AP News is reporting that billions of COVID19 relief was stolen or wasted.  Should we be surprised? The story can be found at https://apnews.com/article/pandemic-fraud-waste-billions-small-business-labor-fb1d9a9eb24857efbe4611344311ae78Jim Shenwick, Esq   212 541 6224  [email protected] help companies & individuals with too much debt!

Student loan payment restart: Here’s the official date you’ll have to start paying again Aug 29, 2023 according to AL.com  AL.com is reporting that the official date when student loan payments will commence is August 29, 2023. The article can be found at https://www.al.com/news/2023/06/student-loan-payment-restart-heres-the-official-date-youll-have-to-start-paying-again.htmlJim Shenwick, Esq  917 363 3391  [email protected] Please click the link to schedule a telephone call with me. https://calendly.com/james-shenwick/15minWe held individuals & businesses with too much debt!

Losing your home in a sheriff’s sale can be a painful process. A sale is almost always permanent, as many homeowners won’t be able to redeem their property once sold in Pennsylvania. The right of redemption is reserved for homeowners whose property has been sold in a sheriff’s sale because of unpaid real estate taxes in Pennsylvania. If your home was foreclosed upon and sold because of unpaid mortgage payments, you will not have a right of redemption. Because of this, it is important to stop a sheriff’s sale before it happens by declaring bankruptcy. You can then exempt your home from liquidation or consolidate all debts in a repayment plan. Bankruptcy provides a way for debtors to keep their homes and re-establish their financial security. To schedule a free evaluation of your case with Young, Marr, Mallis & Associates, call (215) 701-6519 to speak with our Pennsylvania bankruptcy lawyers today. What is a Right of Redemption for a Pennsylvania Sheriff’s Sale? If your home was taken in Pennsylvania and subsequently sold in a sheriff’s sale, you might be able to redeem it if you act quickly enough. This only applies to homeowners whose properties have been sold at tax lien sheriff’s sales. In Pennsylvania, the right of redemption is only reserved for those with delinquent property tax payments. Property cannot be redeemed if a home has gone through a mortgage foreclosure. This means that if your home was foreclosed upon and sold off in a sheriff’s sale because you missed mortgage payments, you will not be able get your property back. In Pennsylvania, eligible homeowners have nine months from the date their property is sold in a sheriff’s sale to redeem it. Unfortunately, the process is not so simple. Suppose you want to redeem your property after it has been taken and sold. In that case, our Philadelphia bankruptcy lawyers can help you create a plan to address your financial situation and repay debts associated with your home. Typically, debtors have nine months from the recognition of the deed of a property, or when it is transferred to a new owner, to pay back all unpaid real estate taxes and other costs associated with the sale. If you are eligible for the right of redemption but are unable to repay taxes out of pocket, Chapter 7 bankruptcy may allow you to do so within four to six months. Because your home was already sold in a sheriff’s sale, you would not have to protect it using liquidation exemptions. That said, other assets might be liquidated in order to repay debts and redeem your home in Pennsylvania. What if I Don’t Have a Right to Redemption for My Property in Pennsylvania? When your home is threatened with foreclosure and a possible sheriff’s sale because you have missed mortgage payments, it is crucial to stop the proceedings immediately. You will not have a right of redemption if unpaid mortgage payments are why your property is sold in a sheriff’s sale in Pennsylvania. Get an Automatic Stay An automatic stay can stop a sheriff’s sale in its tracks. When debtors declare bankruptcy in Pennsylvania, an automatic stay takes effect. This stops any debt collection efforts, including sheriff’s sales. This is an important step to take for debtors at risk of losing their homes because of mortgage foreclosure, as they won’t be able to redeem their property if it is eventually sold in a sheriff’s sale. Most debtors are eligible for automatic stays. If you have filed for bankruptcy several times in the recent past, an automatic stay might not last for the duration of your bankruptcy proceedings. File for Chapter 13 If your main goal is keeping your home, it may benefit you to file for Chapter 13. This type of bankruptcy allows debtors to keep their assets, including their homes, while they repay their debts. While the means test will determine the bankruptcy chapter you can file for, you might be able to choose Chapter 13 if your income permits. Although debtors can use federal liquidation exemptions to protect certain property when filing for Chapter 7 in Pennsylvania, Chapter 13 all but ensures that your home remains in your ownership during bankruptcy. Make a Repayment Plan Instead of having to repay your debts in nine months to redeem property, debtors can do so over a period of three to five years with a repayment plan. Furthermore, a repayment plan will consolidate all of your debts under the same low-interest rate, meaning you can address your financial situation fully with a repayment plan, not only outstanding mortgage payments. Repayment plans must be submitted for approval within two weeks of declaring bankruptcy in Pennsylvania. While it may take you several years to complete a repayment plan, your home will be protected during that time because of the automatic stay. Discharge Debt If you choose Chapter 13 bankruptcy, eligible debts will be discharged only after you complete your repayment plan. In rare cases, there might be an exception, allowing debts to be discharged their debts at the beginning of the bankruptcy process. When a debt is discharged, it is effectively erased, meaning a debtor no longer have to repay it. In Chapter 13, dischargeable debts include medical bills, credit card payments, and personal loans, among others. Knowing that your other debts will eventually be discharged can allow you to focus on repaying debts associated with your home so that you can retain it once you exit bankruptcy and avoid a sheriff’s sale, where you would not have a right of redemption had your property been sold because of mortgage foreclosure. Stop Foreclosure on Your Home in Pennsylvania Call (215) 701-6519 to get a free case analysis from the Warrington, PA bankruptcy lawyers at Young, Marr, Mallis & Associates today.

