tag:blogger.com,1999:blog-27134955287645537362024-03-06T20:41:44.557-05:00MEDVESKY LAW OFFICE, LLCDiscussions on Bankruptcy, Estate Planning, Estate Administration, and other areas of our legal practicemmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.comBlogger236125tag:blogger.com,1999:blog-2713495528764553736.post-81139792869669684952024-01-18T08:32:00.000-05:002024-01-18T08:32:24.578-05:00Bankruptcy - Judgments can live for a long long time.<div style="text-align: left;"><span style="font-family: arial;">People should not be lulled into a false sense of finality because creditor has not pursued collection on an old, and mostly forgotten, judgment. Judgments in Pennsylvania can be collectible for <a href="https://casetext.com/analysis/how-long-is-a-judgment-in-pennsylvania-good-for">years</a>. </span></div><div style="text-align: left;"><span style="font-family: arial;"><br /></span></div><div style="text-align: left;"><span style="font-family: arial;"><table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgtIQUffaZrpOb97nb7Pr1I-tbvIq5u7TeFFdd06oSMxUztfIcEmC94D2RZKR3ATWvnPgskbobK3eyJwe7JQAHPznhMEbgb6Z6YJHLuAeI1jagSzG3jCO_TOIboPeWUMzAsShEgWGd2ti7Xi5Ym91898kvC7I1y3OhtpDWyYjLKK-3M8hLViPq1DdjUFv0Z/s400/Debt%20ball%20and%20chain.jpg" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="266" data-original-width="400" height="232" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgtIQUffaZrpOb97nb7Pr1I-tbvIq5u7TeFFdd06oSMxUztfIcEmC94D2RZKR3ATWvnPgskbobK3eyJwe7JQAHPznhMEbgb6Z6YJHLuAeI1jagSzG3jCO_TOIboPeWUMzAsShEgWGd2ti7Xi5Ym91898kvC7I1y3OhtpDWyYjLKK-3M8hLViPq1DdjUFv0Z/w270-h232/Debt%20ball%20and%20chain.jpg" width="270" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Image courtesy of hywards<br /> at FreeDigitalPhotos.net<br /><br /></td></tr></tbody></table>Over the last few weeks, I have received calls from potential clients because a creditor with an old judgment has frozen a bank account with the intent to garnish the money in the client's account. One judgment was entered December 2004 and the Writ of Execution was issued in December 2023. The people I spoke with about this issue were shocked the creditors and judgments came back for collection after being so quiet for so many years. I get a sense creditors are starting to ramp up after this long COVID collections break. Debtors should not assume a judgment debt just "went away." A bankruptcy case may help you deal with these old and dormant debts.</span></div><div style="text-align: left;"><span style="font-family: arial;"><br /></span></div><div style="text-align: left;"><span style="background-color: white; color: #333333; font-family: arial;">If you want assistance, legal representation, or just want to know more about Mark Medvesky or our firm</span><span style="background-color: white; color: #333333; font-family: arial;"> Medvesky Law Office, LLC at </span><a href="http://www.medveskylaw.com/" style="background-color: white; color: #336699; font-family: arial; text-decoration-line: none;">http://www.medveskylaw.com/</a></div><div style="background-color: white; color: #333333;"><br /></div><div style="background-color: white; color: #333333;"><span style="font-family: arial;">#bankruptcy #Chapter7 #Chapter13 #MontgomeryCounty #lawfirm #BucksCounty #Pennsylvania<br /></span></div>mmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.com0tag:blogger.com,1999:blog-2713495528764553736.post-22371476101042410422022-12-13T20:00:00.001-05:002023-02-25T15:34:27.656-05:00Bankruptcy - 401(k) ‘hardship’ withdrawals - there may be another option<p></p><table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjx6MZf1Y59haKCZoywFy3ydNzw5QiaQfueMssImwPieB5ju9Qx0UTALMI-kQt7EE_2mO-TLr844GHM5aVJXiWgSVJ0LXVM4n10JUvIo4-Mcrppanq0XAHQLeGFp0doERTcjRhKKpD_60zBiF1LdX8xyPN__JKdaK3I75QIKG2n3AR_85FKCPzCcGdL7Q/s400/Locked%20piggy%20bank.jpg" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="400" data-original-width="283" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjx6MZf1Y59haKCZoywFy3ydNzw5QiaQfueMssImwPieB5ju9Qx0UTALMI-kQt7EE_2mO-TLr844GHM5aVJXiWgSVJ0LXVM4n10JUvIo4-Mcrppanq0XAHQLeGFp0doERTcjRhKKpD_60zBiF1LdX8xyPN__JKdaK3I75QIKG2n3AR_85FKCPzCcGdL7Q/w142-h200/Locked%20piggy%20bank.jpg" width="142" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><em style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 11.88px;">Image courtesy of <br />Vichaya Kiatying-Angsulee</em><br style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 11.88px;" /><em style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 11.88px;">at FreeDigitalPhotos.net</em></td></tr></tbody></table><span style="font-family: arial;">I have written on this topic a few time before but It seems worth mentioning again. Your retirement saving may be safe from creditors as long as it remains in your retirement account.<br /> I found this article:</span><p></p><p><span style="font-family: arial;"><a href="https://www.cnbc.com/2022/12/08/401k-hardship-withdrawals-hit-all-time-high-vanguard-says.html" style="font-style: italic; font-weight: bold;"><span style="font-size: medium;">401(k) ‘hardship’ withdrawals hit record high, Vanguard says — another sign households feel the pinch of inflation</span></a><b style="font-style: italic;"><span style="font-size: medium;"> </span> </b><span style="font-size: x-small;">PUBLISHED THU, DEC 8 2022 on CNBC by </span></span><span style="font-family: arial; font-size: x-small;">Greg Iacurci </span><span style="font-family: arial; font-size: small;">@GREGIACURCI</span></p><p></p><blockquote><span face="Lyon, Helvetica, Arial, sans-serif" style="font-size: 18px;"><i>"The share of retirement savers who withdrew money from a 401(k) plan to cover a financial hardship hit a record high in October, according to data from Vanguard Group..."</i></span></blockquote><p><span style="font-family: arial;">The market has been turbulent and most accounts are down. A person should ask themselves "is this really the time to withdraw from retirement accounts." It is bad enough to sell in a down market but selling your future off in a down market while in carrying unmanageable debt seems to compound the problem. Finally, if a person uses retirement savings to try to get out of debt and is not successful causing them to file bankruptcy, that is just good money after bad. Bankruptcy not only gets people back on track in the present but can protect their future as well. </span></p><p><span style="font-family: arial;">You can also check out some of my other blog entries:</span></p><h3 class="post-title entry-title" itemprop="name" style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 20px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; position: relative;"><a href="http://medveskylaw.blogspot.com/2016/07/why-you-should-not-borrow-from-your.html">Why you should not borrow from your retirement fund...</a></h3><div></div><p></p><h3 class="post-title entry-title" itemprop="name" style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 20px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; position: relative;"><a href="http://medveskylaw.blogspot.com/2016/01/bankruptcy-i-cannot-say-is-any-better.html">Bankruptcy - I cannot say it any better than this: "Bankruptcy is an excellent retirement strategy"</a></h3><div><br /></div><div><h3 class="post-title entry-title" itemprop="name" style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 20px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; position: relative;"><a href="http://medveskylaw.blogspot.com/2015/12/bankruptcy-how-can-i-file-bankruptcy.html">Bankruptcy - How can I file bankruptcy with $50,000 in my retirement account?</a></h3></div><div><br /></div><div><span style="color: #333333; font-family: arial;">If you want assistance, legal representation, or just want to know more about Mark Medvesky or our firm</span><span style="font-family: arial;"><span style="background-color: white; color: #333333;"> Medvesky Law Office, LLC at </span><a href="http://www.medveskylaw.com/" style="background-color: white; color: #336699; text-decoration-line: none;">http://www.medveskylaw.com/</a></span></div><div><br /></div><div><span style="font-family: arial;">#bankruptcy #Chapter7 #Chapter13 #MontgomeryCounty #lawfirm #BucksCounty #Pennsylvania</span></div>mmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.com0tag:blogger.com,1999:blog-2713495528764553736.post-37286253449516120132022-09-24T12:02:00.000-04:002022-09-24T12:02:29.280-04:00Transition from WELLS, HOFFMAN, HOLLOWAY and MEDVESKY, LLP to MEDVESKY LAW OFFICE, LLC<p><span style="font-family: arial;">The law firm of <b>WELLS, HOFFMAN, HOLLOWAY and MEDVESKY, LLP has dissolved </b>and the members no longer practice law as a firm. Below is contact information for the members of the former firm in case you have questions or need assistance.</span></p><p><span style="font-family: arial;"><b>Mark M. Medvesky & Dawn E. Miller Medvesky</b></span></p><p><span style="font-family: arial;">Mr. and Mrs. Medvesky continue to practice law in the Souderton area at <b>MEDVESKY LAW OFFICE, LLC </b>located at 601 E. Broad Street, Ste 110. Their contact number is still 215-660-3170. For more information about them and their practice, <a href="http://www.medveskylaw.com">click here</a>.</span></p><p><span style="font-family: arial;">************************************************************************</span></p><p><span style="font-family: arial;"><b>Richard E. Wells</b></span></p><p><span style="font-family: arial;">Mr. Wells continues to practice in the Pottstown area . He can be reached at 610-310-0115. If any client of Mr. Wells’ has questions about his/her records for services provided by Mr. Wells, please contact him at rewells545@gmail.com or 610-310-0115.</span></p><p><span style="font-family: arial;">*************************************************************************</span></p><p><span style="font-family: arial;"><b>R. Kurtz (Kurt) Holloway</b></span></p><p><span style="font-family: arial;">Mr. Holloway has retired. He recommends that his clients seeking an attorney in the Pottstown area contact the law firm of Yergey-Daylor-Allebach-Scheffey-Picardi for any legal services. That firm’s phone number is 610-323-1400. If you wish to reach Mr. Holloway for copies of your file records, he can be reached at hollowaykurt@gmail.com.</span></p><p><span style="font-family: arial;">**************************************************************************</span></p><p><span style="font-family: arial;"><b>Thomas L. Hoffman, 1950 – 2021</b></span></p><p><span style="font-family: arial;">Mr. Hoffman passed away September 16, 2021. His clients who need legal services should contact the law firm of Yergey-Daylor-Allebach-Scheffey-Picardi for any legal services. That firm’s phone number is 610-323-1400. If any client of Mr. Hoffman’s has questions about his/her records for services provided by Mr. Hoffman, please also contact the Yergey-Daylor-Allebach-Scheffey-Picardi law firm.</span></p><p><br /></p><div><br /></div>mmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.com0tag:blogger.com,1999:blog-2713495528764553736.post-65886421774803036872022-08-09T21:20:00.001-04:002022-08-09T21:21:04.655-04:00Bankruptcy - Everything is tight, should I be saving for retirement? <p></p><table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; font-family: arial;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCVeHPkNNoxHII0TCj2TfPR8T0b0KSlLt7DSu6Liosj08gqXwUNoNG5eO_hiMdi2iJrvNaMfPRJqj2TVWRb-oNm6JJja7AoG3NHvVFk6qs1yFNx5BC_DfEIQ9UY6YMHbLwizTI9SL0OJ1zjaLnLvV6BP5gpK0wScjnS1dc7JmLnu5F5VYCyYypw5fB1g/s400/Safe.jpg" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="300" data-original-width="400" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCVeHPkNNoxHII0TCj2TfPR8T0b0KSlLt7DSu6Liosj08gqXwUNoNG5eO_hiMdi2iJrvNaMfPRJqj2TVWRb-oNm6JJja7AoG3NHvVFk6qs1yFNx5BC_DfEIQ9UY6YMHbLwizTI9SL0OJ1zjaLnLvV6BP5gpK0wScjnS1dc7JmLnu5F5VYCyYypw5fB1g/w320-h240/Safe.jpg" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><em style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 11.88px;"><span style="font-size: x-small;">Image courtesy of David Castillo Dominici</span></em><br style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 11.88px;" /><em style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 11.88px;"><span style="font-size: x-small;">at FreeDigitalPhotos.net</span></em></td></tr></tbody></table><span style="font-family: arial;">First of all, I need to say I am not a financial planner or an accountant. This post is not meant to replace advice of other professionals. But, if you are reading this, it may be a topic to address with them.</span><p></p><p><span style="font-family: arial;">As a bankruptcy attorney, I have clients who come in and have either spent down their retirement savings or, in some cases, never started. I have a couple clients now who never started. They were small business owners. One did not successfully make the transition to on-line sales. The other's problem was just poor timing. Eventually, the businesses were forced to close. They had a good deal of debt, which was personally guaranteed or placed on credit cards. Now, most of the debts are in collections or reduced to judgments and they are planning for bankruptcy. This is not an uncommon story.</span></p><p><span style="font-family: arial;">As I was preparing their cases, I asked about 401(K)'s, SEP's, IRA's, etc. One told me his accountant advised that a better plan was to pay down the debt first then start his retirement savings afterwards. The other client just didn't feel like she was able to start. While my clients had some great years and paying off the debt was not a worry, times changed. Unfortunately, they never paid off the debts and bankruptcy is being considered or has occurred. Had my clients saved money in an IRA during the good times, they would have a valuable asset they could protect. </span></p><p><span style="font-family: arial;">I am not suggesting anyone should put money away to hide it from creditors. I am suggesting if you set up a <a href="https://www.nerdwallet.com/article/finance/pay-yourself-first-reverse-budgeting#:~:text='Pay%20yourself%20first'%20is%20a,like%20housing%2C%20utilities%20and%20insurance." target="_blank">"Pay Yourself First" </a>type budget to appropriately save for retirement, you will not be penalized if you find yourself in a bankruptcy case. </span></p><p><span style="font-family: arial;">Another common step taken by clients is to withdraw money from a retirement account to try to get debt under control. I have had clients that spent all their retirement money and still needed to file for bankruptcy protection anyway. If you are thinking about dipping into your 401(K), SEP or IRA, you may be in more financial trouble than you realize. Most retirement accounts are protected in a bankruptcy case. You should consider meeting with a bankruptcy before you take that step. </span></p><div style="background-color: white;"><span style="font-family: arial;">If you want assistance, legal representation, or just want to know more about Mark Medvesky or our firm of Wells, Hoffman, Holloway & Medvesky LLP, check out our website at www.whhmlaw.com.</span></div><div style="background-color: white;"><span style="font-family: arial;"><br /></span></div><div style="background-color: white;"><span style="font-family: arial;">Other Articles:</span></div><div style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 14.85px;"><span style="font-family: arial;"><a href="http://medveskylaw.blogspot.com/2016/01/bankruptcy-i-cannot-say-is-any-better.html" style="color: #336699; text-decoration-line: none;"><br /></a></span></div><div style="background-color: white; color: #333333; font-size: 14.85px;"><h3 class="post-title entry-title" itemprop="name" style="font-size: 20px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; position: relative;"><span style="color: #336699; font-family: inherit;"><a href="http://medveskylaw.blogspot.com/2016/01/bankruptcy-i-cannot-say-is-any-better.html" target="_blank">Bankruptcy - I cannot say it any better than this: "Bankruptcy is an excellent retirement strategy"</a></span></h3></div><div style="background-color: white; color: #333333; font-size: 14.85px;"><span style="font-family: inherit;"><br /></span></div><div style="background-color: white; color: #333333; font-size: 14.85px;"><h3 class="post-title entry-title" itemprop="name" style="font-size: 20px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; position: relative;"><a href="http://medveskylaw.blogspot.com/2016/07/why-you-should-not-borrow-from-your.html" style="color: #336699; text-decoration-line: none;" target="_blank"><span style="font-family: inherit;">Why you should not borrow from your retirement fund...