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The Contingency Lawyer Wants Your Assets!

Nov 1

Posted by admin in Bankruptcy, Finance

Imagine a city in the US with a population of one million people. Now imagine that each of those one million people is a lawyer. The mind boggles!

For the city to prosper, its residents need to be gainfully employed and so to achieve that, this horde of lawyers launches a reported ninety million lawsuits each and every year against the citizenry of other US cities.

Staggering in its scope isn’t it!

It is said that the US has by far the largest number of lawyers of any nation and it follows that the US also has by far the greatest volume of litigation activity compared to any other nation on earth.

In fact the US is litigation heaven for lawyers, hordes of whom are churned out of US universities each year, each with a license to sue.

One million lawyers!

Now I am sure that many of these good folk justify their existence admirably by deciphering legalese that was probably produced in jargon just to defeat the average person and to provide employment for said good folk but there is another class of lawyer that prowls the land that you need to take special note of.

You especially need to take heed if you have accumulated any serious assets because this class of lawyers specialises in relieving people like you of part or all of your assets for the benefit of anyone who would like to take a run at you.

The ingredients needed for a litigant are these: the sum of $150 in registration fees and a lawyer who will take the case on a contingency basis.

The contingency arrangement with the lawyer is simply that the opportunist does not need to pay the lawyer up front as he agrees that the lawyer can keep a third of whatever they together can get out of you.

So all an opportunist needs to invest in shaking you down is the princely sum of $150 and that’s it!

As this article is being written there are thousands of lawyers taking on cases that are nothing short of a shakedown of innocent people who have done nothing except fail to take the necessary steps to protect their assets. These lawyers know that there is a good chance that they will settle out of court just to be rid of the hassle and if they don’t'–well there is a good chance the courts will award damages against them anyway.

The stories of fanciful and peculiar damages awards by US courts are legion.

Consider the woman who was awarded damages against a fast food outlet because the coffee she spilled on herself was too hot etc!

Yes. It is a fact that if you have been successful in accumulating serious assets you have become a target. The more you make your wealth obvious, the sooner some opportunist will try to relieve you of some or all of it.

So it becomes imperative that you with assets to protect start creating privacy and protection around those assets if you intend to keep them.

Ignoring or procrastinating around this issue produces only one loser and that is you.

Forget all the offers of Nevada Corporations and ?bullet proof? trusts that purport to protect your assets because they will not.

Forget thinking that there is any privacy attached to your onshore banking because there is not.

The solution lies offshore in a competently designed asset protection structure and it is on this upon which many eyes are now focussing.

For generations the wealthy of Europe have viewed asset protection as vital and out of that need grew the offshore financial centers like Liechtenstein and structures such as the Anstalt which while very expensive proved virtually impregnable against attack and therefore worth every penny of the cost.

These offshore centres still provide this valuable service to those who have the forethought to protect their assets.

The key here is to arrange matters so that you pass ownership of assets to an offshore entity but continue to enjoy their benefits.

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Formula 1 Racing Team Take Another Shot At The Consumer Market

Apr 22

Posted by admin in Loans

Over a decade ago, McLaren made history with their iconic F1, the fastest road legal car ever made (at the time). McLaren only built 106 of the hyper cars to maintain exclusivity but Chairman Ron Dennis has made a striking statement “Since 1966, when McLaren first raced in F1, 106 teams have come and gone – and that tells me that if we stay solely as an F1 team it will lead to extinction.” Their new car, the stunning MP4-12C is said to be a bid to fight off the financial curse of F1 teams, by becoming a fully fledged road car manufacturer.

McLaren plan to produce over 1000 of the cars in the each year, the same number as many of the companies it will be competing with. It is estimated to cost around 150,000 which is standard supercar money and there have been 1,600 pre-orders already.

The 12C is due for release in 2011 even though the plant it will be produced in is yet to be constructed, when it is it will create 300 new jobs. The car was unveiled at a press conference in McLaren’s space age headquarters in Woking, test drivers Lewis Hamilton and Jenson Button pulled back the sheets to uncover it to the press.

McLaren’s Managing Director Antony Sheriff stated “The 12C won’t take you to the edge of what’s possible; It will take you to the edge of the edge. It’s what we call an ‘and’ car. It’s powerful and efficient; lightweight and safe; fast and comfortable.” They have designed the car around their own engine and a unique concept carbon monocell structure making it super light and super strong. McLaren claim it will be capable of reaching 60mph in “under three seconds”.

The MP4 will undoubtedly be a big supercar but there is no doubt that it will not fill the big shoes left by its predecessor the F1. The more important question is what will happen to this brand when they no longer offer such a level of exclusivity? Will every millionaire want one if they know the wont own the only one on the roads? It’s a question that only time will answer but one that could determine the future of this Formula racing giant.

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Is This Man Britain’s Worst Driver?