Globe Newswire is reporting that Commercial Chapter 11 Filings Doubled Over Same Period Last Year. The article can be found at https://www.globenewswire.com/news-release/2023/06/02/2681388/0/en/Commercial-Chapter-11-Filings-Doubled-Over-Same-Period-Last-Year.htmlJim Shenwick, Esq  917 363 3391  [email protected] click the link to schedule a telephone call with me. https://calendly.com/james-shenwick/15minWe held individuals & businesses with too much debt!

Here’s How You Can Make Your Chapter 13 Payments in the Alexandria VA Bankruptcy Court The bankruptcy law tells you to make your first Chapter 13 payment one month after your bankruptcy case is filed.  If you forget, or bounce, your first payment, the Chapter 13 trustee can dismiss your case. (That means DO NOT […] The post Chapter 13 Payment Information by Robert Weed appeared first on Northern VA Bankruptcy Lawyer Robert Weed.

Here’s How You Can Make Your Chapter 13 Payments in the Alexandria VA Bankruptcy Court The bankruptcy law tells you to make your first Chapter 13 payment one month after your bankruptcy case is filed.  If you forget, or bounce, your first payment, the Chapter 13 trustee can dismiss your case. (That means DO NOT […] The post Chapter 13 Payment Information by Robert Weed appeared first on Northern VA Bankruptcy Lawyer Robert Weed.

 The Motley Fool has an article about Here's What Happens When a Company You've Invested in Goes Bankrupt.The article can be found at https://www.fool.com/the-ascent/buying-stocks/articles/heres-what-happens-when-a-company-youve-invested-in-goes-bankrupt/Jim Shenwick, Esq  917 363 3391  [email protected] click the link to schedule a telephone call with me. https://calendly.com/james-shenwick/15minWe held individuals & businesses with too much debt!

EIDL Loan Approved: Now What? A Comprehensive Guide for Small Business OwnersSmall Biz Trends has a very helpful article on EIDL loans. The article can be found at  https://smallbiztrends.com/2023/05/eidl-loan-approved-now-what.htmlJim Shenwick, Esq  917 363 3391  [email protected] click the link to schedule a telephone call with me. https://calendly.com/james-shenwick/15minWe held individuals & businesses with too much debt!