<br /></span></a></h3></div><div style="background-color: white; color: #333333; font-size: 14.85px;"><span style="font-family: inherit;"><br /></span></div><div style="background-color: white; color: #333333; font-size: 14.85px;"><h3 class="post-title entry-title" itemprop="name" style="font-size: 20px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; position: relative;"><a href="http://medveskylaw.blogspot.com/2015/12/bankruptcy-how-can-i-file-bankruptcy.html" style="color: #336699; text-decoration-line: none;"><span style="font-family: inherit;">Bankruptcy - How can I file bankruptcy with $50,000 in my retirement account?</span><br /></a></h3></div><div style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 14.85px;"><span style="font-family: arial;"><br /></span></div><div style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 14.85px;"><span style="font-family: arial;">#bankruptcy #Chapter7 #Chapter13 #MontgomeryCounty #lawfirm #BucksCounty #Pennsylvania</span></div>mmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.com0tag:blogger.com,1999:blog-2713495528764553736.post-83886697891866910902022-05-12T15:35:00.003-04:002022-05-12T15:35:44.874-04:00Mortgage Relief may be available<p><span style="font-family: arial;">Did you fall behind on your mortgage because of the COVID-19 pandemic? You may be eligible for assistance. Check this site out:</span></p><p></p><div class="separator" style="clear: both; text-align: center;"><h2><a href="https://pahaf.org/" style="text-align: left;"><span style="font-family: arial; font-size: large;"><b><i>Pennsylvania Homeowner Assistance Fund</i></b></span></a></h2><a href="https://pahaf.org/" style="text-align: left;"><span style="font-family: arial;"><table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiD7l_t5fk6onjY4hatoOqDpkZwTgtacG-JgkCoDb4RIqHjJeqv6uTfI89tQaTyT6ApfrFEPjReY4VnuWlQrWwZmE16s1lEpt451-dMkjmANbwDr1keEVrIN1JC88xYuCI7mnTy0YeU81jV8fjKaaf0LDotjnC4OJZw7kDw-2Brio3P1T7dYNmkqzYXWw/s400/idea.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="400" data-original-width="400" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiD7l_t5fk6onjY4hatoOqDpkZwTgtacG-JgkCoDb4RIqHjJeqv6uTfI89tQaTyT6ApfrFEPjReY4VnuWlQrWwZmE16s1lEpt451-dMkjmANbwDr1keEVrIN1JC88xYuCI7mnTy0YeU81jV8fjKaaf0LDotjnC4OJZw7kDw-2Brio3P1T7dYNmkqzYXWw/w200-h200/idea.jpg" width="200" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><em style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 11.88px;"><span style="font-size: xx-small;">Image courtesy of Master isolated images at FreeDigitalPhotos.net</span></em></td></tr></tbody></table></span></a></div><p></p><p><span style="font-family: arial;">"The Pennsylvania Homeowner Assistance Fund, or </span><span style="font-family: arial;">PAHAF, is a housing-related program funded by the U.S. Department of the Treasury to assist Pennsylvania homeowners facing financial hardship due to the COVID-19 pandemic that began after January 21, 2020, (including a hardship that began before January 21, 2020, and continued after that date). The program will provide financial assistance to homeowners for qualified mortgage and housing-related expenses to address delinquency and avoid default, foreclosure, or displacement."</span></p><p><span style="font-family: arial;">If you are behind on your mortgage payments, this program might be the answer. If this doesn't work for you, you may still be able to protect your home through a Chapter 13 bankruptcy plan. </span></p><p><span style="color: #333333; font-family: arial;">If you want assistance, legal representation, or just want to know more about Mark Medvesky or our firm of Wells, Hoffman, Holloway & Medvesky LLP, check out our website at www.whhmlaw.com.</span></p><p><span style="color: #333333; font-family: arial;"><span style="font-size: 14.85px;">#bankruptcy #Chapter_7 #Chapter_13 #Montgomery_County #law_firm #Bucks_County #Pennsylvania</span></span></p>mmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.com0tag:blogger.com,1999:blog-2713495528764553736.post-15025228244084299502022-03-13T14:18:00.000-04:002022-03-13T14:18:03.746-04:00Bankruptcy - Age is not a factor, don't let it be a barrier<span style="font-family: arial;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEiaP03mIfOIBQ1gnDqXLRGyR3mjswNTBY_S20iKzv4T-J3Wn7PgLWwIy8IGXajl7ufoptdsjDWlwq9HhcEinJGvporbe_HjjM_XDqYQP-t0Q1A_sQZCKwR-zOv49_vibUG6Cu5UtTmCDxrMx14W3CSzlgF_ZnUADHygm5cwS5DtMm6p773KmLDseruKEg=s400" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="400" data-original-width="400" height="200" src="https://blogger.googleusercontent.com/img/a/AVvXsEiaP03mIfOIBQ1gnDqXLRGyR3mjswNTBY_S20iKzv4T-J3Wn7PgLWwIy8IGXajl7ufoptdsjDWlwq9HhcEinJGvporbe_HjjM_XDqYQP-t0Q1A_sQZCKwR-zOv49_vibUG6Cu5UtTmCDxrMx14W3CSzlgF_ZnUADHygm5cwS5DtMm6p773KmLDseruKEg=w200-h200" width="200" /></a></div>Most people who come into my office to talk about bankruptcy are embarrassed. They seem to think that no matter what major events have occurred in their lives; serious illness, divorce, extended unemployment/under-employment, and/or downturns in the economy in general, they still feel they did something wrong. The reality is, life happens. Like now, high inflation, gas prices through the roof, a war in Europe, and no real end in sight. On top of bad times, people sometimes kick money issue down the road for years. So, what happens when you want to retire?</span><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;">Recently, I have had several people in their 70's contact me about bankruptcy over the past few months. Everyone feels embarrassment when they need to speak to an attorney about bankruptcy but this group seems to feel it more. They feel they should be wiser and more responsible for their situation. The reality is they seem to be more vulnerable. </span></div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;">Part of their income is fixed and they are working menial jobs to pay the debt they accrued when they were working in their careers. They have depleted their savings trying to get ahead of the debt and have made very little progress. If they are working when they come in, it is just enough to make ends meet and have nothing saved for an emergency. Finally, they will never be in a position to save again. They are coming to the realization they need help and bankruptcy is their option. </span></div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;">Hard times are not limited to the young or foolish. As people age, they become more vulnerable to economic hardships and less able to recover. Everybody needs help sometime in their life. Sometimes it is later in life. Don't let your age be the reason you don't ask for help. </span></div><div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;">If you want assistance, legal representation, or just want to know more about Mark Medvesky or our firm of Wells, Hoffman, Holloway & Medvesky LLP, check out our website at www.whhmlaw.com.</span></div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;">Other Articles:</span></div><div><span style="font-family: arial;"><a href="http://medveskylaw.blogspot.com/2016/01/bankruptcy-i-cannot-say-is-any-better.html"><br /></a></span></div><div><h3 class="post-title entry-title" itemprop="name" style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 20px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; position: relative;"><a href="http://medveskylaw.blogspot.com/2016/01/bankruptcy-i-cannot-say-is-any-better.html">Bankruptcy - I cannot say it any better than this: "Bankruptcy is an excellent retirement strategy"</a></h3></div><div><br /></div><div><h3 class="post-title entry-title" itemprop="name" style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 20px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; position: relative;"><a href="http://medveskylaw.blogspot.com/2016/07/why-you-should-not-borrow-from-your.html">Why you should not borrow from your retirement fund...</a></h3></div><div><br /></div><div><h3 class="post-title entry-title" itemprop="name" style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 20px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; position: relative;"><a href="http://medveskylaw.blogspot.com/2015/12/bankruptcy-how-can-i-file-bankruptcy.html">Bankruptcy - How can I file bankruptcy with $50,000 in my retirement account?<br /></a></h3></div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;">#bankruptcy #Chapter7 #Chapter13 #MontgomeryCounty #lawfirm #BucksCounty #Pennsylvania</span></div></div>mmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.com0tag:blogger.com,1999:blog-2713495528764553736.post-379573195464260442022-01-16T13:57:00.001-05:002022-08-09T21:06:17.945-04:00Things do not seems to be getting any better... Is it time to clean the slate by filing for bankruptcy protection?<p><table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqRs1kW7sVJtfNhikeEiUkoZ5YQrthy1iGlla21uI65h5KipQegAxbZfRXSaNcJK5shaS63LCz9IdLoE5exA8_KPvJ6xcclSyHn1UeJ8vNvBxq50hhQu-rJAG9nAgWVIMKYnCJrY3_0DiBsmgGgHZEqdkAPT23dSTZLJgYGVSSbBPyQavLu82xQgZm4w/s400/arrow%20up.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="300" data-original-width="400" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqRs1kW7sVJtfNhikeEiUkoZ5YQrthy1iGlla21uI65h5KipQegAxbZfRXSaNcJK5shaS63LCz9IdLoE5exA8_KPvJ6xcclSyHn1UeJ8vNvBxq50hhQu-rJAG9nAgWVIMKYnCJrY3_0DiBsmgGgHZEqdkAPT23dSTZLJgYGVSSbBPyQavLu82xQgZm4w/w200-h150/arrow%20up.jpg" width="200" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><em style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 11.88px;">Image courtesy of jscreationzs</em><br style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 11.88px;" /><em style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 11.88px;">at FreeDigitalPhotos.<span style="font-size: xx-small;">net</span></em></td></tr></tbody></table> <span style="font-family: arial;">Here are some of the current headlines:</span></p><p><b style="font-family: arial;">"How sky-high inflation is evaporating Americans' savings, imposing 'cruelest tax' on<br /> the poor"</b><span style="font-family: arial;"> </span><a href="https://abcnews.go.com/Business/sky-high-inflation-evaporating-americans-savings-imposing-cruelest/story?id=82221754" style="font-family: arial;">ABC News</a></p><p><span style="font-family: arial;"><b>"Rising prices put American families in deeper debt"</b><span> </span><a href="https://www.foxbusiness.com/economy/rising-prices-american-families-deeper-debt-inflation-economy-income">FOX Business News</a>, <span>which states in the body:</span></span></p><p><span style="font-family: arial;"><i>"... According to a recent study from NerdWallet, Inc. the average U.S. household owes $155,622, with American households holding $15.23 trillion in debt nationwide. That figure is up 6.2% from a year ago..."</i></span></p><p><b style="font-family: arial;">"The Fed Has Signaled Rate Hikes for 2022. Here's How That Could Impact Consumers"</b><span style="font-family: arial;"> </span><a href="https://www.fool.com/the-ascent/personal-finance/articles/the-fed-has-signaled-rate-hikes-for-2022-heres-how-that-could-impact-consumers/" style="font-family: arial;">the ascent</a><span style="font-family: arial;">, which states in the body:</span></p><p></p><blockquote style="text-align: left;"><span style="background-color: white; color: #1c1d20; font-family: arial; letter-spacing: 0.3px;"><i>"... Once the Federal Reserve raises its rates, we could see credit card interest rates follow suit. That would be bad news for consumers who rack up balances during the holiday, or who carry existing balances into the new year..." </i></span></blockquote><p></p><p><span style="font-family: arial;"><b>"Get ready for the climb. Here’s what history says about stock-market returns during Fed rate-hike cycles.</b><a href="https://www.marketwatch.com/story/get-ready-for-the-climb-heres-what-history-says-about-stock-market-returns-during-fed-rate-hike-cycles-11642248640"> MarketWatch</a>, </span><span style="font-family: arial;">which states in the body:</span></p><p></p><blockquote><span style="font-family: arial;"><i>"...To be sure, it is harder to see the market producing outperformance during a period in which the economy experiences 1970s-style inflation. Right now, it feels unlikely that bullish investors will get a whiff of double-digit returns based on the way stocks are shaping up so far in 2022. The Dow is down 1.2%, the S&P 500 is off 2.2%, while the Nasdaq Composite is down a whopping 4.8% thus far in January..."</i></span></blockquote><p></p><p><span style="font-family: arial;">So, people are exhausting their savings, paying more for the essential goods, accruing more debt, and interest rates on current credit card debt is set to rise. Along with all this economic news, the federal stimulus money has ended. If you are just keeping your head above water now, you may start feeling like you are trying to bail out the Titanic in a few months. </span></p><p><span style="font-family: arial;">On top of all this, your retirement accounts (401(K)'s, IRA's, 403b's, etc.) will probably see a rough ride as well. This is not the time to withdraw retirement savings. I would argue it in never time to withdraw retirement savings if you are not retired. </span></p><p><span style="font-family: arial;">This may be the time to start the year with a clean slate? If this is the case, talk to a bankruptcy attorney about options.</span></p><p><span style="font-family: arial;">If you want assistance, legal representation, or just want to know more about Mark Medvesky or our firm of Wells, Hoffman, Holloway & Medvesky LLP, check out our website at www.whhmlaw.com.</span></p><p><span style="font-family: arial;">#bankruptcy #Chapter7 #Chapter13 #MontgomeryCounty #lawfirm #BucksCounty #Pennsylvania</span></p>mmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.com0tag:blogger.com,1999:blog-2713495528764553736.post-78860562979295661492022-01-04T21:28:00.000-05:002022-01-04T21:28:40.936-05:00Thinking about bankruptcy? This is not the time to pay back your family or friends...<p><span style="font-family: arial;">Times are tough ... inflation is raging, stimulus ended, and interest rates about to increase. Many people have not fared well through the Covid-19 pandemic. Also, some people relied on family and friends for help to make ends meet. The natural desire is to pay back friends and family first.</span></p><p><table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhWSqSTMQpwYqhFiG4KvSoOe8nG5aSFp1UAOCWDReHvdAN4Rag6szRZbMd6cxzNantpqltmUAaieLeE-RSvU08lykF7QZwuL1sBQQiZzVQ9zLw5-LB71lvzy0qwDmsSb15Og9bikViSBbZyi7sPjJE_Jjh6bgbnugu9b2Jj1i3zSiVXG6msS-3DkcVl6w=s400" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><span style="font-family: arial;"><img border="0" data-original-height="266" data-original-width="400" height="213" src="https://blogger.googleusercontent.com/img/a/AVvXsEhWSqSTMQpwYqhFiG4KvSoOe8nG5aSFp1UAOCWDReHvdAN4Rag6szRZbMd6cxzNantpqltmUAaieLeE-RSvU08lykF7QZwuL1sBQQiZzVQ9zLw5-LB71lvzy0qwDmsSb15Og9bikViSBbZyi7sPjJE_Jjh6bgbnugu9b2Jj1i3zSiVXG6msS-3DkcVl6w=w320-h213" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><em style="background-color: white; color: #333333; font-size: 11.88px;"><span style="font-size: xx-small;"><span style="font-family: arial;">Image courtesy of David Castillo Dominici at FreeDigitalPhotos.net</span></span></em></td></tr></tbody></table><span style="font-family: arial;">If a person does so, it could cause problems later if that person needs to file for bankruptcy protection. Bankruptcy laws do not allow a debtor to treat one unsecure creditor different from another. Believe it or not, according to the law, owing a family member money is the same as owing a credit card company money. You cannot pay one creditor (your family) over another (credit card company). That can be called a "preference."</span></p><p><span style="font-family: arial;">It may also be considered a "fraudulent conveyance." When you pay money to a friend or family member, an "insider", to avoid paying another creditor like a credit card company, a court could find this a "fraudulent conveyance." As a result, a Trustee can look to recover the payments from your family and friends. Don't get caught in this situation; talk to a bankruptcy attorney.<br /></span></p><p class="MsoNormal" style="background-color: white;"><span face="Lyon, Helvetica, Arial, sans-serif"><span style="font-family: arial;">If you want assistance, legal representation, or just want to know more about Mark Medvesky or our firm of Wells, Hoffman, Holloway & Medvesky LLP, check out our website at www.whhmlaw.com.</span></span></p><p class="MsoNormal" style="background-color: white;"><span style="font-family: arial;">#bankruptcy #Chapter7 #Chapter13 #MontgomeryCounty #lawfirm #BucksCounty #Pennsylvania</span></p><p><span style="font-family: arial;"><br /></span></p>mmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.com0tag:blogger.com,1999:blog-2713495528764553736.post-7401877273575166302021-11-11T14:00:00.001-05:002021-11-11T14:08:38.401-05:00Bankruptcy - What is the impact of inflation on my budget? Don't let it trap you.<p></p><p class="MsoNormal"><table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgC5shwRxjdTcsjx9i5jQJ5dWz3Mld9l5ZD28s-gwkJqFruA7UgyXKoO191-AieU0wlGHEbbpna2xUJkk5LB8pCfK2Fki6g9g6w-CNsWDpwPr5WP63GKGNQ6JEAu8bLgMINuyzEileHIyF6/s400/arrow+up.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="300" data-original-width="400" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgC5shwRxjdTcsjx9i5jQJ5dWz3Mld9l5ZD28s-gwkJqFruA7UgyXKoO191-AieU0wlGHEbbpna2xUJkk5LB8pCfK2Fki6g9g6w-CNsWDpwPr5WP63GKGNQ6JEAu8bLgMINuyzEileHIyF6/w200-h150/arrow+up.jpg" width="200" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><em style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 11.88px;">Image courtesy of jscreationzs</em><br style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 11.88px;" /><em style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 11.88px;">at FreeDigitalPhotos.<span style="font-size: xx-small;">net</span></em></td></tr></tbody></table><span style="font-family: arial;">As many probably heard in the news this week (11/10/2021),
