit of knowing what is a priority for the family from the income- the amount that you set aside for groceries, housing needs and also for the holiday spending. If there are younger children at home, Then give them a gift allowance and instill in them the habit of buying within the permitted amount. By this, They will learn the value of every dollar and not treat money as a surplus resource.
                    2. Grab the best deals – Proper research and checking a lot of similar product catalogs can land you into great deals during every holiday season. So don’t grab your desired purchase for this holiday as soon as you lay your eyes on it. Look out for a favorable deal that will contribute towards cost savings. You can always use the savings to buy an additional item to treat you or your children this holiday.
                    3. Savings over Credit – While you provide up for a holiday season, It is imperative that you be prepared for them in terms of saving for the spending involved. With an appropriate yearly plan that includes an investment amount in order to spend on your gifts, The holiday season will be less stressful and can save you from spending on credit.

                    The lessons to your children during the holiday season include the knowledge of interest of rates and how spending on credit will mainly affect the lifestyle later. Imbibe into them a habit of getting a regular allowance from which they can save an amount for their own holiday spending. Another choice would be to lend them an amount within the holidays and then decrease portions from their monthly allowance to make up for it.

                    1. Investments for Holiday Gifts– As your children grow, Teach them that holiday gifts generally do not require fancy dinners, toys or gadgets. Just using for the thrill or happiness of that juncture, They need to be taught of long-lasting happiness or benefits of them for the future. Hence properties would be a wise option for gifts when it comes to the future of your children, Especially stocks and savings bonds. By this, They are exposed to the world of investments and also help them start building a strong financial base.

                    If you are located in California, Los Angeles or Dallas, There are financial consultants who can help you formulate a strategy that will help you combat any kind of catastrophe due to overspending during the holiday season. Firms such as Recovery Law Group have the best company or group of financial specialists who can pick stocks or bonds to gift to your children for your upcoming holidays. They will help in planning wisely for the future of your family too.


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                    • Can Filing for Bankruptcy Help Protect Your California Contractor License

                      Can Filing for Bankruptcy Help Protect Your California Contractor License

                      Can Filing for Bankruptcy Help Protect Your California Contractor License

                      A lawsuit and a judgment against you can result in the suspension of your contractor’s license in the state of California. Bankruptcy is a great way to get over financial issues and get a fresh start for many people. It is also one of the best ways to prevent license suspension and discharge the judgment debt. As per Los Angeles bankruptcy lawyers, Recovery Law Group, California and Federal Bankruptcy statutes state that Contractors State License Board (CSLB) cannot suspend a contractor’s license for non-payment for a judgment when that particular debt has been discharged in bankruptcy.

                      Is it essential to wait for the discharge of a debt in bankruptcy?

                      According to experts, you are not required to wait for debt discharge. There are two benefits associated with bankruptcy filing with respect to the license:

                      • Your license suspension is protected post-discharge of the concerned debt after bankruptcy. However, it is important to note that during Chapter 7 bankruptcy, debts are not discharged until 3-4 months of filing and in case of Chapter 13, the time frame is 3-5 years after the filing of papers.
                      • The benefit of an automatic stay is one of the biggest advantages of filing for bankruptcy. It protects you from all types of collections attempts including repossession and foreclosure.

                      Can automatic stay help protect a contractor license?

                      One of the biggest advantages of filing for bankruptcy is the provision for the automatic stay which legally stops the creditors from taking any collection actions. They simply cannot start or continue with “a judicial, administrative, or other action or proceeding against the debtor that was or could have been commenced before” post filing of the bankruptcy case as per Section 362(a)(1) of the bankruptcy code.

                      Another advantage is that creditors cannot file a lawsuit against you. In case one is already filed, but has not yet resulted in judgment; the automatic stay can put a hold to the creditor getting a judgment. Without the judgment, the CSLB cannot begin the procedure to suspend the contractor’s license.

                      Options available if creditor’s judgment is entered before you file for bankruptcy

                      In the situation where your license is not yet suspended (though a judgment has been awarded), filing for bankruptcy initiates the automatic stay which helps stop the execution of the judgment. Thus, per Section 362(a)(2) of Bankruptcy Code, a creditor cannot enforce “against the debtor or against the property of the estate, . . . a judgment obtained before” the filing of your bankruptcy case.

                      So, despite having a judgment, once the creditor receives notification of your bankruptcy filing, they cannot inform the CSLB about the recent judgment obtained, if the sole purpose of relaying the information is to get payment for the debts.

                      Can the automatic stay be applied on CSLB too?