After the COVID-19 outbreak in 2020, we’ve adjusted our lives to working from home during the pandemic. It greatly reduced the cost of commuting among other expenses. In fact, the economy remained surprisingly strong and bankruptcy filings fell to record low levels.  Now many companies are issuing return-to-office mandates, requiring their employees to adopt a hybrid work schedule or come back completely. However, there is a lot of push back, resulting in high employee attrition. Employers should tread carefully since many people have redefined their priorities during the pandemic. People are opting for more flexible hours and a pay cut in exchange for being able to work from home permanently. Why Does It Cost More to Go Back Into the Office? In addition to the rising demand for work-life balance, the cost of returning to work has inflated. Let’s look at how these costs are busting budgets. Clothing – No more machine washing outfits that you can wear during Zoom calls, it’s back to dry cleaned business attire Commuting – Gas is $4/gallon, auto insurance is going up, parking isn’t getting any cheaper, and even the Metropolitan Transportation Authority (MTA) has recently proposed to increase the subway and bus fare by $0.15 Child Care – According to the Care.com 2022 Cost of Care Survey, more than 58% of families plan on spending more than $10,000 on child care this year. This only goes up with more children and the type of care provided (nanny, care center, babysitter) Personal Appearance – From growing out beards and taking fewer showers, it’s back to regular grooming and beauty and skin routines Coffee – Whether it’s $5-10 for a cup of Starbucks or pooling in money for coffee every month at the office, we were more resourceful when it was brewed at home “Lunchflation” – According to the Bureau of Labor Statistics, food and grocery store prices were up by 9.4% and 10.8% in April 2023, respectively Happy Hour – Meeting co-workers in-person is naturally going to warrant a happy hour event every now and then. Your company might be able to cover the drinks, but you might have to front the cost of food and parking Easy Ways to Cut Commuting Costs If returning to the office is imminent, here are some ways on how to save money commuting.  Make Your Coffee at Home – Store your hot or cold brew in a YETI bottle Brown-bag Your Lunch – Prepare your meals over the weekend, so that you know exactly what you’ll be eating  Use Public Transportation – Hop on the bus or train through the Chicago Transit Authority (CTA). There’s also Divvy, Chicago’s shared bike system Carpool – Uber offers shared rides for a discounted rate. You can also hitch a ride with a friend or coworker Keep Your Wardrobe Simple – Thin out your closet so that you’re only wearing outfits that you use. Also, opt for machine-washable clothes to cut down on your visits to the dry cleaners Shop Consignment – You can shop for designer brands while still sticking to a budget Drink Lighter – Order mocktails or sparkling water instead of signature cocktails during team happy hour Exercise at Home – There are tons of free exercise apps and videos available on YouTube for at-home workouts. The same goes for meditation, yoga, and pilates Should I Budget or File for Bankruptcy? Post-COVID business expenses are colliding with increased minimum monthly payments on credit cards due to rapidly rising interest rates. Many younger workers are now facing the prospect of having to restart payments on their student loans, often at a higher interest rate than they paid before the pandemic. One approach to managing your growing debts is budgeting. It’s more calculated, restrictive, and recommended for those who spend far less than they make.  The other solution worth considering is bankruptcy – before your debts get out of control, before you get sued if you can foresee a potential lawsuit, before you’re unable to pay your rent or car payments, and before your wages start getting garnished.  Contact Lakelaw, Your Financial Lifesaver At Lakelaw, we want you to succeed financially.  Our award-winning bankruptcy firm strives to help local individuals, families, and businesses to get the expert filing, mediation, professional defense representation, compassion, and respect they rightfully deserve. Corporate restructuring, student loans, debt consolidation, and more. Serving the greater Chicago area for almost 50 years, contact us to schedule a free confidential consultation. The post The Real Cost of Returning to the Office After the COVID-19 Pandemic appeared first on Lakelaw.