inflation is at a 30-year high. I hear all these numbers and percentages thrown
out at me, but I was not sure how to analyze them. So, I thought I would use
the statistics and data used by the bankruptcy courts and US Trustee to try and
measure and illustrate the impact of inflation on our lives. I am using the
CNBC article<a href="http://cnbc.com/2021/11/10/consumer-price-index-october.html" target="_blank"> “U.S. consumer prices jump 6.2% in October, the biggest inflation surge in more than 30 years”</a> and <a href="https://www.justice.gov/ust/means-testing/20210515" target="_blank">“MEANS TESTING”</a> page (updated May 15, 2021) as the data sources for
this article.<o:p></o:p></span></p><p class="MsoNormal"><span style="font-family: arial;">Consumer prices jumped 6.2%. I'm not completely sure what that means and how they come up with the figure of "6.2%" or how it applies. Looking at these statistic, a family of four spends about $5,389.00. If you increase that figure by 6.2%, you increase your monthly spending by $334.00 per month to $5,723.00 or $4,009.00 per year. But I'm not sure it that is the best measure. </span></p><p class="MsoNormal"><span style="font-family: arial;">Look at the figures when you break them out of the overall combined average. Fuel oil and Energy prices </span><span style="font-family: arial;">(gasoline, natural gas, propane, electricity)</span><span style="font-family: arial;"> are up double digits. M</span><span style="font-family: arial;">eat, poultry, fish and eggs are also up double digits.</span></p><p class="MsoNormal"><span style="font-family: arial;">The CNBC article shows:</span></p><p class="MsoNormal"></p><ul style="text-align: left;"><li><span style="font-family: arial;"><span>"... </span><span face="Lyon, Helvetica, Arial, sans-serif">Annual core inflation ran at a 4.6% pace..."</span></span></li><li><span style="font-family: arial;">"... Fuel oil prices soared 12.3% for the month [Oct], part of a 59.1% increase over the past year...";</span></li><li><span style="font-family: arial;"><span>"... </span><span face="Lyon, Helvetica, Arial, sans-serif">Energy prices overall rose 4.8% in October and are up 30% for the 12-month period..."</span></span></li><li><span style="font-family: arial;"><span> "... </span><span face="Lyon, Helvetica, Arial, sans-serif">Food prices also showed a sizeable bounce, up 0.9% [Oct] and 5.3% [year] respectively. Within the food category, meat, poultry, fish and eggs collectively rose 1.7% for the month and 11.9% year over year...</span><span face="Lyon, Helvetica, Arial, sans-serif">"</span></span></li><li><span style="font-family: arial;"><span face="Lyon, Helvetica, Arial, sans-serif">"... </span><span face="Lyon, Helvetica, Arial, sans-serif">Shelter costs, which make up one-third of the CPI computation, increased 0.5% for the month and are now up 3.5% on a year-over-year basis..."</span></span></li></ul><p></p><p class="MsoNormal"><span face="Lyon, Helvetica, Arial, sans-serif" style="font-family: arial;">The current costs for a family of four using bankruptcy statistics for the my region:</span></p><p class="MsoNormal"><span style="font-family: arial;"><span face="Lyon, Helvetica, Arial, sans-serif"> <u> </u></span><u> Expenses Cost (05/15/21) Increase Est Increase </u></span></p><p class="MsoNormal"><span face="Lyon, Helvetica, Arial, sans-serif" style="font-family: arial;">- Mortgage/Rental $2,002.00 3.5% $ 2,072.00</span></p><p class="MsoNormal"><span face="Lyon, Helvetica, Arial, sans-serif" style="font-family: arial;">- Utilities/Maintenance $ 789.00 30% - 59.1% $ 1,025.00 (@ 30%)</span></p><p class="MsoNormal"><span face="Lyon, Helvetica, Arial, sans-serif" style="font-family: arial;">- Food $ 955.00 5.3% - 11.9% $ 1,006.00 (@ 5.3%) </span></p><p class="MsoNormal"><span face="Lyon, Helvetica, Arial, sans-serif" style="font-family: arial;">- Housekeeping, Clothes, Etc. $ 785.00 4.6% $ 821.00</span></p><p class="MsoNormal"><span face="Lyon, Helvetica, Arial, sans-serif" style="font-family: arial;">- Out-of-pocket Med expenses $ 272.00 4.6% $ 284.00</span></p><p class="MsoNormal"><u><span style="font-family: arial;"><span face="Lyon, Helvetica, Arial, sans-serif">- Reg Operating expense - </span><span face="Lyon, Helvetica, Arial, sans-serif">2 cars $ 586.00 59.1% $ 932.00 </span></span></u></p><p class="MsoNormal"><span face="Lyon, Helvetica, Arial, sans-serif" style="font-family: arial;"> Total per month $ 5,389.00 $6,140.00</span></p><p class="MsoNormal"><span face="Lyon, Helvetica, Arial, sans-serif" style="font-family: arial;">Using the lowest percentage of increases, statistically, the increased costs for a family of 4 would be approximately $751.00 per month, which is approximately $9,012.00 per year. Utilities, Food and Operating costs for two cars are variables because those costs include multiple products with different rates of inflation increases. If you drive a good distance to work, regularly consume </span><span style="font-family: arial;">meat, poultry, fish and eggs, use fuel oil to heat your home, I think the monthly increase is higher. If you have a fixed mortgage, maybe you will not see an increase in the Mortgage/Rental category.</span></p><p class="MsoNormal"><span face="Lyon, Helvetica, Arial, sans-serif" style="font-family: arial;">I am not an economist and maybe my analysis is flawed. I'm sure someone out there would contest this. These are my personal thoughts and how I think these numbers really work.</span></p><p class="MsoNormal"><span face="Lyon, Helvetica, Arial, sans-serif" style="font-family: arial;">So, if you were just making your minimum payments on your credit cards and other unsecure debt over the last several months, you may have felt like your income was shrinking. How much trouble will you have making the same payments going forward? Maybe it is time to look at your options including bankruptcy.</span></p><p class="MsoNormal"><span face="Lyon, Helvetica, Arial, sans-serif" style="font-family: arial;"><span style="background-color: white; color: #333333;">If you want assistance, legal representation, or just want to know more about Mark Medvesky or our firm of Wells, Hoffman, Holloway & Medvesky LLP, check out our website at www.whhmlaw.com.</span></span></p><p class="MsoNormal"><span style="background-color: white; color: #333333; font-family: arial; font-size: 14.85px;">#bankruptcy #Chapter7 #Chapter13 #MontgomeryCounty #lawfirm #BucksCounty #Pennsylvania</span></p><br /><p></p>mmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.com0tag:blogger.com,1999:blog-2713495528764553736.post-56969895952559037782021-11-10T16:22:00.001-05:002021-11-10T16:33:54.442-05:00Bankruptcy - Chapter 7 - Can I keep my home?<p class="MsoNormal"><span style="font-family: arial;">This is a topic I wrote about before but worth discussing
again. In many cases, a family can keep their home in a chapter 7 bankruptcy case.
One question is "how much equity do you have in your home?" Some
people don't understand what "equity" is and others just don't know the values needed to calculate the equity. Equity is the full value of
your home minus the balance of the mortgage (and second mortgage if you have
one) owed on your home. <o:p></o:p></span></p><p class="MsoNormal"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiTYge2YFDllL2ViLh4TRcnXnYdQwwHvii0pF-FSmtNopGfGPhg2g0jTI4OFIY41n9Se7D02yfDxWWCO28cewgRnMNnL7FfBR83Ur94oMBF8yJEbCkj9UY_SbHcwD7T5mzSX-u47Rk5WPF/s619/Home+equity.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="618" data-original-width="619" height="199" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiTYge2YFDllL2ViLh4TRcnXnYdQwwHvii0pF-FSmtNopGfGPhg2g0jTI4OFIY41n9Se7D02yfDxWWCO28cewgRnMNnL7FfBR83Ur94oMBF8yJEbCkj9UY_SbHcwD7T5mzSX-u47Rk5WPF/w200-h199/Home+equity.jpg" width="200" /></a></div><span style="font-family: arial;">For instance, if your home is worth $200,000.00 and your
mortgage balance is $160,000.00; your equity is $40,000.00 ($200K - $160K =
$40K). Basically, you own $40K of value in your home.<o:p></o:p></span><p></p><p class="MsoNormal"><span style="font-family: arial;">If your home is worth $200,000.00 and your first mortgage
balance is $160,000.00 and you have a second mortgage of $20,000.00, you add
the mortgages ($160K+$20K= $180K) and deduct that number for the value of the
home ($200K - $180K = $20K). You own $20K of value in your home.<o:p></o:p></span></p><p class="MsoNormal"><span style="font-family: arial;">Bankruptcy law allows a debtor to exempt (protect or keep) a
certain amount of value in their home. In the Eastern District of Pennsylvania,
a couple can use bankruptcy law to keep a little over $50,000 of equity in
their home. That means in both examples above, a couple filing bankruptcy that
have $20K - $40K of equity in their home could keep their home in a chapter 7
bankruptcy case, providing they meet all the other requirements to file for
chapter 7 protection.<o:p></o:p></span></p><p class="MsoNormal"><span style="font-family: arial;">One of the challenges people are facing today is the rapid
increase of value that real estate is experiencing under the current market
conditions. In Pennsylvania, home values have increased about 16% over the last
year. <o:p></o:p></span></p><p class="MsoNormal"><span style="font-family: arial;">So, if your home was valued at $200,000.00 last year, your
home may be worth $32,000.00 more for a total of $232,000.00. Using the
examples above and let's say your mortgage balance last year was $160,000.00
and you paid down $10,000.00 on the principal of your mortgage. That means your
mortgage balance is now $150,000.00. <o:p></o:p></span></p><p class="MsoNormal"><span style="font-family: arial;">Using the first example, the equity in your home is now
$82,000 ($232K - $150K = $82K). Using the second example, the equity in your
home is now $62,000.00 ($232K - $170K = $62K). In both examples your equity now exceeds the $50,000.00 exemption. <o:p></o:p></span></p><p class="MsoNormal"><span style="font-family: arial;">This is an oversimplification of the analysis needed. Other
factors, like the cost to sell your home, to consider. </span><span style="font-family: arial;">If this is your concern, don't make a decision based on this article alone. Talk to a bankruptcy attorney for a more thorough review.</span></p><p class="MsoNormal"><span style="font-family: arial;">Also, for a married
couple who own a home as husband and wife, there is another way to protect a
home but that is a topic for another blog.</span></p><p class="MsoNormal"><span style="font-family: arial;">If you want assistance, legal representation, or just want
to know more about Mark Medvesky or our firm of Wells, Hoffman, Holloway &
Medvesky LLP, check out our website at www.whhmlaw.com.<o:p></o:p></span></p><p>
</p><p class="MsoNormal"><span style="font-family: arial;">Other articles:</span><o:p></o:p></p><h4 style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 20px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; position: relative; text-align: left;"><a href="http://medveskylaw.blogspot.com/2016/05/bankruptcy-can-i-keep-my-house-is-that.html" target="_blank">Bankruptcy - “Can I keep my house?” - is that the best question?</a></h4><h4 style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 20px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; position: relative; text-align: left;"><br /><a href="http://medveskylaw.blogspot.com/2016/05/bankruptcy-and-equity-in-your-home-part_29.html" target="_blank">Bankruptcy and equity in your home Part 1: What is equity?</a></h4><h4 style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 20px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; position: relative; text-align: left;"><br /><a href="http://medveskylaw.blogspot.com/2016/06/bankruptcy-and-equity-in-your-home-part_11.html" target="_blank">Bankruptcy and equity in your home Part 2: How does equity impact my choices? Can you own too much of your home?</a></h4><div><br /></div><div><h3 class="post-title entry-title" itemprop="name" style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 20px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; position: relative;"><a href="http://medveskylaw.blogspot.com/2016/07/bankruptcy-and-equity-in-your-home-part.html" target="_blank">Bankruptcy and equity in your home Part 3 (final): I have too much equity in my home ... now what?</a></h3></div><div style="text-align: left;"><br /></div><div style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 14.85px; text-align: left;"><span style="font-family: arial;">#bankruptcy #Chapter7 #MontgomeryCounty #lawfirm #BucksCounty #Pennsylvania</span></div>mmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.com0tag:blogger.com,1999:blog-2713495528764553736.post-66109145785288879652021-07-03T18:35:00.002-04:002021-07-03T18:50:38.197-04:00Mortgage relief coming to an end ... Now what?<p><table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5NLdbXfBzyGfeuFrU8RMGr9iORaT36bJrmAbKG4q6zjH3c7ygopPPI95_s9t0WFmC5iJn5KUlAk9tayCO7aFdMfkW2lA8HUYhsbbZK3lvaC5jQo2tsTf8lFr39CizrkanJV1rpmceD6LK/s400/Foreclosure.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="363" data-original-width="400" height="181" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5NLdbXfBzyGfeuFrU8RMGr9iORaT36bJrmAbKG4q6zjH3c7ygopPPI95_s9t0WFmC5iJn5KUlAk9tayCO7aFdMfkW2lA8HUYhsbbZK3lvaC5jQo2tsTf8lFr39CizrkanJV1rpmceD6LK/w200-h181/Foreclosure.jpg" width="200" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><em style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 11.88px;"><span style="font-size: xx-small;">Image courtesy of Stuart Miles at FreeDigitalPhotos.net</span></em></td></tr></tbody></table><span style="font-family: arial;">The mortgage forbearance period is coming to an end and homeowners are months behind on their mortgage payments. What happens next. The expectations are that homeowners will work out repayment plans with their lenders. Some will just extend their mortgages and add the missed payments to the back of the loan. Some will temporarily increase their payments for a period of time before it goes back to normal. Some people may be able to refinance completely and others may opt to sell in this market. I have had a couple clients go into and come out of forbearance periods successfully since this all started. But as we all know, nothing is perfect and some borrowers will find themselves unable to work out a plan with their mortgage companies. </span></p><p><span style="font-family: arial;">If working with your mortgage doesn't work, you may have another option; Chapter 13 Bankruptcy. Chapter 13 allows you to take up to 5 years to catch up on your mortgage. You will be required to start paying your regular mortgage payment and make another payment to a Trustee to pay your mortgage arrears. But, if you can do that, the mortgage company has no real say accepting the back payments over 5 years. If you find yourself out of options with the mortgage company and want to save your home, talk to a bankruptcy attorney. </span></p><p><span style="font-family: arial;"></span></p><p><span style="font-family: arial;">If you want assistance, legal representation, or just want to know more about Mark Medvesky or our firm of Wells, Hoffman, Holloway & Medvesky LLP, check out our website at <a href="http://www.whhmlaw.com">www.whhmlaw.com</a>.