Immigration - simple tip - have you moved? don't forget to change your address with USCIS

I also practice immigration law, mostly for families. One of the common mistakes I am finding with my clients is they move and do not realize they need to inform US Citizenship and Immigration Services (USCIS). Most non-U.S. citizens must report a change of address within 10 days of moving within the United States or its territories. This can cause problems as a person moves from an immigrant visa to a permanent legal resident to a US Citizen.

It is a pretty simple process. On the USCIS website, it has a page - Change of Address Information. It provides guidance and gives you access to the AR-11 form most people need to use to notify USCIS of the address change. This can help avoid unnecessary problems.

If you want to know more about Mark Medvesky or Medvesky Law Office, LLC, check out my website at www.medveskylaw.com. 

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Experiencing financial hardship? What assets should you use first in case bankruptcy happens?

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When people find themselves in tight financial times, one of the things they start to do is liquidate assets ... they start selling things and cashing in investments. While that can make sense, people should plan how they use the assets they have available. Many times selling things just isn't enough.

So, why does it matter what a person sells? It matters because some assets can be protected in a bankruptcy and others cannot. So if a people cannot prevent bankruptcy with the property they own, I suggest it is better to save the things that can be protected in the bankruptcy.

The main asset and easiest asset to tap is usually a retirement account. Retirement accounts can be substantial. The problem with withdrawing money early is the cost to do it. First a person probably needs to pay the taxes on the money. Then they must pay a penalty. Usually, a person who withdraws $4,000 from his or her retirement account keeps only about $2,200 in cash. The rest is consumed by taxes and penalties. In bankruptcy, this money is usually 100% safe.

Some equity in homes can be protected. Investment  property may not be safe from the trustee. This is an area of consideration as a source funding people use. Home equity loans and second mortgages take equity out of your home. Once you use your property as collateral for a loan, it will probably need to be paid. By maxing out your home, a person uses value he or she could have protected in bankruptcy.

The recent event that caused me to consider this topic was a recent consultation. I met with a woman who started having financial trouble a couple years ago after a major illness, which resulted in temporary disability and long term limitations on her ability to work. When she entered her financial downturn, she had a decent retirement fund, a home and a rental property with several apartments and a commercial space.

Like many people, the first asset she liquidated was her retirement fund. She spent that down to zero. Then she worked looked into a home equity loan and mortgage modification. That wasn't working and she was in fear of foreclosure. Meanwhile, her rental property was earning enough to pay for itself and  even giving a small return.

If I could have met with her before she started doing anything, I think I would have reserved the retirement money, discussed the potential sale of the home, and explore the possibility of moving into an apartment in the rental property making it her home. That may have been a complete solution ... and maybe not.

I do not know if this would have worked. My point is, I did not get the impression this option or any other options were considered. Dealing with debt can be complex. Planning earlier may be able to help to minimize the damage.

If you want assistance, legal representation, or just want to know more about Mark M. Medvesky or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at www.whhmlaw.com.

#bankruptcy #Chapter7 #Chapter13 #MontgomeryCounty #lawfirm #BucksCounty #Pennsylvania

One counselor does not fit all circumstances - talk to a bankruptcy attorney too

Almost everyone has a person or two they talk to for advice. Some people have a professional they use. Some people use accountants as their primary advisor, some have trusted business people, and others use financial planners or insurance professionals. Over the last several weeks, I have had the opportunity to speak to several financial planners during networking sessions. It was my thought that there could be times when I could help them help their clients. I think if they have clients pulling money from their retirement accounts or liquidating assets, they could send them my way to see if we can minimize their loss.



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I guess I wasn't surprised by their responses. The first planner responded, "if I have someone to send to you, then I failed at my job." Another planner said "I would try to work out some type of financing for them."

 

They just don't understand bankruptcy.  First of all, bankruptcy usually results from unfortunate and unforeseen circumstances. No one has failed anything... life happens. Thinking like that inhibits people from seeking help when it would work best. Secondly, piling new debt on top of old debt can cause more problems than it will solve. This doesn't make them poor counselors. They just may not understand Bankruptcy.

 

If a person has a financial planner when they experience major changes in his or her financial health, that may be a good place to start. However, a debtor should consider consulting a bankruptcy attorney too. A financial planner may not realize retirement funds, life insurance values, and joint property might be protected under the law.

 

I would never suggest to someone that they not talk to an advisor they trust. I am suggesting people should talk to more than one type of advisor, including a bankruptcy attorney, when they are in serious financial distress before they settle on a course of action.

 

If you want assistance, legal representation, or just want to know more about Mark M. Medvesky or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at www.whhmlaw.com.

 

Other Blog Articles:

"It's a shame you can't file bankruptcy because you aren't behind on any payments." ... Who says these things?

 

Why you should not borrow from your retirement fund...

#bankruptcy #Chapter7 #Chapter13 #MontgomeryCounty #lawfirm #BucksCounty #Pennsylvania

"Can I Walk Away From My House After Bankruptcy?" - Bankruptcy Blog article from Credit.com

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While working with a former bankruptcy client, I found this article; "Can I Walk Away From My House After Bankruptcy?" They completed their bankruptcy last year. Since then, their home has suffered continuous water seepage.

After several insurance claims and convincing the homeowner association to re-grade landscaping, the problem continues. They are considering walking away from the home.

I explained to them at the time they could walk away from the home since the mortgage was discharged during the bankruptcy. They did not sign a reaffirmation agreement before discharge.

The article author, Gerri Detweiler, simply recognizes almost as a side note,"When you do not reaffirm your mortgage in bankruptcy you can continue to live in your home as long as you make your payments. But you are no longer personally liable for the debt if you decide to leave."

The bottom-line is I sent a link to article to my clients and they found it helpful. So I thought I would share the article here on my blog to help other people looking for information.

If you want assistance, legal representation, or just want to know more about Mark M. Medvesky or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at www.whhmlaw.com.

#bankruptcy #Chapter7 #Chapter13 #MontgomeryCounty #lawfirm #BucksCounty #Pennsylvania

"It's a shame you can't file bankruptcy because you aren't behind on any payments." ... Who says these things?

This will be a quick post. I had a potential client call me today to discuss filing bankruptcy. We spoke about whether he should or shouldn't and if he did, what chapter ... 7 ... or 13. After about 50 minutes on the telephone, we were about ready to wrap up and give him time to think about his options and he said, "I have one more issue ... I am current on all my bills."

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I asked, "why is that an issue?" He explained he had an Employees Assistance Plan as a benefit at work and one of the services is financial counseling. He went to a financial counseling session and when he asked about bankruptcy, the counselor said something like, "it's shame you can't file bankruptcy because you aren't behind on any payments. You must be in default to file bankruptcy."

This is not true. Bankruptcy attorneys prefer people to come in before finances get so bad that debtors fall behind on bills and start "wasting" or liquidating their assets. If a person is thinking about bankruptcy, the best place to get answers about bankruptcy is to talk to a bankruptcy attorney.

If you want assistance, legal representation, or just want to know more about Mark M. Medvesky or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at www.whhmlaw.com.

#bankruptcy #Chapter7 #Chapter13 #MontgomeryCounty #lawfirm #BucksCounty #Pennsylvania