Apr 3

Posted by admin in Loans

Thomas Feely, Britain’s most convicted driver was sentenced to five months in jail after totting up over 110 driving offences. He was stopped by police driving a van with no licence, no insurance and whilst currently disqualified just three days before he was due to be sentenced for an earlier similar offence.

Although he contests that he needs to drive because of his mobile DJ business, Leeds magistrates said his 59 previous driving bans were the worst they had ever seen. Over 28 years of driving, Feely has been convicted of 89 offences but so far avoided jail.

It is a devastating blow for the reputation of British traffic police, some counties have reported over 30 convictions on some roads each day. The government has received much criticism as despite the installation of over 6000 speed cameras there has been very little effect on the safety of driving. Some argue that the notion is being used to generate revenue for the government in the form of speeding fines.

Road safety charity ‘brake’ spokeswoman, Sarah Fatica says, “Anyone who has been disqualified so many times poses a serious risk on the roads, it’s disturbing that he has been allowed to continue breaking his ban time and time again.” She remarked that “Five months in jail is laughable given his continued disregard for the law”

Car insurance for Britain’s drivers has increased over the years and has been attributed to behaviour like Feely’s. A fully comprehensive insurance policy has risen by 20% since 2008, now costing an average of over 1000 a year. Uninsured drivers are the main cause according to the AA, who estimates them to cost UK motorists 2.1bn over the next year. With the recession this is predicted to cause a vicious cycle causing more and more people are tempted to drive without insurance, therefore raising premiums.

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Four Helpful Methods To Make Some Money Quickly To Lower Your Debt

Feb 14

Posted by admin in Debt Consolidation

The economy is one of the most difficult ones that many young adults have had to deal with so far in their lives. With the recession happening and many jobs lost and properties entering foreclosure, Americans are having a harder time more now financially than ever before. Unfortunately, many of these people that are struggling have had to charge their basic needs on their credit cards and now they have considerable credit card debt and need help on Plano debt relief from a Plano bankruptcy lawyer. To avoid this from happening, this article will offer tips on how to make some money from things you already have laying around your place.

The first way to make some money is to have a garage sale or a yard sale. This will help you to get organized and go through all of the items that you have lying around your home that you may not need any longer and could get you some money. Some of the best selling items at garage sales are pieces of furniture and baby items like strollers, cribs and other things. In order to have a successful garage sale, first you should spread the word with a lot of signs or even listing the sale in the citywide newspaper. Then, you should display everything in an organized way by categories and remember to have a lot of singles for change.

The second way to make cash would be to sell some goods through online websites like E Bay or Craigslist. This is better for larger, more expensive items as you will be able to get a lot more money for them than if you were to sell it at a yard sale. Be certain to have a detailed description of the items and always have a photo of it too as it has been proven that items without photos do not sell as well as those that have good photos available.

The next suggestion is to locate a nice consignment shop or resale store to bring your goods to sell. This is a great choice if you are not comfortable with putting on a garage sale or posting itmes on a website and do not have the time or energy to do all of the work necessary to sell your goods in those manners. You will not make as much money by doing this as the resale store will give you a lower amount so they can turn a profit themselves by reselling it. A good rule of thumb is that furniture resale shops will give you 50% of what the items sell for.

The last suggestion is to put many classified ads in your town newspaper to sell the itmes you want to get rid of. If you are uncomfortable having strangers coming to your house to see the things, meet at an alternative place such as a restaurant parking lot instead. This will be much like the website sales but will just be seen by people in your town that purchase the newspaper.

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What Is Chapter 7 Bankruptcy ?

Feb 8

Posted by admin in Bankruptcy, Credit

You may be feeling the burden of the debt you face. You have bills that are piling up and can’t see the light at the end of the tunnel. One option worth exploring is filing for Chapter 7 bankrtupcy.

Almost 65% of personal bankruptcy filings are Chapter 7 making it the most common type of bankruptcy. It is important that you understand what Chapter 7 bankruptcy is. In addition, this article will answer three common questions people have about Chapter 7 bankruptcy.

Chapter 7 bankruptcy, also known as a straight bankruptcy, is a process where you sell your non-exempt property to help pay debts owed to creditors. It is a liquidation proceeding. Chapter 7 is a quick process that usually takes under 6 months to complete from the time an attorney helps you file. It is a provides the opportunity for a fresh start.

Here are a couple of common questions about Chapter 7 bankruptcy

1. Will creditors leave me alone after I file for Chapter 7 bankruptcy? Yes, by law they must cease all actions against a debtor once the bankruptcy is filed. After you file, you are putting yourself in position for a fresh start.

2. Will everyone I know find out I went bankrupt? Your bankruptcy filing is a matter of public record. That being said, there is not a strong likelihood that anyone is going to find out unless you tell them. There are so many bankruptcy filings that it isn’t something that typically is publicized.