</span></p><div><span style="font-family: arial;">#bankruptcy #Chapter7 #Chapter13 #MontgomeryCounty #lawfirm #BucksCounty #Pennsylvania</span></div><p><span style="font-family: arial;">Another article:</span></p><p><span style="font-family: arial;"> <i><b><a href="https://www.cnbc.com/2021/07/02/mortgage-servicers-brace-for-fallout-as-covid-bailout-comes-to-an-end.html?__source=sharebar|facebook&par=sharebar&fbclid=IwAR0xXAiOCSGQyAmvQEfANwiVlyJ6rOYgDgRnNWlj6mRvAZ0op1zvbXuOM3s">Mortgage servicers brace for fallout as Covid bailout comes to an end</a></b></i></span></p>mmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.com1tag:blogger.com,1999:blog-2713495528764553736.post-77831607274268077502020-08-16T10:05:00.000-04:002020-08-16T10:05:37.234-04:00Credit Unions - not your friend in bankruptcy<span style="font-family: arial;">Many people love working with their credit union. Credit Unions generally offer better interest rates and can have an easier lending process. Their service is more personable too. These are valid reasons to use a credit union. <table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi42hbksWBrNRDqTKi_-l3QBHdJp8ORqrIOgaD11f1VU6FtWfJeXQzqZR0ICC3fC684GZ54GqhmcWfhHkeEwmmFhHCCQUeczcnvpsuXKTaluSRtKmXcCIzsgPP_vqL0KIzNAG4-zbZDXbi7/s400/Safe.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="300" data-original-width="400" height="192" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi42hbksWBrNRDqTKi_-l3QBHdJp8ORqrIOgaD11f1VU6FtWfJeXQzqZR0ICC3fC684GZ54GqhmcWfhHkeEwmmFhHCCQUeczcnvpsuXKTaluSRtKmXcCIzsgPP_vqL0KIzNAG4-zbZDXbi7/w256-h192/Safe.jpg" width="256" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><em style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 11.88px;"><span style="font-size: x-small;">Image courtesy of David Castillo Dominici <br />at FreeDigitalPhotos.net</span></em></td></tr></tbody></table></span><div><span style="font-family: arial;"><br /></span><div><span style="font-family: arial;">What many people don't think about is credit unions are membership based. The rules and their practices are a little different from a bank. Most have policies that if a member causes the credit union to lose money (i.e. discharge a debt/credit card in bankruptcy), the customer can no longer be a member. The credit union will terminate the customer's checking and savings accounts as well as no longer provide loans. </span></div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;">Another issue is <a href="https://www.investopedia.com/articles/personal-finance/080316/crosscollateral-loan-how-does-it-work.asp">Cross Collateralization</a>. Most credit unions set up their loans to be cross-collateral loans. Let's say a customer goes into a credit union to apply for a car loan and, to so, opens a shares account for checking and savings. After financing a car for $25,000, the same customer applies and receives a credit card with a limit of $10,000. As time passes, the car loan is reduced to 15,000 but the customer max's out the card increasing his/her credit card debt to $10,000. Unknowingly, the agreement the customer signed when opening the accounts and applying for the credit, he/she agreed to secure all the credit to any collateral on any loan. As a result, the loan amount against the car is still $25,000. </span></div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;">This can be disheartening when a person is trying to dig out of a financial hole and need their car to do so. There may be other options (like redemption - a topic for another blog) but it complicates the case. </span></div><div><span style="font-family: arial;"><br /></span></div><div><div style="background-color: white; color: #333333;"><div class="separator" style="clear: both;"><span style="font-family: arial;">If you want assistance, legal representation, or just want to know more about me, Mark M. Medvesky, or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at <a href="http://www.whhmlaw.com/" style="color: #6699cc; text-decoration-line: none;">www.whhmlaw.com</a>.</span></div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;">We are working with clients via telephone, internet and video conferencing during this time. We are starting to accept office appointments as well.</span></div><div><span style="font-family: arial;"><br /></span></div><div><span style="font-family: arial;">Other Blog entries: </span></div><div><span style="font-family: arial;"><br /></span></div><div><h3 class="post-title entry-title" itemprop="name" style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; position: relative;"><span style="font-family: arial; font-size: medium; font-weight: normal;"><a href="http://medveskylaw.blogspot.com/2015/07/why-would-i-do-that-change-banks-before.html" target="_blank">Why would I do that? ... change banks before filing for bankruptcy</a></span></h3><div><br /></div><div><h3 class="post-title entry-title" itemprop="name" style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; position: relative;"><span style="font-weight: normal;"><span style="font-family: arial; font-size: medium;"><a href="http://medveskylaw.blogspot.com/2015/08/bankruptcy-secured-debt-unsecured-debt.html" target="_blank">Bankruptcy - Secured Debt, Unsecured Debt, Priority Debt ... should I care?</a></span></span></h3></div><div><span style="font-weight: normal;"><br /></span></div><div><h3 class="post-title entry-title" itemprop="name" style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; position: relative;"><span style="font-weight: normal;"><span style="font-family: arial; font-size: medium;"><a href="http://medveskylaw.blogspot.com/2015/03/study-shows-bankruptcy-can-give-fresh.html" target="_blank">Study shows Bankruptcy can give fresh start it promises</a></span></span></h3></div><div><span style="font-weight: normal;"><br /></span></div><div><span style="font-family: arial;">#bankruptcy #Chapter_7 #Chapter_13 #Montgomery_County #law_firm #Bucks_County #Pennsylvania</span></div></div></div></div></div>mmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.com0tag:blogger.com,1999:blog-2713495528764553736.post-28753325603570538322020-07-05T15:57:00.001-04:002020-07-05T15:57:59.827-04:00Hidden Income - Bankruptcy - Chapter 13<font face="arial"><table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRmNSOcNyFp7mmFRBXstAcKJ_pDzCSTZlTLN1tM8GlJ81noVl1ub30NTevysqjl21Gq2ZokDJtLQlpS0NYYEHh47x95kCS6wL7mvl88jNi6Gb9xKW1Km5u-CL4nRnVVbfmhqF6UvfY0L6d/s400/Locked+piggy+bank.jpg" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="400" data-original-width="283" height="256" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRmNSOcNyFp7mmFRBXstAcKJ_pDzCSTZlTLN1tM8GlJ81noVl1ub30NTevysqjl21Gq2ZokDJtLQlpS0NYYEHh47x95kCS6wL7mvl88jNi6Gb9xKW1Km5u-CL4nRnVVbfmhqF6UvfY0L6d/w181-h256/Locked+piggy+bank.jpg" width="181" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><font size="1"><em style="background-color: white; color: #333333; font-family: "times new roman", times, freeserif, serif;">Image courtesy of <br />Vichaya Kiatying-Angsulee <br /></em><em style="background-color: white; color: #333333; font-family: "times new roman", times, freeserif, serif;">at FreeDigitalPhotos.net</em></font></td></tr></tbody></table>Many people set their federal tax withholding amount well above the amount they need to pay their federal tax obligation. When they file their federal tax return, the receive a large refund. They feel like it is a bonus. I have some clients that regularly receive refunds of $3K to $5K. This is not a bonus. </font><div><font face="arial"><br /></font></div><div><font face="arial">This is the same as if you sent Amazon $500 for the purchase of a product that costs only $250 and receive a refund of $250. The extra money is already yours and always was yours. </font><span style="font-family: arial;">That is the way the bankruptcy law views it. It the Eastern District of Pennsylvania, the Trustee's office includes the refunds as part of the debtors' income. </span><div><font face="arial"><br /></font></div><div><font face="arial">In my experienc</font><span style="font-family: arial;">e, the Trustee wants the refund divided into 12 payments and added to the monthly plan p</span><span style="font-family: arial;">ayment going forward. For instance, after completing an extensive budget, the debtors (a couple) may show they have $500/month of disposable income to be paid into a chapter 13 plan. But the same couple has received over $4000 every year for the last 3 - 4 years in their federal tax refund. </span></div><div><font face="arial"><br /></font></div><div><font face="arial">The Trustee expects the debtors to adjust their monthly tax withholding figure to bring that refund back into the monthly income and paid into the plan. If you divide $4000 by 12 months, the debtors have $333/month to add to their disposal income of $500/month. As a result, the Trustee is expecting a proposed plan with a monthly payment of $833/month. This is hard for many people to understand because they do not see their refund as income. They are resistant to changing their withholdings. But without paying the additional amount, the Trustee will attempt to block the plan. </font></div><div><font face="arial"><br /></font></div><div><font face="arial">If a person is exploring a chapter 13 filing and usually have a large tax refund, the person needs to discuss this issue with their attorney. </font></div><div><font face="arial"><br /></font></div><div><font face="arial" size="2"><i>NOTE: I assume other jurisdictions handle this issue differently. Also, I expect some attorneys work a plan with an annual lump sum payment of the refund every year. I think adding an annual lump sum payment could complicate a plan. I could and would propose such a plan if a client wanted such a plan but my recommendation is to adjust withholdings and add the amount across the plan.</i></font></div><div><font face="arial"><br /></font></div><div><div class="separator" style="clear: both; color: #333333;"><font face="arial">If you want assistance, legal representation, or just want to know more about me, Mark M. Medvesky, or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at <a href="http://www.whhmlaw.com/" style="color: #6699cc; text-decoration-line: none;">www.whhmlaw.com</a>.</font></div><div style="color: #333333;"><font face="arial"><br /></font></div><div style="color: #333333;"><font face="arial">We are working with clients via telephone, internet and video conferencing during this time. We are starting to accept office appointments as well.</font></div><div style="color: #333333;"><font face="arial"><br /></font></div><div style="color: #333333;"><span style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 14.85px;">Other Blog entries:</span><font face="arial"> </font></div></div><div style="color: #333333;"><font face="arial"><br /></font></div><div style="color: #333333;"><h3 class="post-title entry-title" style="background-color: white; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; position: relative;"><font face="arial" size="3" style="font-weight: normal;"><a href="http://medveskylaw.blogspot.com/2018/02/bankruptcy-chapter-13-how-much-will-my.html">Bankruptcy Chapter 13 - How much will my monthly payment be? (Final - Part 4)</a></font></h3><div><a href="http://medveskylaw.blogspot.com/2018/01/bankruptcy-chapter-13-how-much-will-my.html" style="background-color: white; font-family: arial;">Bankruptcy Chapter 13 - How much will my monthly payment be? (Part 3)</a></div><div><div><h3 class="post-title entry-title" style="background-color: white; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; position: relative;"><span style="font-weight: normal;"><font face="arial" size="3"><a href="http://medveskylaw.blogspot.com/2017/12/bankruptcy-chapter-13-how-much-will-my.html">Bankruptcy Chapter 13 - How much will my monthly payment be? (Part 2)</a></font></span></h3></div><div><h3 class="post-title entry-title" style="background-color: white; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; position: relative;"><span style="font-weight: normal;"><font face="arial" size="3"><a href="http://medveskylaw.blogspot.com/2017/11/bankruptcy-chapter-13-how-much-will-my.html">Bankruptcy Chapter 13 - How much will my monthly payment be? (Part 1)</a></font></span></h3></div><div class="post-header" style="background-color: white; color: #999999; line-height: 1.6; margin: 0px 0px 1.5em;"><div class="post-header-line-1"></div></div></div></div><div><br /></div><div> </div><div><div><br /></div><div> <div><br /></div><div> </div></div></div></div>mmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.com0tag:blogger.com,1999:blog-2713495528764553736.post-83424759013298614632020-06-21T14:24:00.000-04:002020-06-21T14:24:09.095-04:00"Charged Off" - don't get so excited - Bankruptcy<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCySRlgvBW2MD5JmxM_SrQtltYp-KChWZgmZ80aX6JzNUUNnRsURJIiSDnVSfzyKN_QekCXNbPwxULS1R6PB_bvhGXsmTYRGGNW0R0NqTRfchhS5Q1l03IXLOeSH6NDUH9Kfg5WYT69T1a/s400/debt.jpg" imageanchor="1" style="clear: right; font-family: arial; margin-bottom: 1em; margin-left: auto; margin-right: auto; text-align: center;"><img border="0" data-original-height="356" data-original-width="400" height="182" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCySRlgvBW2MD5JmxM_SrQtltYp-KChWZgmZ80aX6JzNUUNnRsURJIiSDnVSfzyKN_QekCXNbPwxULS1R6PB_bvhGXsmTYRGGNW0R0NqTRfchhS5Q1l03IXLOeSH6NDUH9Kfg5WYT69T1a/w205-h182/debt.jpg" width="205" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><em style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 11.88px;"><span style="font-size: xx-small;">mage courtesy of Stuart Miles at FreeDigitalPhotos.net</span></em></td></tr></tbody></table><font face="arial">As we exit this Covid-19 crisis and start back to work, many people are going to find they are further behind on their debts than they realize. They will try to work it out but, i</font><font face="arial">n the end, will not be a</font><font face="arial">ble to make it. As a result, they w</font><font face="arial">ill be forced to stop pa</font><font face="arial">ying </font><font face="arial">the monthly credit card and loan payments.</font><div><font face="arial"><br /></font></div><div><font face="arial">After a period of non-payment, many debtors will receive notices their debt has been "charged off." The bank or credit card company is telling the IRS the debt is uncollectible. This is for the benefit of the bank or creditor. It allows the creditors to write the bad debt off as a business expense. </font><span style="font-family: arial;"><b>This doesn't mean you are released from the debt. </b>This is a common misconception I have found during my conversations with clients. The debt remains due and most likely will be transferred or sold to debt collection agency or debt buyer. </span></div><div><span style="font-family: arial;"><br /></span></div><div><font face="arial">It usually takes months of non-payment before a creditor charges off a debt. But keep in mind, many people are in months of forbearance already. My guess, just my personal opinion, is the creditors will carry the debt through through 2020 because they have enough losses already for this year. </font></div><div><font face="arial"><br /></font></div><div><font face="arial">So, if you are one of those people who find a notice like this in your mailbox that states your debt has been charged off, know that the notice does not end your responsibility to pay the debt. It is probably just the beginning of a new chapter to the life of your debt.</font></div><div><font face="arial"><br /></font></div><div><div style="background-color: white;"><div class="separator" style="clear: both; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 14.85px;"><span style="font-family: arial, helvetica, sans-serif;">If you want assistance, legal representation, or just want to know more about me, Mark M. Medvesky, or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at <a href="http://www.whhmlaw.com/" style="color: #6699cc; text-decoration-line: none;">www.whhmlaw.com</a>.