When you’re in debt or have other financial obligations, wage garnishment can turn what money you do have coming in into what seems like nothing at all.  Preventing wage garnishment can help you have a little stronger cash flow, allowing you to allocate payments where they need to go rather than where your creditors want them to go. In most cases, wage garnishment can be avoided by making prompt, on-time payments.  You can also pay off the debt that’s causing the garnishment or contact the creditor to potentially arrange a modified payment plan.  If you fall behind or fall into debt, then garnishment can begin, and you will usually need to talk to the creditor to get garnishment stopped.  However, collections can often be stopped entirely by filing for bankruptcy, if appropriate. For help with your situation, call the NJ bankruptcy attorneys at Young, Marr, Mallis & Associates today at (609) 755-3115. Avoiding Garnishment in the First Place in New Jersey Wage garnishment is a tool that is typically only used to collect when you are already behind on payments.  Garnishment takes the money straight out of your paycheck rather than giving you a chance to pay it on your own.  Since garnishment only begins once there is already a proble, you can usually avoid garnishment in the first place by paying your bills on time and avoiding falling behind. If you are in a situation where you have to choose between which bills to pay, you can avoid the harshest potential garnishment by paying your biggest bills first.  Things like mortgages and car payments are often the largest monthly credit bills people have, though for some, credit card bills will be much larger – and have a much higher interest rate.  Allocating payments to the most important and highest dollar amount bills first can help prevent garnishment on those. If you are able to, paying down or paying off a debt entirely will also prevent garnishment.  Though, if you are reading an article about how to avoid garnishment on a bankruptcy attorney’s website, it is likely this is not an option for you. Keep in mind that sometimes garnishment is automatically applied for certain obligations, usually when it comes to child support and alimony.  NJ tends to only use wage garnishment as an enforcement mechanism for unpaid support, but if you have support obligations from another state with automatic wage garnishment, you might not be able to avoid that wage garnishment. Limits on Wage Garnishment in NJ Keep in mind that wage garnishment usually cannot take your entire paycheck away from you.  There are both federal and state limits on how much can be garnished and when garnishment can take place. Federal (i.e., nationwide) limitations start with garnishment only applying to your “disposable” income.  That means the income after taxes, unemployment, Social Security, Medicare, and other required deductions are paid out of your income.  Garnishment also cannot exceed 25% of your disposable income.  Alternatively, if you make over 30 times the federal minimum wage, then only the portion over that can be garnished (if that’s less than 25% of your income).  So, for example, if your take-home pay in a 40-hour work week is $250/week, then only $32.50 can be garnished.  At $300/week take-home, $75 per week can be garnished (25%). State restrictions are based on 250% of (2.5 times) the federal “poverty level” instead, which has a sliding limit based on household size and income.  For example, in a four-person household, the federal poverty level is $30,000 per year, so 2.5 times that is $75,000.  If you make under whatever the level is for your household, then garnishment caps at 10% of income.  This limit is raised to 25% if the debt is held by the state and you make over 2.5 times the poverty limit.  Additionally, garnishment for payments under $48 per week. In many cases, this means that low earners actually cannot face garnishment.  However, you should never try to lower your income just to avoid garnishment; that will make it infinitely harder to ever actually pay off your debt. Talking to Creditors to Stop Wage Garnishment in NJ In many cases, creditors will be flexible in helping you stop wage garnishment.  It is always up to the individual creditor’s terms and practices, but in many cases, you can try asking your creditor to stop or limit wage garnishment.  If you have only missed a few payments, going to court and getting an order for wage garnishment might be hard and time-consuming, so the creditor might be happier to put you on a payment plan.  You might also be able to negotiate a payoff with some creditors, potentially easing your debts and burdens. However, you should always work with a financial expert and potentially speak with a Voorhees, NJ bankruptcy attorney, as many of these debts might actually be dischargeable in bankruptcy. Stopping Wage Garnishment by Filing for Bankruptcy in New Jersey When you file for bankruptcy, collections must stop as part of a mechanism called an “automatic stay.”  This is one of the biggest benefits of filing for bankruptcy, whether you file under Chapter 7 or Chapter 13.  In either case, an automatic stay can end collection calls, stop repayment, and give you breathing room. However, you must also go through the rest of the steps of bankruptcy; you should not file just to get breathing room and then abandon the process.  However, by completing a bankruptcy filing, you may be able to have many of your debts discharged or paid through reorganization.  This can help keep many people in financial distress afloat, but it is not the right move for everyone.  Make sure to speak with a lawyer about your options before filing. Call Our Bankruptcy Attorneys in New Jersey Today For help avoiding garnishment and filing for bankruptcy, contact our Trenton bankruptcy lawyers today at Young, Marr, Mallis & Associates by calling (609) 755-3115.