3. What are some of the reasons that people need to file for bankruptcy? Usually individuals that are filing for bankruptcy are doing so because of unforeseen events. Things such as medical bills due to an accident or illness, losing a job, marital issues, etc. Bankruptcy can provide a fresh start after an unfortunate situation.

Chapter 7 bankruptcy is not something to take lightly. You will want to further educate yourself about your options and choices. A good step to take is to speak with a Chapter 7 bankruptcy attorney about your issue.

Bankruptcy can be a good way to get out of debt. Often times, it is far more effective than debt consolidation or debt settlement/forgiveness. Debt consolidation relies on hopes that creditors will join in. If you are searching for a Michigan bankruptcy chapter 7 attorney, get a free consultation with Michigan bankruptcy chapter 7 attorneys Ardelean and Dunne.

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Short Sale San Diego..

Jan 31

Posted by admin in Finance, Real Estate

With the contemporary boom in foreclosures hitting the state, it is almost certain that if you watch the news or read the news paper, you have possibly heard the term short sale But do you understand or know what a short sale is? For most they are still confusing. Put simply, a short sale is when a lender or lenders, accept less that the total amount due on a loan when the property is sold.

The lender will generally accept the short sale to bypass the expense and time of a foreclosure, but do require that the owner of the property show some kind of a hardship, or reason that they cannot afford the home and need to sell. In a short sale, the lender will pay all the charges that are concerned with the sale, including the Realtor’s commissions. With home costs down over 29% across the land, many owners are finding themselves in a situation where they don’t have any equity in their property. And even if they have got a tiny amount, when a borrower is in default on a mortgage they not only owe the back payments but also may owe late penalties, back taxes, lawyer fees, etc.

This may add up quickly to eat all of the equity the borrower had in the property. If the borrower is not able to bring the account current the lender will then foreclose on the property. With a foreclosure, the lender can lose up to 40% of the mortgage amount thanks to the additional costs concerned with foreclosing on a property : lawyer charges, court costs, lost interest, eviction costs, property upkeep costs, and selling costs. Foreclosing on a property can take anywhere from some months, up to two years in some states. , it is commonly in the best interest of the lender to accept the short sale. It can also be in the best interest of the borrower.

They won’t have to endure the time and stress of a foreclosure and their credit might not be as negatively influenced as it might with a foreclosure. It is faster and simpler and doesn’t subject the borrower to the humiliation of a foreclosure.

How does it work?
The first thing the borrower should do when they can no longer afford a property is to contact the lender immediately. The last thing a lender wants to do is foreclose on the property. When contacting the lender, they have departments that work with people who are behind on their payments to resolve the situation and will be able to direct you to their departments.

Unfortunately though, these departments are typically understaffed, overworked, and have very poor systems in place. Getting through to someone and getting them to actually work on your file can be a very frustrating battle. This is why it is important to hire a Realtor, or Realtors that are experienced in short sales and dealing with the lender that hold your mortgage. If they are experienced, they will have the numbers and the contacts to get the deal done.

Once you have notified the bank, the first step will be hiring a Realtor and placing your property on the market. With most lenders, they will not review any paperwork or consider you for a short sale until your property has been listed on the market and a buyer has submitted an offer. Once that has taken place, there is a lot of paperwork the lender will require along with the offer in order to consider the short sale. The information required may include:

- Income documentation such as 2 years of tax returns and W-2s, along with one month of pay check stubs to verify the borrowers’ income.

- Bank statements to verify the borrowers’ assets.

- Hardship letter – this letter will describe for the lender the reasons the borrowers are in the financial position they are in and will ask the lender to accept the short sale. Borrowers should make this letter sound as sad as possible and back up the story with any documentation you may have such as medical bills, etc.

- Financial Worksheet – this worksheet will show the borrowers net montly income vs. all of the monthly expense, and will be used to show that the borrower is unable to afford the property.

- Fair market value for the property –depending on the lender they may require aComparative Market Analysis (CMA) from the Realtor justifying the price of the property.

- Purchase agreement signed by all parties.

- Preliminary HUD1 – This will show the proceeds of the sale of the property after the mortgage is paid off and all other closing costs and fees are paid. This will show the lender what they will be receiving as the short payoff.

- Listing agreement.

- (And many lenders have their own specific forms that are required in addition to everything above.)
Once the lender receives all of the above information, they will hire an outside third party to complete either an appraisal on the property or a BPO (broker’s price opinion) to determine the fair market value of the property. They will use the information provided above to make sure there is a hardship and they will compare the offer that is presented against this value to determine if the short sale makes sense, or if they can obtain more by going through foreclosure.

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Short Sale San Diego:do you know what a short sale is?