</span></div><div style="color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 14.85px;"><span style="font-family: arial, helvetica, sans-serif;"><br /></span></div><div style="color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 14.85px;"><span style="font-family: arial, helvetica, sans-serif;">We are working with clients via telephone, internet and video conferencing during this time. We are starting to accept office appointments as well. </span></div><div style="color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 14.85px;"><span style="font-family: arial, helvetica, sans-serif;"><br /></span></div><div style="color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 14.85px;"><span style="font-family: arial, helvetica, sans-serif;">Other links:</span></div><div style="color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 14.85px;"><span style="font-family: arial, helvetica, sans-serif;"><br /></span></div><div><font color="#333333" face="arial, helvetica, sans-serif"><span style="font-size: 14.85px;"><a href="https://www.credit.com/blog/my-debt-was-charged-off-what-does-that-mean-120856/#:~:text=A%20charge%2Doff%20occurs%20when,profit%2Dand%2Dloss%20statement." target="_blank">What Does Charged Off as Bad Debt Mean?</a></span></font></div><div><font color="#333333" face="arial, helvetica, sans-serif"><a href="https://www.marketwatch.com/story/everything-you-need-to-know-about-a-charged-off-debt-2019-08-15">Everything you need to know about a charged-off debt</a></font></div><div><div><font face="arial"><a href="https://www.creditkarma.com/advice/i/what-is-a-charge-off" target="_blank">What is a charged-off account?</a></font></div><div><br /></div></div></div><div style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 14.85px;"><span style="font-family: arial, helvetica, sans-serif;"><br /></span></div><div style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 14.85px;"><font face="arial">#bankruptcy #Chapter_7 #Chapter_13 #Montgomery_County #law_firm #Bucks_County #Pennsylvania</font></div></div>mmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.com0tag:blogger.com,1999:blog-2713495528764553736.post-57537520127358903822020-06-20T09:42:00.000-04:002020-06-20T09:42:15.495-04:00Moving Forward after the Covid-19 crisis passes<div class="separator"><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody><tr><td style="text-align: center;"><img border="0" data-original-height="300" data-original-width="400" height="151" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTu8VyoBYGYi_uLRgLDYx6LqJZf7xHD9gpSNzcDdwr-VuFIqfwNw1-o104RjmUS3BQooWWlsLi8T6ObqDPFTRxD3uPimq_FBT_upK3h0HSWIYKrrNmWPfaXtmmP8VZrzvGrNlYVOG0luKO/w200-h151/Multi-paths.jpg" style="margin-left: auto; margin-right: auto;" width="200" /></td></tr><tr><td class="tr-caption" style="text-align: center;"><em style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 11.88px;"><span style="font-size: xx-small;">Image courtesy of David Castillo Dominici</span></em><br style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 11.88px;" /><em style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 11.88px;"><span style="font-size: xx-small;">at FreeDigitalPhotos.net</span></em></td></tr></tbody></table><div style="text-align: right;"><font size="1"></font></div></div><div><font face="arial">This is a post I am copying over from our Face Book page.</font></div><div><font face="arial"><br /></font></div><div><font face="arial">Many people are facing tough financial times during this pandemic. </font></div><div><font face="arial"><br /></font></div><div><font face="arial">According to:</font></div><div><i style="background-color: #fcfcfc; font-family: arial; font-variant-ligatures: common-ligatures;"><font size="5"><a href="https://www.forbes.com/sites/sarahhansen/2020/06/19/heres-how-badly-the-coronavirus-has-impacted-americans-personal-finances/#72c7476719ee" style="background-color: #fcfcfc; font-family: arial; font-variant-ligatures: common-ligatures;" target="_blank">Here’s How Badly The Coronavirus Has Impacted Americans’ Personal Finances</a> </font></i><span style="font-family: arial;">by</span><span style="font-family: arial;">: SARAH HANSEN, Forbes Staff, Forbes.com</span></div><div><font face="arial"><br /></font></div><div><font face="arial">"106 million</font></div><div><font face="arial">That’s the number of consumer loan accounts in forbearance, deferred payment, or natural disaster status as of May 31. At the end of April, just a month earlier, that number was 35 million...</font></div><div><font face="arial"><br /></font></div><div><font face="arial"> 16%</font></div><div><font face="arial">That’s the portion of consumers who said they are refinancing their debt... </font></div><div><font face="arial"><br /></font></div><div><font face="arial">$985.20</font></div><div><font face="arial">That’s the average budget shortfall American households are facing..."</font></div><div><font face="arial"><br /></font></div><div><font face="arial">As we emerge from this crisis, we will have many tough decisions to make on how to move forward. I am sure many people are already planning how to start their recovery. </font></div><div><font face="arial"><br /></font></div><div><font face="arial">Some people will think about taking money out of their IRA's or 401K's. I want to take a moment to remind people they do not necessarily need to spend down their retirement savings to make ends meet now. Under most circumstances, retirement accounts are protected in a bankruptcy case. </font></div><div><font face="arial"><br /></font></div><div><font face="arial">Also, as you set up a plan to move forward, consider how long the plan will take to complete. Many debt settlement plans, debt management plans, or consolidation loans are based on a multi-year plan. Paying minimum balances on credit cards can take decades.</font></div><div><font face="arial"><br /></font></div><div><font face="arial">What if after a year, the plan fails? Or a family takes another economic hit for another reason or a person miscalculates their ability to catch up? All the money the family put into the plan is gone and they find themselves where they started the year before. I find this common in my practice and that can be avoided.</font></div><div><font face="arial"><br /></font></div><div><font face="arial">Bankruptcy may be the best option. To file and complete a Chapter 7 Bankruptcy Case usually take months. A Chapter 13 Bankruptcy Case, which allows a debtor to pay what they can afford (as shown on paper), can usually take as little as 3 years and go on for as long as 5 years. The CARES act allows payments for up to 7 years. The key difference with a Chapter 13 payment plan is the Court and Trustee oversee the process and not the creditors. This helps to protect the debtor. </font></div><div><font face="arial"><br /></font></div><div><font face="arial">People should consider all the options as they plan their personal recovery from this crisis. </font></div><div><font face="arial"><br /></font></div><div><div class="separator" style="background-color: white; clear: both; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif;"><span style="font-family: arial, helvetica, sans-serif;">If you want assistance, legal representation, or just want to know more about me, Mark M. Medvesky, or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at <a href="http://www.whhmlaw.com/" style="color: #6699cc; text-decoration-line: none;">www.whhmlaw.com</a>.</span></div><div style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif;"><span style="font-family: arial, helvetica, sans-serif;"><br /></span></div><div style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif;"><span style="font-family: arial, helvetica, sans-serif;">We are working with clients via telephone, internet and video conferencing during this time. We are starting to accept office appointments as well. </span></div></div><div style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif;"><span style="font-family: arial, helvetica, sans-serif;"><br /></span></div><div style="background-color: white; color: #333333;"><span style="font-size: 14.85px;"><font face="arial">#bankruptcy #Chapter_7 #Chapter_13 #Montgomery_County #law_firm #Bucks_County #Pennsylvania</font></span></div>mmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.com0tag:blogger.com,1999:blog-2713495528764553736.post-16862646170745487052020-05-09T14:48:00.000-04:002020-05-09T14:48:59.531-04:00Look who needed bankruptcy help once too<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjHCkergHq46TQpAB0SD9eYwSCFNguH324WLw-bxoEZWoosu2zHUmJDDJ280c3SuFlVF5Hiu-aLs4dh1bxFeqbQuP09dxzZIBqT7x95sxeFf8QOBqcWROwWUQCiLDjlbIae6pQj3Y_okY0m/s1600/%25245+bill.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="1200" data-original-width="1600" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjHCkergHq46TQpAB0SD9eYwSCFNguH324WLw-bxoEZWoosu2zHUmJDDJ280c3SuFlVF5Hiu-aLs4dh1bxFeqbQuP09dxzZIBqT7x95sxeFf8QOBqcWROwWUQCiLDjlbIae6pQj3Y_okY0m/s320/%25245+bill.jpg" width="320" /></a></div>
<span style="font-family: Arial, Helvetica, sans-serif;">No one is immune from financial troubles and everyone needs help sometime in their lives. The analysts predict many people will find themselves on the financial ropes as we emerge from this crisis. If you find you are one of those who is struggling as the world opens up, don't think of bankruptcy as defeat. Look at it for what it is; a tool or opportunity to reset your financial life. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">I found this article, <i><b>"</b></i></span><i><b><span style="background-color: #fcfcfc; color: #333333; font-family: Arial, Helvetica, sans-serif; font-variant-ligatures: common-ligatures;">9</span><span style="background-color: #fcfcfc; color: #333333; font-family: Arial, Helvetica, sans-serif; font-variant-ligatures: common-ligatures;"> </span></b></i><span style="background-color: #fcfcfc; color: #333333; font-family: Arial, Helvetica, sans-serif; font-variant-ligatures: common-ligatures;"><i><b>Famous People That Went Bankrupt Before They Were Rich"</b></i> on <a href="https://www.forbes.com/sites/jrose/2019/02/19/9-famous-people-that-went-bankrupt-before-they-were-rich/#4a17da1f41cf" target="_blank">Forbes</a>. </span><br />
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<span style="background-color: #fcfcfc; color: #333333; font-family: Arial, Helvetica, sans-serif; font-variant-ligatures: common-ligatures;">Look who used bankruptcy protections to restart their financial lives:</span><br />
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<span style="background-color: #fcfcfc; color: #333333; font-variant-ligatures: common-ligatures;"><span style="font-family: Arial, Helvetica, sans-serif;"><b>Abraham Lincoln:</b> "</span></span><span style="background-color: white; color: #333333; font-family: roboto, "sans serif";">1833, a young Lincoln declared bankruptcy after a business he owned went under. His penalty for doing so was severe - Lincoln spent 17 long years repaying his creditors before he regained his financial footing and embarked on his journey to the U.S. presidency and the history books." (<a href="https://www.thestreet.com/personal-finance/what-is-chapter-7-bankruptcy-14995704" target="_blank">TheStreet</a>)</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="background-color: #fcfcfc; color: #333333; font-variant-ligatures: common-ligatures;"><b>Dave Ramsey: "</b></span><span style="background-color: #fcfcfc; color: #333333; font-variant-ligatures: common-ligatures;">Dave came out of the starting gate like a championship horse. By the age of 26, he built a portfolio </span><span style="background-color: #fcfcfc; color: #333333; font-variant-ligatures: common-ligatures;">of</span><span style="background-color: #fcfcfc; color: #333333; font-variant-ligatures: common-ligatures;"> </span>rental real estate<span style="background-color: #fcfcfc; color: #333333; font-variant-ligatures: common-ligatures;"> </span><span style="background-color: #fcfcfc; color: #333333; font-variant-ligatures: common-ligatures;">worth ov</span><span style="background-color: #fcfcfc; color: #333333; font-variant-ligatures: common-ligatures;">er $4 million through his brokerage firm, Ramsey Investments, Inc. He had become a superstar in the real estate market of his home state of Tennessee at a very tender age.</span></span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">But success didn’t last. His real estate holdings were heavily leveraged, and creditors began calling in his debts. This forced him to file for bankruptcy."</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><b>Walt Disney:</b> </span><span style="font-family: Arial, Helvetica, sans-serif;">"...from humble beginnings, Walt Disney showed entrepreneurial drive at an early age. But he also filed for bankruptcy, while still barely more than a teenager. And it <span style="box-sizing: border-box;">almost happened</span> a few years later, just before one of his greatest successes."</span></div>
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<span style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-variant-ligatures: common-ligatures;"><b>George Foreman: "</b></span><span style="color: #333333; font-family: Arial, Helvetica, sans-serif;"><span style="font-variant-ligatures: common-ligatures;">He retired from boxing, moved back to his hometown, and became an ordained Christian minister. He started a youth center for troubled children, where they could participate in sports. But the declining income led him to file for bankruptcy in 1983."</span></span></div>
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<span style="color: #333333; font-family: Arial, Helvetica, sans-serif;"><span style="font-variant-ligatures: common-ligatures;"><b>Elton John: </b>"... enjoyed a lavish lifestyle. In 2002, he declared bankruptcy after incurring huge debts on properties he owned all over the world. Wikipedia also confirms he went on a two-year spending spree – around 2000 – in which he spent about 1.5 million British pounds per month (well over $2 million per month)."</span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Anyone can fall on hard times no matter what is going on in the economy. Some of the most successful people we know of used bankruptcy to start over. Using the bankruptcy laws appropriately can help prevent </span><span style="font-family: Arial, Helvetica, sans-serif;">prolonged financial suffering created or worsened during this crisis. </span></div>
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<span style="font-family: arial, helvetica, sans-serif;">If you want assistance, legal representation, or just want to know more about me, Mark M. Medvesky, or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at <a href="http://www.whhmlaw.com/" style="color: #6699cc; text-decoration-line: none;">www.whhmlaw.com</a>.</span></div>
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<span style="font-family: arial, helvetica, sans-serif;">During the "stay at home" orders, we are working with clients via telephone, internet and limited video conferencing. </span></div>
mmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.com0tag:blogger.com,1999:blog-2713495528764553736.post-15218764269717519412020-04-19T19:43:00.000-04:002020-04-19T19:43:27.258-04:00A storm is coming and it is time to prepare now - Bankruptcy<span style="font-family: "arial" , "helvetica" , sans-serif;">I want to be clear, this blog is strictly my opinion and it based on the information I found. My research is by no means exhaustive and my conclusions could turn out to be wrong. But I truly believe this is the quiet before the storm and collection efforts on outstanding debt are going to explode as soon as restrictions on the court are lifted. Here is why I hold this belief.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">First, collection agencies and attorneys are businesses too. They have payroll and overhead expenses like any other business. People's livelihood rely on income from this industry. Most of them only make money when they collect money. They are not making money now and they are falling behind on there own bills too. The only way to catch up is to collect.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Second, they are planning for the courts to open. It may seem quiet for some (not all) because the law suits have slowed and local governments have set up temporary protections but creditors are working in the background. I did another quick check of the filings (the dockets) of Montgomery and Bucks Counties from March 1 to April 30, 2020 (April 18 actually) and I found 176 cases in Montgomery County and 132 cases filed in Bucks County. Again this is not an exhaustive search and these numbers may have some duplicates due to multiple parties (husband and wife). </span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Here are a couple interesting/concerning things I found:</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Creditors are setting up judgments for execution. I found several creditors filing numbers of district court judgments in county court. </span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8pspamsrdayY47BnUNuZ5K4Us-USGMN_brTKKExngMYHPCPhaIv7LOwRxDq8pf06EEVCt-k8aEA7SYQNx9hEsxzxnu7MMZJhIL1g9tY-Xh39d17IUD0mgAunbast3QvzqRphM2DKpPxgL/s1600/20200418+Mont+Co+Judgment+from+DJ+01.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="894" data-original-width="1001" height="569" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8pspamsrdayY47BnUNuZ5K4Us-USGMN_brTKKExngMYHPCPhaIv7LOwRxDq8pf06EEVCt-k8aEA7SYQNx9hEsxzxnu7MMZJhIL1g9tY-Xh39d17IUD0mgAunbast3QvzqRphM2DKpPxgL/s640/20200418+Mont+Co+Judgment+from+DJ+01.JPG" width="640" /></span></a></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="text-align: left;">The filings above set the creditors up to file for Writs of Execution that direct the Sheriff to go out to people's homes and levy against property and/or garnish bank accounts.</span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="text-align: left;">I also noticed that some creditors are still filing new cases. Several creditors have filed multiple new complaints while this crisis was developing and continued into the state shutdown.</span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">During this same time period, mortgage companies seemed to continued filing foreclosure complaints as well. Some people may be surprised after all the political talk about stopping foreclosure and evictions. That is all fine for now but it is temporary. </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="text-align: left;">Now realize that the cases above are for debts that accrued and the debtors defaulted prior to the current crisis. The cases were probably prepared before the full scope of the pandemic was understood. Also, these filing may even be less than normal but the creditors have not completely paused their efforts and continue to posture their cases to go forward.</span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Finally, in addition to the cases above, people now are falling behind on current debt and many are burning through their savings. Once we come out of this lock-down, people are going to find their debts have grown, their ability to pay has weakened, and, I expect, the demands for payment will be aggressive. </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The bottom-line is creditors and their collectors are taking a hit in their cash flow too. While they have to wait now, they are poised to start collecting as soon as the courts open. Also, they will have plenty of new accounts to collect as we start to come out to assess our damage. </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">They are preparing. Shouldn't you? </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="color: #333333;">If you want assistance, legal representation, or just want to know more about me, Mark M. Medvesky, or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at </span><a href="http://www.whhmlaw.com/" style="color: #6699cc; text-decoration-line: none;">www.whhmlaw.com</a><span style="color: #333333;">.</span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">During the "stay at home" orders, we are working with clients via telephone, internet and limited video conferencing. </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="text-align: left;">NOTE: this is similar to or an extension of my previous blog: </span></span></div>
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<h3 class="post-title entry-title" itemprop="name" style="background-color: white; color: #333333; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0px; position: relative;">
<a href="http://medveskylaw.blogspot.com/2020/04/corona-virus-finances-bankruptcy-part-4.html" target="_blank"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Corona virus, finances, bankruptcy ... Part 4 ... Credit Card Collections</span></a></h3>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Other Links:</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">‘<a href="https://www.marketwatch.com/story/its-really-a-question-of-when-the-coronavirus-pandemic-is-about-to-spawn-a-surge-in-bankruptcies-experts-say-2020-04-02" target="_blank">It’s really a question of when.’ The coronavirus pandemic is about to spawn a surge in bankruptcies, experts say</a></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><a href="https://news.bloomberglaw.com/bankruptcy-law/bankruptcy-lawyers-gird-for-an-onslaught-of-battered-companies" target="_blank">Bankruptcy Phones Ring Off the Hook; Firms Prep for Deluge (1)</a></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="text-align: left;"><a href="https://www.builderonline.com/money/economics/legal-index-shows-jump-in-consumer-financial-stress_o" target="_blank">LEGAL INDEX SHOWS JUMP IN CONSUMER FINANCIAL STRESS</a></span></span></div>
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<br />mmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.com0tag:blogger.com,1999:blog-2713495528764553736.post-23907094986826747592020-04-10T22:14:00.000-04:002020-04-10T22:14:50.402-04:00Corona virus, finances, bankruptcy ... Part 4 ... Credit Card Collections<span style="font-family: Arial, Helvetica, sans-serif;">There is much talk about "forbearance," "deferral" and other "loan assistance" programs. What does that mean for people who were already behind on their credit cards, mortgages, and other loans? If collection efforts for those debts have stopped, I have not seen any evidence to that fact.</span><div>
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<span style="background-color: white; color: #1c1e21;"><span style="font-family: Arial, Helvetica, sans-serif;">I received a call two weeks ago from a potential client. A collection law firm filed a law suit against him on March 23, the same day Gov. Wolf issued the stay at home order for the Philadelphia suburban counties. This week, a new client hired me after the county sheriff showed up at her door with a Writ of Execution for a judgment on a credit card debt. </span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRN3MAEcM5C9CRFM8rNYqkykRGlHH_THkRg3ZfRN5vI4WGdUcJEA8bYUM3WCGsau4dseqc74Nmbn3OuzVXI5BIFrPivnla0BFIkhEa3P8-7MLMpcMkBrk_V1RWnHJZ4fpCmNuf2VMcG8JA/s1600/202004+MontCo+Docket.JPG" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="895" data-original-width="1238" height="288" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRN3MAEcM5C9CRFM8rNYqkykRGlHH_THkRg3ZfRN5vI4WGdUcJEA8bYUM3WCGsau4dseqc74Nmbn3OuzVXI5BIFrPivnla0BFIkhEa3P8-7MLMpcMkBrk_V1RWnHJZ4fpCmNuf2VMcG8JA/s400/202004+MontCo+Docket.JPG" width="400" /></a><span style="font-family: Arial, Helvetica, sans-serif;"><span style="background-color: white; color: #1c1e21;">As I was thinking about this issue, I looked up the filings in the Montgomery County Court, Pennsylvania </span><span style="background-color: white; color: #1c1e21;">using the search term "bank." I </span><span style="background-color: white; color: #1c1e21;">found that 175 cases have been filed between March 1 and April 10, 2020. The last case filed was a mortgage foreclosure complaint filed yesterday, April 9, 2020 b</span><span style="background-color: white; color: #1c1e21;">y </span><span style="background-color: white; color: #333333;">DEUTSCHE BANK NATIONAL TRUST COMPANY. There were numerous actions to file Judgments from District Justices in the county court, which create liens and allows creditors to execute on the judgments by taking actions like garnishing bank accounts.</span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="background-color: white; color: #333333;">Since the courts in this area are closed for the most part now, I do not expect much activity on these filings now. But, once the courts reopen, I expect things to start moving quickly. </span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="background-color: white; color: #333333;">While there are programs out there to help people who started having trouble making payments during this crisis, they do not seem set up to help people who were behind before this started. It appears that the collection attorneys are readying their cases to go as soon as the courts open up again. </span></span></div>
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<span style="background-color: white; color: #333333; font-family: arial, helvetica, sans-serif; font-size: 14.85px;">If you want assistance, legal representation, or just want to know more about me, Mark M. Medvesky, or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at </span><a href="http://www.whhmlaw.com/" style="background-color: white; color: #6699cc; font-family: arial, helvetica, sans-serif; font-size: 14.85px; text-decoration-line: none;">www.whhmlaw.com</a><span style="background-color: white; color: #333333; font-family: arial, helvetica, sans-serif; font-size: 14.85px;">.</span></div>
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<span style="background-color: white; color: #333333; font-family: arial, helvetica, sans-serif; font-size: 14.85px;">During the "stay at home" orders, we are working with clients via telephone, internet and limited video conferencing. </span></div>
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<span style="color: #111111; text-transform: uppercase;"><span style="font-family: Arial, Helvetica, sans-serif;"><a href="https://theintercept.com/2020/03/27/debt-collection-industry-deems-itself-essential-to-financial-health-of-consumers-fights-covid-shutdown/?fbclid=IwAR2wM9cTt7CViwRaK6TFbSWJYSQVHR1uOcC79fzqn78KfYEC4l3SdTF77UA" target="_blank">DEBT COLLECTION INDUSTRY DEEMS ITSELF ESSENTIAL TO “FINANCIAL HEALTH” OF CONSUMERS, FIGHTS COVID-19 SHUTDOWN</a></span></span></div>
mmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.com2tag:blogger.com,1999:blog-2713495528764553736.post-91132661340126037842020-04-04T13:32:00.000-04:002020-04-28T19:12:02.383-04:00Corona virus, finances, bankruptcy ... Part 3 ... "Forbearance"<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-size: xx-small;">Photo posted on Facebook page of the Consumer Bankruptcy Attorneys <br />Case Law, Practice Management & CLE group</span></td></tr>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><b>04/28/2020 - UPDATE:</b> Federal backed mortgages will not require immediate pay back of missed payment while a mortgage was in </span><span style="font-family: "arial" , "helvetica" , sans-serif;">forbearance. "... <span style="background-color: white;">the<a href="https://www.fhfa.gov/Media/PublicAffairs/Pages/No-Lump-Sum-Required-at-the-End-of-Forbearance-says-FHFAs-Calabria.aspx" target="_blank"> Federal Housing Finance Agency (FHFA)</a> reiterated that borrowers in forbearance with a Fannie Mae or Freddie Mac (the Enterprises)-backed mortgage are not required to repay the missed payments in one lump sum...</span></span><br />
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<span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif;">If the hardship has not been resolved, the forbearance plan can be extended. If the hardship has been resolved, the servicer will work with the borrower to:</span><br />
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<li style="border: 0px; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: 16px; margin: 0px 0px 0px 20px; padding: 0px 0px 10px; vertical-align: baseline;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Set up a repayment plan;</span></li>
<li style="border: 0px; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: 16px; margin: 0px 0px 0px 20px; padding: 0px 0px 10px; vertical-align: baseline;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Modify the loan so the borrower's payments are added to the end of the mortgage; or</span></li>
<li style="border: 0px; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: 16px; margin: 0px 0px 0px 20px; padding: 0px 0px 10px; vertical-align: baseline;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Set up a modification that reduces the borrower's monthly mortgage payment." </span></li>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><a href="https://www.benefits.va.gov/HOMELOANS/documents/circulars/26_20_12.pdf" target="_blank">VA Mortgages</a> have similar protections. It is estimated this covers about 60% of mortgages. Many will benefit from this program but there are always people who get snagged in the bureaucracy and are left out. I still recommend this program only be used if necessary. </span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><b>04/04/2020 - Original Post</b></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">As the "Stay at Home" orders are extended and finances grow tighter, people are looking for options to lessen the economic pressures at home. One of the programs being offered is mortgage forbearance. That may be an option for people but they need to understand what that means and only use it if they need it.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Forbearance does not "forgive" that month's payment or those months' payments. It doesn't extend the payments by adding them to the end of the loan; that is a loan modification. Forbearance merely puts the payments off for a few months and then they need to be caught up, possibly all at the same time. </span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">For instance, if your mortgage is $1,500.00/month and you ask for 3 months forbearance that covers April, May, and June, in July, your bank will expect all four months of mortgage of payments or $6,000.00 at one time to cover April through July. You may be to work out additional terms with you bank but the initial expectation it to catch up the loan. </span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">For some people, this may be a suitable amount of relief and for others it may be a necessary evil. If you absolutely need this relief, use it. Just understand what the terms are. If you start a forbearance and find you don't need it, put your mortgage payments away as a safety net during this time and you may have it to pay up your mortgage after this crisis is over. If you know you will not be able to make up the payments in the short term, be ready for the next step. </span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Some banks may offer a "catch up" payment plan such as a regular payment and an additional 1/2 monthly payment for 6 months. Maybe you will need to apply for a loan modification. If you believe may need a loan modification, start looking at your bank's loan modification program and its requirements now. I cannot tell you how you will need to make up your back payments; just realize you will not automatically just start up where you left off and continue until the mortgage is paid. If a people cannot work out a catch up plan with the bank, they may be able to use Chapter 13 bankruptcy protection to catch up their mortgage. </span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span><span style="font-family: "arial" , "helvetica" , sans-serif;">I recommend people don't use forbearance if they do need it but forbearance on a mortgage may be a necessary evil for a family during this crisis. People need to understand there will be more to do and what options they may have after the crisis passes. They will have additional decisions to make and steps to take.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; color: #333333;">If you want assistance, legal representation, or just want to know more about me, Mark M. Medvesky, or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at </span><a href="http://www.whhmlaw.com/" style="background-color: white; color: #6699cc; text-decoration-line: none;">www.whhmlaw.com</a><span style="background-color: white; color: #333333;">.</span></span>mmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.com0tag:blogger.com,1999:blog-2713495528764553736.post-58355284264501788022020-03-22T14:28:00.000-04:002020-03-22T14:30:33.774-04:00Corona virus, finances, bankruptcy ... Part 2 ... Government Assistance<div class="separator" style="clear: both; text-align: center;">