                      Even the CSLB has to put its proceedings regarding the suspension of contractor license on hold to avoid any violation of the automatic stay. However, the guidelines about these are not as clear for the creditors, though many relevant appellate court rulings state that automatic stay applies to CSLB under these conditions:

                      1. The automatic stay enforces a confirmation against any collection actions. As per the Ninth Circuit Court of Appeals (the highest appellate court in California) ruling, “consistent with the plain, and unambiguous meaning of the statute and consonant with Congressional intent, we hold that the automatic stay imposes an affirmative duty to discontinue post-petition collection actions.” Eskanos& Adler, PC v. Leetien, 309 F. 3d 1210, 1215 (9th Cir. 2002). As per this ruling, both the creditor and their law firm were found guilty of a willful violation of the automatic stay as they did not dismiss a pending lawsuit against the debtor despite the latter filing for a Chapter 7 bankruptcy case. They had to pay damages to the debtor for the same.
                      2. California CSLB was found guilty of violating the automatic stay since they didn’t restore the license of a contractor, which they had previously suspended, before debtor’s Chapter 13 filing. Despite the CSLB reinstating the license 24 days post-bankruptcy filing, the appellate court found it a violation of the automatic stay. The court found CSLB’s refusal to restore the debtor’s suspended license despite being aware of the Chapter 13 petition of the latter, a willful action for collecting dues.

                      As per the automatic stay provision § 362(a)(1), “the commencement or continuation . . . of a judicial, administrative, or other action or proceeding against the debtor that was or could have been commenced before the commencement of the case under this title, or to recover a claim against the debtor that arose before the commencement of the [bankruptcy] case” falls under the automatic stay. Additionally, the acknowledgment was made that suspension of contractor’s license, prior to the bankruptcy petition filing, was due to the non-payment of employment taxes. The Bankruptcy Court also approves the prompt reinstatement of the license after the taxes owed by the debtor are paid. In case the CSLB continued its action of recovering the claim by denying the reinstatement of the debtor’s license, it will be found to be in violation of the automatic stay. (California Contractors State License Board v. Bertuccio)

                      The CSLB failing to restore a prior suspended license is in violation of the automatic stay; if they suspend a license after the bankruptcy filing, they will worsen their case. The automatic stay has to be respected by California CSLB. Any collection procedure going on against a debtor including license suspension, need to stop immediately when a notification of bankruptcy filing of the contractor is provided to them, especially if the said actions are due to any creditor’s judgment.

                      Exceptions to the rule

                      There are some exceptions where CSLB can get relief from the automatic stay and suspend any contractor’s license. After a bankruptcy case is filed, a “party in interest” can file a motion in bankruptcy court to get “relief from stay” and pursue the debtor for dues. For this to take place, the creditor (including CSLB) should show an appropriate cause which justifies the “terminating, annulling, modifying, or conditioning [the automatic] stay” as per Section 362(d) of Bankruptcy Code.

                      There are as many as 13 major reasons when CSLB can suspend a contractor’s license, including two civil judgment cases. The appropriate causes which justify CSLB’s motion for “relief from stay” motion include –

                      • Legal grounds apart from non-payment of any debts (business or license related) or a judgment for license suspension.
                      • Issues like workers’ compensation insurance, bonding, and changes made in company people.
                      • Many potential reasons for the suspension of the stay are included in the list of Contractor’s State License Law (chapter 9 of Division 3 of the California Business and Professions Code). There are 15 articles here with many statutory sections telling ways, how California state license law is being violated.

                      Role of the automatic stay in license suspension

                      The automatic stay protection provided by bankruptcy filing ceases all debt collection and judgment enforcing actions. However, police power exception is a governmental action through which any government unit like CSLB can start or continue an action to enforce a judgment. As per the 9th Circuit Bankruptcy Appellate Panel, police power exceptions allow government units to sue a debtor “to prevent or stop the violation of fraud, environmental protection, consumer protection, safety, or similar police or regulatory laws, or attempting to fix damages for violation of such a law….” In re Dunbar, 235 B.R. 465, 471 (9th Cir. BAP 1999), aff’d, 245 F.3d 1058 (9th Cir.2001), quoting, House and Senate Reports (Reform Act of 1978) [H. Rep. No. 595, 95th Cong., 1st Sess. 343 (1977); S. Rep. No. 989, 95th Cong., 2d Sess. 52 (1978)]

                      CSLB can also suspend the license of a contractor stating consumer protection, public safety, etc. as these falls under “police power” exceptions. Thus, if there are grounds other than the non-payment of dues available to the CSLB, they can easily continue to suspend your license despite filing for bankruptcy. If you wish to protect yourself, you need to make sure there are no other grounds for license suspension available to the CSLB.

                      Since police power justification overrules any relief available through the automatic stay provision of bankruptcy, it is not necessary that CSLB might opt to file a motion for relief. It is important that if you wish to protect your license from being suspended, your lawyer will bail you out by proving that CSLB has no other basis for license suspension other than the non-payment of debts. For any advice related to contractor’s license protection consult expert bankruptcy attorneys at 888-297-6023.


                        *Are you more than 60 days past due on your mortgage?

                        *Do you own a home?

                        Are you currently working?

                        By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.