Jan 29

Posted by admin in Finance, Real Estate

With the current boom in foreclosures hitting the state, it’s likely that if you watch the news or read the news paper, you have potentially heard the term short sale. But do you really understand or know what a short sale is? For most they are still confusing. Put simply, a short sale is when a bank or banks, accept less that the total amount due on a loan when the property is sold. The bank will often accept the short sale to circumvent the time and cost of a foreclosure, but do require that the owner of the property show some kind of a difficulty, or reason that they won’t afford the home and need to sell. In a short sale, the bank will pay all of the charges that are concerned with the sale, including the Realtor’s commissions. With home prices down over 29% across the country, many householders are finding themselves in a situation where they don’t have any equity in their property. And even if they’ve a tiny amount, when a borrower is in default on a mortgage they not only owe the back payments but also may owe late penalties, back taxes, lawyer costs, for example.

This may add up quickly to eat all of the equity the borrower had in the property. If the borrower is not able to bring the account current the bank will then foreclose on the property. With a foreclosure, the bank can lose up to 40% of the mortgage amount thanks to the extra costs concerned with foreclosing on a property : lawyer costs, court costs, lost interest, eviction costs, property upkeep costs, and selling costs. Foreclosing on a property can take anywhere from some months, up to two years in some states. It is often in the best interest of the bank to accept the short sale. It can also be in the best interest of the borrower. They won’t have to endure the time and stress of a foreclosure and their credit would possibly not be as negatively influenced as it might with a foreclosure. It is faster and less complicated and does not subject the borrower to the humiliation of a foreclosure. How does it work? The very first thing the borrower should do when they won’t afford a property is to contact the bank instantly. The very last thing a bank wants to do is foreclose on the property. When contacting the bank, they have departments that work with folk who are behind on their payments to decide the situation and may be in a position to direct you to their departments. Sadly though , these departments are usually shorthanded, overworked, and have really poor systems prepared. Getting thru to someone and getting them to basically work on your file could be an extremely maddening battle. This is why it’s important to hire a Realtor, or Realtors that are experienced in short sales and dealing with the bank that hold your home loan. If they are experienced, they’re going to have the numbers and the contacts to get the deal done.

When you have told the bank, step one will be hiring a Realtor and placing your property on the market. With lots banks, they won’t review any forms or think about you for a short sale till your property has been listed on the market and a buyer has submitted an offer. Once which has taken place, there’s a lot of paperwork the bank will need together with the offer to think about the short sale. The data needed may include : Income documentation like 2 years of tax returns and W-2s, together with one month of pay check stubs to confirm the borrowers’ income. Bank records to confirm the borrowers’ assets.

Trouble letter this letter will describe for the bank the explanations the borrowers are in the monetary position they are in and will ask the bank to accept the short sale. Borrowers should make this letter sound as unhappy as feasible and back up the tale with any paperwork you will have like doctor’s bills, for example. Finance Worksheet this worksheet will show the borrowers net montly income vs. All the monthly cost, and should be used to show the borrower is not able to afford the property.

Fair market worth for the property depending on the bank they may need aComparative Market research from the Realtor justifying the cost of the property. Purchase agreement signed by all parties. Initial HUD1 – this may show the profits of the sale of the property after the mortgage is paid off and all of the closing costs and charges are paid. This can show the bank what they are going to be receiving as the short payoff.

Listing agreement. ( And many banks have their own express forms that are needed as well as everything above. ) Once the bank receives all the above info, they can hire an exterior 3rd party to finish either an appraisal on the property or a BPO ( broker’s price opinion ) to figure out the fair market cost of the property.

They’ll use the data provided above to make sure there’s a difficulty and they are going to compare the offer that is presented in contrast worth to establish if the short sale makes sense, or if they can get more by going thru foreclosure. Once the bank has reviewed all the info, they might or might not approve the short sale. If they don’t approve the short sale they can proceed with the foreclosure. If they do accept the short sale, the exchange will advance the same as a normal sale, you can close on the sale of your property and the lender will take the loss. So, is the borrower off the hook? Not really. The bank still has options to try and collect this shortage. As a condition of the short sale the bank may need the borrower to sign a note to reimburse the shortage or bring in money at closing. The bank might also require that the borrower agrees to the bank keeping their rights to chase a deficiency at a later time. This is the reason why it’s important to work with a team that is experienced in Short Sale and to consult a real estate lawyer to entirely understand all your options. There could also be tax implications in a short sale or foreclosure.

When the bank forgives the quantity of the shortage, they’ll report that amount to the IRS and the IRS will send out a 1099 showing the shortage as income.

Each person’s situation is dissimilar and they could be protected from needing to pay taxes on that amount thru the Mortgage Debt Relief Act or thru showing bankruptcy. I won’t offer recommendation on that and highly suggest that any person considering a short sale or foreclosure consult a tax pro to absolutely understand the consequences of a short sale or foreclosure.

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