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<em style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif; font-size: 11.88px;"><span style="font-size: xx-small;">FreeDigitalPhotos.net</span></em></td></tr>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">We will make it through this. There is relief available to help people get back on track. Government programs are starting to ramp up but, remember, they have their limitations. Additional help may be needed.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">As the crisis worsens, Federal and Local governments are attempting to offer financial relief to the public. One of the actions I have seen in the news is a Federal Government program. </span><span style="background-color: white; color: #333333; font-size: 17px;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Federal regulators </span></span><span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="color: #3f4148;">announced a </span><a href="https://www.npr.org/2020/03/19/818343720/homeowners-hurt-financially-by-the-coronavirus-may-get-a-mortgage-break" target="_blank">Freddie Mac and Fannie Mae federal mortgage relief plan</a> </span><span style="font-family: "arial" , "helvetica" , sans-serif;">that can give up to a yearlong break on mortgage payments. The announcement is new and I am not sure many details are available. The article (linked above) indicates:</span><br />
<blockquote class="tr_bq">
<span style="background-color: white; color: #333333;"><i><span style="font-family: "arial" , "helvetica" , sans-serif;">"Under the plan, people who have suffered a loss of income can qualify to make reduced payments or be granted a complete pause in payments."</span></i></span></blockquote>
<span style="font-family: "arial" , "helvetica" , sans-serif;">Homeowners need to follow the plan and have responsibilities too:</span><br />
<blockquote class="tr_bq">
<span style="font-family: "arial" , "helvetica" , sans-serif;"> <span style="background-color: white; color: #333333;"><i>"'That forbearance is up to 12 months, depending on their particular situation,' says Mark Calabria, director of the Federal Housing Finance Agency, which oversees Fannie and Freddie.</i></span></span></blockquote>
<blockquote class="tr_bq">
<span style="background-color: white; color: #333333;"><i><span style="font-family: "arial" , "helvetica" , sans-serif;">Homeowners can't just stop paying their mortgage. 'They need to contact their servicer — that is the lender that they send the check to every month,' he says. 'That lender will work with them to be able to work out a payment plan. Obviously, we hope to get them back on their feet as soon as possible.'"</span></i></span></blockquote>
<span style="font-family: "arial" , "helvetica" , sans-serif;">And here is the keys homeowners need to keep in mind:</span><br />
<ul>
<li><span style="font-family: "arial" , "helvetica" , sans-serif;">Not all mortgage loans are Freddie Mac and Fannie Mae backed loans;</span></li>
<li><span style="font-family: "arial" , "helvetica" , sans-serif;">A homeowner must "qualify" for this program, which will probably be easy at first and, I suspect, harder as we recover; and</span></li>
<li><span style="font-family: "arial" , "helvetica" , sans-serif;">This is not a forgiveness program, everyone will ultimately need to make up all payments they missed at some point. </span></li>
</ul>
<span style="font-family: "arial" , "helvetica" , sans-serif;">So my point? There may be help and temporary relief out there for homeowners but they need to understand what it is, how it works now, and pay attention to how it changes as we exit this crisis. Keep in mind, if a mortgage payment is $1,500/month and the homeowner has to skip 3 months due to lay-offs or other loss of income, the outstanding balance due in month four will be $6,000. The amount owed does not change. The critical issue is how will catch up payments work? I do not think we have an answer. From what I have read so far, it seems it will be up to the bank and homeowner to negotiate.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Many of us will have no choice but to use this assistance. So, use this relief as necessary. I recommend people try to use only what they need. I know that is easier said than done. If people find themselves missing more payments than they can afford to pay back in the time the bank wants to allow, bankruptcy laws may be the additional help they need. Chapter 13 is set up to let people catch up their mortgage payments over 5 years if needed. Keep in mind, there is other help available beyond the temporary measures being offered now. </span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="background-color: white; color: #333333;"><span style="font-family: "arial" , "helvetica" , sans-serif;">If you want assistance, legal representation, or just want to know more about me, Mark M. Medvesky, or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at <a href="http://www.whhmlaw.com/" style="color: #6699cc; text-decoration-line: none;">www.whhmlaw.com</a>.</span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Other Links:</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><a href="http://www.freddiemac.com/about/covid-19.html" target="_blank">Freddie Mac.com Covid-19 Response</a></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><a href="https://www.fanniemae.com/portal/covid-19.html" target="_blank">Fannie Mae Covid-19 Approach</a></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><a href="https://www.bankrate.com/mortgages/mortgage-lenders-offer-help-to-borrowers-affected-by-coronavirus/" target="_blank">Bankrate.com Mortgage lenders offer help to borrowers affected by coronavirus</a></span><br />
<a href="https://www.bankrate.com/mortgages/programs-to-freeze-foreclosures-evictions-from-coronavirus-disruptions/" target="_blank"><span style="font-family: "arial" , "helvetica" , sans-serif;">Bankrate.com - Programs to freeze foreclosures and evictions</span></a><br />
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<span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: 14.85px;">#bankruptcy Chapter7 #Chapter13 #MontgomeryCounty #lawfirm #BucksCounty #Pennsylvania</span>mmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.com0tag:blogger.com,1999:blog-2713495528764553736.post-35279502304499877212020-03-15T20:40:00.000-04:002020-03-22T10:43:45.412-04:00Corona virus, finances, bankruptcy ... Part 1 ... Budget and 401(K)<span style="font-family: "arial" , "helvetica" , sans-serif;">I hope this blog makes sense. Like anyone reading this during this time, my head is spinning. I am thinking about keeping people, clients and employees, coming into my office safe; how I keep my office going to the extent I can; my kids are home from school for at least the next two weeks; and just the uncertainty for the near future. So, if my thoughts are not clear here, I apologize now.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Whether you believe the events and precautions surrounding the Corona virus are necessary actions or just mass hysteria, the fact is people are probably going to suffer financially as well as medically as a result of this pandemic. </span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">I think about those families that are just on the edge of becoming financially healthy. The economy was growing and the job rates showed signs of joblessness dropping across all communities. Now, faced with the uncertainty of the effect on the economy; schools and daycare closed in my state; the temporary loss of income; and the dramatic loss in the markets, I sense there will be a renewed sense of desperation among families who are on the financial edge.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">If a person was struggling financially before this pandemic, it probably isn't going to get better during this crisis. If people felt themselves climbing out of a hole, they may feel their progress is starting to stall. Don't let this crisis take all you have earned over the last few years. This may be the time to consider (or reconsider) filing for bankruptcy protection. </span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">During the time of financial crisis, many people reach into their retirement accounts to make ends meet. Most times, emptying a 401(k) plan is not the answer. I work with people who spent down their retirements funds or never saved and now are trying to live on Social Security alone. Considering how many clients I have filing for bankruptcy whose only income is social security, I cannot stress it enough, I believe people should file for bankruptcy before using retirement money for debts. In most case, retirement accounts are protected in bankruptcy. </span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">During this time, people need to examine their budget. I recommend people prioritize payments. People need a place to live. If a person does not want to move, I would argue rent or mortgage holds the highest priority. Not only do people need a place to live, rent or mortgage is usually their largest bill making it harder to catch up after missing one, two or three payments. </span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">After paying for your home, utilities, food. car, and transportation are competing for your money. These may not be everyone's priorities but, I would argue, everyone should review their payments and set their priorities. Skipping important payments to pay lesser bills can make a bad situation worse. </span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">If a person cannot make ends meet after taking these steps, this may be the time to consider bankruptcy. Think about it as part of your crisis plan. This can be part of the actions to keep a family financially healthy during this global pandemic.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; color: #333333;">If you want assistance, legal representation, or just want to know more about me, Mark M. Medvesky, or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at </span><a href="http://www.whhmlaw.com/" style="background-color: white; color: #6699cc; text-decoration-line: none;">www.whhmlaw.com</a><span style="background-color: white; color: #333333;">.</span></span><br />
<span style="background-color: white; color: #333333;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /> <span style="color: #004c99;"><a href="https://www.blogger.com/null" style="color: #6699cc; text-decoration-line: none;"></a><a href="https://www.blogger.com/null" style="color: #6699cc; text-decoration-line: none;"></a><a href="https://www.blogger.com/null" style="color: #6699cc; text-decoration-line: none;"></a><a href="https://www.blogger.com/null" style="color: #6699cc; text-decoration-line: none;"></a><a href="https://www.blogger.com/null" style="color: #6699cc; text-decoration-line: none;"></a><a href="https://www.blogger.com/null" style="color: #6699cc; text-decoration-line: none;"></a><a href="https://www.blogger.com/null" style="color: #6699cc; text-decoration-line: none;"></a><span style="color: black;">#bankruptcy Chapter7 #Chapter13 #MontgomeryCounty #lawfirm #BucksCounty #Pennsylvania</span></span></span></span>mmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.com0tag:blogger.com,1999:blog-2713495528764553736.post-69286444694826291682019-08-11T18:18:00.000-04:002019-08-11T18:20:45.106-04:00USCIS Forms Update Notice <span style="font-family: "arial" , "helvetica" , sans-serif;">From the USCIS Bulletin:</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbmPNoi1bvjUY2E4zgMiuja6qmoLEiWJIiN_oth3fkZLXE9tsdP6QIiTMTeCcLLZKvBzdnNM5dfq0spD7BJXVhiGmRfeBWYtWYXRmqOuDLMoVEcjyILV-NP3wd7dVsFkXnZf8iQQf9iEhM/s1600/DHS.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="490" data-original-width="488" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbmPNoi1bvjUY2E4zgMiuja6qmoLEiWJIiN_oth3fkZLXE9tsdP6QIiTMTeCcLLZKvBzdnNM5dfq0spD7BJXVhiGmRfeBWYtWYXRmqOuDLMoVEcjyILV-NP3wd7dVsFkXnZf8iQQf9iEhM/s200/DHS.jpg" width="198" /></a></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">USCIS Forms Update Notice </span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">Update to <a href="https://www.uscis.gov/i-693?utm_source=rss-feed&utm_campaign=Forms%20Updates" target="_blank">Form I-693, Report of Medical Examination and Vaccination Record</a>; </span><span style="font-family: arial, helvetica, sans-serif;">New Edition Dated 07/15/19</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">Update to <a href="https://www.uscis.gov/i-601?utm_source=rss-feed&utm_campaign=Forms%20Updates" target="_blank">Form I-601, Application for Waiver of Grounds of Inadmissibility</a>; </span><span style="font-family: arial, helvetica, sans-serif;">New Edition Dated 07/03/19</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">Update to <a href="https://www.uscis.gov/i-821?utm_source=rss-feed&utm_campaign=Forms%20Updates" target="_blank">Form I-821, Application for Temporary Protected Status</a>; </span><span style="font-family: arial, helvetica, sans-serif;">New Edition Dated 07/03/19</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">It is important to check for the most recent forms. </span><span style="background-color: white; color: #333333; font-family: "arial";">For more information on </span><span class="highlight" id="0.2581036848688934" name="searchHitInReadingPane" style="color: #333333; font-family: "arial";">U</span><span class="highlight" id="0.7376640854002925" name="searchHitInReadingPane" style="color: #333333; font-family: "arial";">S</span><span style="background-color: white; color: #333333; font-family: "arial";">CIS </span><span class="highlight" id="0.19349420050000698" name="searchHitInReadingPane" style="color: #333333; font-family: "arial";">and</span><span style="background-color: white; color: #333333; font-family: "arial";"> its programs, you can visit </span><a href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJlbWFpbCI6Im1hcmtAbWVkdmVza3lsYXcuY29tIiwiYnVsbGV0aW5fbGlua19pZCI6IjEwNCIsInN1YnNjcmliZXJfaWQiOiI0Mjk0NTQxMjAiLCJsaW5rX2lkIjoiMTA3ODAzMTQiLCJ1cmkiOiJicDI6ZGlnZXN0IiwidXJsIjoiaHR0cDovL3d3dy51c2Npcy5nb3YvIiwiYnVsbGV0aW5faWQiOiIyMDE3MDYyNi43NTExNzE0MSJ9.AI84FuPcOWwdVXG1PfXfuZb_h-yjB_JlJU9kPAezFaU" rel="noopener noreferrer" style="color: #6699cc; 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color: #333333; font-family: "arial";"> Instagram </span><a href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJlbWFpbCI6Im1hcmtAbWVkdmVza3lsYXcuY29tIiwiYnVsbGV0aW5fbGlua19pZCI6IjEwOCIsInN1YnNjcmliZXJfaWQiOiI0Mjk0NTQxMjAiLCJsaW5rX2lkIjoiMTA0ODQ4MzA1IiwidXJpIjoiYnAyOmRpZ2VzdCIsInVybCI6Imh0dHBzOi8vd3d3Lmluc3RhZ3JhbS5jb20vdXNjaXMvIiwiYnVsbGV0aW5faWQiOiIyMDE3MDYyNi43NTExNzE0MSJ9.YgJ4YTJsSaTn0WeEM4dUg5bDkHHWlgSeSyq7BXNviLo" rel="noopener noreferrer" style="color: #6699cc; font-family: arial; text-decoration-line: none;" target="_blank"><span style="color: #336699;">(@<span class="highlight" id="0.7030663671683308" name="searchHitInReadingPane">u</span><span class="highlight" id="0.2043125605176836" name="searchHitInReadingPane">s</span>cis</span></a><span style="background-color: white; color: #333333; font-family: "arial";">)."</span><br />
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<span style="background-color: white; color: #333333; font-family: "arial";"><span style="font-family: "arial" , "helvetica" , sans-serif;">If you want to know more about Mark Medvesky or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at </span><a href="http://www.medveskylaw.com/" style="color: #6699cc; text-decoration-line: none;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="color: #336699;">www.whhmlaw.com</span></span></a><span style="font-family: "arial" , "helvetica" , sans-serif;">.</span></span><br />
<span style="background-color: white; color: #333333; font-family: "arial" , "helvetica" , sans-serif;"><br /></span><span style="background-color: white; color: #333333; font-family: "times new roman" , "times" , "freeserif" , serif;"></span><span style="background-color: white; color: #333333; font-family: "arial" , "helvetica" , sans-serif;">#BucksCounty #Immigration #lawyer #lawyers, #MontgomeryCounty #Souderton #Law_Firm</span><br />
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<br />mmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.com0tag:blogger.com,1999:blog-2713495528764553736.post-62841813335051689092019-07-09T20:32:00.000-04:002019-07-09T20:45:47.027-04:00Quick Tip: Bankruptcy - plan to start using all cash again<span style="font-family: "arial" , "helvetica" , sans-serif;">When my clients come into my office to talk about bankruptcy, many of them are paying the minimum on their credit cards and then placing all their living costs on the cards. It is a vicious cycle that needs to stop for obvious reasons.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">One reason to stop using credit cards is the bankruptcy code. Some charges made close to the time of filing bankruptcy may not be discharged. The bankruptcy code states "<b>consumer debts owed to a single creditor (over a certain amount) ... for luxury goods or services incurred by an individual
debtor on or within 90 days</b> before the order for relief under this title ... and ... <b>cash advances (over a certain amount) </b>... that are
extensions of consumer credit under an open end credit plan obtained by an
individual debtor on or<b> within 70 days </b>before the order for relief under this
title, are presumed to be nondischargeable ..." While I find many credit charges do not meet the presumptions </span><span style="font-family: "arial" , "helvetica" , sans-serif;">defined above</span><span style="font-family: "arial" , "helvetica" , sans-serif;">, no one wants to chance going through bankruptcy and not have the debt discharged.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Another reason more practical is the cards go away. Once someone files bankruptcy, the cards are gone. If a client is using credit cards, I suggest it is easier to move off the credit cards with a plan than abruptly losing them. I know this sounds easier than it is but it warrants consideration.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">For these reasons, people thinking about bankruptcy should consider when they will start paying cash for living expenses and leave the cards behind.</span><br />
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<span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: 14.85px;">If you want assistance, legal representation, or just want to know more about me, Mark M. Medvesky, or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at </span><a href="http://www.whhmlaw.com/" style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 14.85px; text-decoration-line: none;">www.whhmlaw.com</a><span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; font-size: 14.85px;">.<br /><br /><span style="color: #333333;"> </span><span style="color: #004c99;"><a href="https://www.blogger.com/null" style="color: #6699cc; text-decoration-line: none;"></a><a href="https://www.blogger.com/null" style="color: #6699cc; text-decoration-line: none;"></a><a href="https://www.blogger.com/null" style="color: #6699cc; text-decoration-line: none;"></a><a href="https://www.blogger.com/null" style="color: #6699cc; text-decoration-line: none;"></a><a href="https://www.blogger.com/null" style="color: #6699cc; text-decoration-line: none;"></a><a href="https://www.blogger.com/null" style="color: #6699cc; text-decoration-line: none;"></a><a href="https://www.blogger.com/null" style="color: #6699cc; text-decoration-line: none;"></a><span style="color: black;">#bankruptcy Chapter7 #Chapter13 #MontgomeryCounty #lawfirm #BucksCounty #Pennsylvania</span></span></span><br />
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mmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.com0tag:blogger.com,1999:blog-2713495528764553736.post-29428146391558805882019-02-17T16:17:00.002-05:002019-02-17T19:30:00.992-05:00Small business owners in bankruptcy<span style="font-family: "arial" , "helvetica" , sans-serif;">It is one thing to get in over your head while you have a stint of unemployment or under-employment, a medical issue, or a ugly divorce. Once the condition that created the need for bankruptcy passes, the bankruptcy case can be pretty straight forward. Once you add a debtor who is self employed or owns a small business of some sort, you have a whole new set of issues.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">One of the first questions is, who owns the property or assets; the company or the debtor. I discussed this issue in </span><a href="http://medveskylaw.blogspot.com/2015/11/bankruptcy-who-is-debtor-what-is.html" style="background-color: white; font-family: Arial, Helvetica, sans-serif;" target="_blank">Bankruptcy - who is the debtor? what is protected?</a><br />
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-size: x-small;"><em style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif;">Image courtesy of </em><em style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif;">imagerymajestic </em><em style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif;">at</em><br style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif;" /><em style="background-color: white; color: #333333; font-family: "Times New Roman", Times, FreeSerif, serif;"> FreeDigitalPhotos.net</em></span></td></tr>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Another question is income and bookkeeping. Unless a debtor issues himself or herself a regular paycheck, his or her income will generally be measured by the gross proceeds of the business less actual business expenses. Accurate bookkeeping is essential to establish a debtor's/business owner's income.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Also remember the company is probably an asset. How much is it worth? Does it have inventory, accounts receivable, assignable contracts, or equipment? Is it an interest that can be sold to another business owner? Most times an interest is a small business has little or no value because the debtor is the business; however, the value of business needs to be considered.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Is the debtor planning to continue the business or has it ceased operation? If the debtor is planning to continue operating the business, he or she will have to plan to operate without credit for some time. If the owner is using credit at the time this process starts, a plan to move the business off credit needs to be discussed. </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">What about complaints from customers and vendors? Usually, these complaints and debts can be discharged as long as the debtor did not commit fraud. Bookkeeping and records management become even more important under these circumstances. </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">If customers and/or complaint to the US Trustee, the trustee's litigation branch may conduct a more thorough examination of the case than otherwise conducted. Then, a certification to a list of income and expenses may not be enough. The trustee's office may request bank records, receipts, credit card statements and other business record. Assuming these documents support the bankruptcy schedules and no evidence of fraud exist. the debtor should receive a discharge. Record keeping is key.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">These are some of the issues for self employed and small business owners. Added considerations should be made in preparing a bankruptcy case.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; color: #333333;">If you want assistance, legal representation, or just want to know more about Mark Medvesky or our firm of Wells, Hoffman, Holloway & Medvesky LLP, check out our website at </span><a href="http://www.whhmlaw.com/" style="background-color: white; color: #6699cc; text-decoration-line: none;"><span style="color: #333399;"></span></a><span style="background-color: white; color: #333333;"><a href="http://www.whhmlaw.com%2Aquotes/" style="color: #6699cc; text-decoration-line: none;"><span style="color: #004c99;">www.whhmlaw.com</span></a></span><a href="https://www.blogger.com/null" style="background-color: white; color: #6699cc; text-decoration-line: none;"></a><a href="https://www.blogger.com/null" style="background-color: white; color: #6699cc; text-decoration-line: none;"></a><a href="https://www.blogger.com/null" style="background-color: white; color: #6699cc; text-decoration-line: none;"></a><span style="background-color: white; color: #333333;"><a href="https://www.blogger.com/null" style="color: #6699cc; text-decoration-line: none;"><span style="color: #004c99;">.</span></a></span><br style="background-color: white; color: #333333;" /><span style="background-color: white; color: #333333;"></span><br style="background-color: white; color: #333333;" /><span style="background-color: white; color: #333333;">#bankruptcy #Chapter7 #Chapter13 #MontgomeryCounty #lawfirm #BucksCounty #Pennsylvania</span></span></div>
mmedveskyhttp://www.blogger.com/profile/06147863504093184126noreply@blogger.com0tag:blogger.com,1999:blog-2713495528764553736.post-823470016867464892019-01-08T21:02:00.000-05:002019-01-08T21:05:04.611-05:00Validity Period of Form I-693 changed November 1, 2018<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZLgYkMVDRiX2UvNUT3WjKI9urKsbTlLDfFHc5u8sUEUCNOwM2vHP6wWS-mlKRijih2nONEPj0OTcml7CMrnVVcUzUZ_67nDyANDMbkepLgY8g-9l9BTwahrAWZ6QCIyunjTUVyL9D-INn/s1600/DHS.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="490" data-original-width="488" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZLgYkMVDRiX2UvNUT3WjKI9urKsbTlLDfFHc5u8sUEUCNOwM2vHP6wWS-mlKRijih2nONEPj0OTcml7CMrnVVcUzUZ_67nDyANDMbkepLgY8g-9l9BTwahrAWZ6QCIyunjTUVyL9D-INn/s200/DHS.jpg" width="198" /></a><span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white;">USCIS revised policy guidance for the validity period of </span><a href="https://www.uscis.gov/i-693" style="background-color: white; color: #990066; text-decoration-line: none;">Form I-693, Report of Medical Examination and Vaccination Record</a><span style="background-color: white;">. Two timelines were significantly changed. </span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white;">First, </span><span style="background-color: white;">Form I-693 should be signed by a civil surgeon no more than 60 days before filing the underlying application for an immigration benefit. If the Form I-693's signature is older than 60 days on the day the </span><span style="background-color: white;">application is filed, the form is invalid. According to the </span>policy guidance in <a href="https://www.uscis.gov/policymanual/HTML/PolicyManual-Volume8-PartB-Chapter4.html#S-A" target="_blank">Volume 8,Part B of the USCIS Policy Manual</a>, the applicant will need to update his/her I-693. </span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The second change is the length of time the Form I-693 remains valid. The time has been extended from 1 year to 2 years. The purpose of the changes are to keep the form current longer and hopefully through the application process. The challenge will to file the application within 60 days of the completion of the form.</span><br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjq54eA20ObX-XvhTqWcBXiXFeYmXwFYRCKdtLP8mKPLC5BNc1VKdmNLC-bUfvXHiDcrrTO5keog6Vi0-oyWQiyu8_Loq5IbxYEyBfTNlzjfkiVYf3nmw6Pbf0p6gmJkIbjbboLryQoWU_/s1600/I-693+chart.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="643" data-original-width="1113" height="369" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjq54eA20ObX-XvhTqWcBXiXFeYmXwFYRCKdtLP8mKPLC5BNc1VKdmNLC-bUfvXHiDcrrTO5keog6Vi0-oyWQiyu8_Loq5IbxYEyBfTNlzjfkiVYf3nmw6Pbf0p6gmJkIbjbboLryQoWU_/s640/I-693+chart.jpg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">USCIS Policy Manual Volume 8-Part B-Chapter 4</td></tr>
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<span style="background-color: white; color: #333333; font-family: "arial"; font-size: 14.6667px;">For more information on <span class="highlight" id="0.2581036848688934" name="searchHitInReadingPane">U</span><span class="highlight" id="0.7376640854002925" name="searchHitInReadingPane">S</span>CIS <span class="highlight" id="0.19349420050000698" name="searchHitInReadingPane">and</span> its programs, you can visit <a href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJlbWFpbCI6Im1hcmtAbWVkdmVza3lsYXcuY29tIiwiYnVsbGV0aW5fbGlua19pZCI6IjEwNCIsInN1YnNjcmliZXJfaWQiOiI0Mjk0NTQxMjAiLCJsaW5rX2lkIjoiMTA3ODAzMTQiLCJ1cmkiOiJicDI6ZGlnZXN0IiwidXJsIjoiaHR0cDovL3d3dy51c2Npcy5nb3YvIiwiYnVsbGV0aW5faWQiOiIyMDE3MDYyNi43NTExNzE0MSJ9.AI84FuPcOWwdVXG1PfXfuZb_h-yjB_JlJU9kPAezFaU" rel="noopener noreferrer" style="color: #6699cc; text-decoration-line: none;" target="_blank" title="http://www.uscis.gov/"><span style="color: #336699;">www.<span class="highlight" id="0.39859990464540956" name="searchHitInReadingPane">u</span><span class="highlight" id="0.04170538372349697" name="searchHitInReadingPane">s</span>cis.gov</span></a> or you can follow <span class="highlight" id="0.7524857769239173" name="searchHitInReadingPane">USCIS</span> on Twitter (<a href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJlbWFpbCI6Im1hcmtAbWVkdmVza3lsYXcuY29tIiwiYnVsbGV0aW5fbGlua19pZCI6IjEwNSIsInN1YnNjcmliZXJfaWQiOiI0Mjk0NTQxMjAiLCJsaW5rX2lkIjoiMjcwNjQxMTAiLCJ1cmkiOiJicDI6ZGlnZXN0IiwidXJsIjoiaHR0cDovL3R3aXR0ZXIuY29tL3VzY2lzIiwiYnVsbGV0aW5faWQiOiIyMDE3MDYyNi43NTExNzE0MSJ9.mSJOuBnDrbmk3g_YbpEPbS5zONUrzqVqmdPr8S7YEyQ" rel="noopener noreferrer" style="color: #6699cc; text-decoration-line: none;" target="_blank" title="http://twitter.com/uscis"><span style="color: #336699;">@<span class="highlight" id="0.38411126002278334" name="searchHitInReadingPane">u</span><span class="highlight" id="0.5927113055828949" name="searchHitInReadingPane">s</span>cis</span></a>), YouTube (<a href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJlbWFpbCI6Im1hcmtAbWVkdmVza3lsYXcuY29tIiwiYnVsbGV0aW5fbGlua19pZCI6IjEwNiIsInN1YnNjcmliZXJfaWQiOiI0Mjk0NTQxMjAiLCJsaW5rX2lkIjoiMjcwNjQxMTQiLCJ1cmkiOiJicDI6ZGlnZXN0IiwidXJsIjoiaHR0cDovL3d3dy55b3V0dWJlLmNvbS91c2VyL3VzY2lzIiwiYnVsbGV0aW5faWQiOiIyMDE3MDYyNi43NTExNzE0MSJ9.MYT8beX9kmzhMKP4qeboML0KMxAGSXgtn1zjx_s5fkI" rel="noopener noreferrer" style="color: #6699cc; text-decoration-line: none;" target="_blank" title="http://www.youtube.com/user/uscis"><span style="color: #336699;">/<span class="highlight" id="0.23260961061134167" name="searchHitInReadingPane">u</span><span class="highlight" id="0.18709160166539135" name="searchHitInReadingPane">s</span>cis</span></a>), Facebook(/<a href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJlbWFpbCI6Im1hcmtAbWVkdmVza3lsYXcuY29tIiwiYnVsbGV0aW5fbGlua19pZCI6IjExMyIsInN1YnNjcmliZXJfaWQiOiI0Mjk0NTQxMjAiLCJsaW5rX2lkIjoiNzEyNTkyOCIsInVyaSI6ImJwMjpkaWdlc3QiLCJ1cmwiOiJodHRwczovL3d3dy5mYWNlYm9vay5jb20vdXNjaXMiLCJidWxsZXRpbl9pZCI6IjIwMTcwNjI2Ljc1MTE3MTQxIn0.sr3Xwrkm7snsf-Vtu741FOLdWbmXQ2OWzQMUx133JSs" rel="noopener noreferrer" style="color: #6699cc; text-decoration-line: none;" target="_blank"><span style="color: #336699;"><span class="highlight" id="0.1372784925996633" name="searchHitInReadingPane">u</span><span class="highlight" id="0.11266158177932789" name="searchHitInReadingPane">s</span>cis</span></a>), <span class="highlight" id="0.7550762483844129" name="searchHitInReadingPane">and</span> Instagram <a href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJlbWFpbCI6Im1hcmtAbWVkdmVza3lsYXcuY29tIiwiYnVsbGV0aW5fbGlua19pZCI6IjEwOCIsInN1YnNjcmliZXJfaWQiOiI0Mjk0NTQxMjAiLCJsaW5rX2lkIjoiMTA0ODQ4MzA1IiwidXJpIjoiYnAyOmRpZ2VzdCIsInVybCI6Imh0dHBzOi8vd3d3Lmluc3RhZ3JhbS5jb20vdXNjaXMvIiwiYnVsbGV0aW5faWQiOiIyMDE3MDYyNi43NTExNzE0MSJ9.YgJ4YTJsSaTn0WeEM4dUg5bDkHHWlgSeSyq7BXNviLo" rel="noopener noreferrer" style="color: #6699cc; text-decoration-line: none;" target="_blank"><span style="color: #336699;">(@<span class="highlight" id="0.7030663671683308" name="searchHitInReadingPane">u</span><span class="highlight" id="0.2043125605176836" name="searchHitInReadingPane">s</span>cis</span></a>)."</span><br />
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<span style="background-color: white; color: #333333; font-family: "arial"; font-size: 14.6667px;"><span style="font-family: "arial" , "helvetica" , sans-serif;">If you want to know more about Mark Medvesky or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at </span><a href="http://www.medveskylaw.com/" style="color: #6699cc; text-decoration-line: none;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="color: #336699;">www.medveskylaw.com</span></span></a><span style="font-family: "arial" , "helvetica" , sans-serif;">.</span></span><br />
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