Tuesday, January 18, 2011

HUDtastraphe

Congress authorized $1 billion last July to help unemployed homeowners nationwide who are at risk of foreclosure as part of the Emergency Homeowners Loan Program (EHLP). EHLP was signed into law 180 days ago by President Obama as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

On October 5th, 2010 the U.S. Department of Housing and Urban Development (HUD) issued a press release stating that: "It is HUD's intention for the program to begin taking applications from eligible homeowners by the end of the year."

To date, the Pennsylvania Housing Finance Agency (PHFA) which will administer the HUD loans is still waiting for the money from Washington.

HUD spokesman Brian Sullivan recently stated that "the target is the first quarter of this year."

The EHLP law will provide up to $50,000 in zero-interest loans for each homeowner who qualifies, or who is behind on their mortgage payments due to unemployment, underemployment or medical bills.

Homeowners in Pennsylvania need this money today as there are 13,000 new foreclosure notices sent out every month to residents of the keystone state.

The situation in Philadelphia is even more dire but fortunately Judge Pamela D. Dembe, the president judge of the Court of Common Pleas of Philadelphia has issued a 30 day moratorium for the nearly 1,500 residential properties in foreclosure.

The time for HUD to act is now. Pennsylvania families threatened with eviction in the winter of 2011 need help today.

To speak directly, one on one, with an experienced and knowledgeable Philadelphia Bankruptcy Lawyer, please contact the Dunne Law Offices at (215) 854-6342. We offer a free initial consultation for all consumer bankruptcy matters.

The Dunne Law Offices, P.C. is a debt relief agency. The Dunne Law Offices, P.C. helps people file for bankruptcy relief under the bankruptcy code.

Thursday, January 13, 2011

Student Loans and Bankruptcy

Chapter 13 Bankruptcy restructures your debt in order to make financial obligations to creditors manageable. Debts commonly included in Chapter 13 bankruptcy cases are past due mortgage payments, car loans and student loans. Nothing absolves you from having to pay back your student loans, but Chapter 13 helps you get a handle on the payments.

A Chapter 13 bankruptcy may also erase up to 100% of your unsecured debt; credit cards, medical bills, store cards and personal loans.

At present, Americans owe $829 billion in student loans. If a student falls behind in their student loan payments, the Department of Education is legally allowed to implement the following collection methods:

• Wage garnishment without a court order

• Suspension of state professional license

• Garnishment of social security/disability income

• Withholding IRS tax refunds

Chapter 13 bankruptcy stops all of these harsh collection methods and allows a student a little breathing room to pay what they can out of their budget. Many Chapter 13 cases are spread out over 5 years allowing a student plenty of time to discover new career opportunities and live comfortably without suffering from constant threats and harassment by SallieMae.

The following graphic illustrates the student loan racket: http://www.collegescholarships.org/research/student-loans/

To speak directly, one on one, with an experienced and knowledgeable Philadelphia Bankruptcy Lawyer, please contact the Dunne Law Offices at (215) 854-6342. We offer a free initial consultation for all consumer bankruptcy matters.

The Dunne Law Offices, P.C. is a debt relief agency. The Dunne Law Offices, P.C. helps people file for bankruptcy relief under the bankruptcy code.

Wednesday, January 12, 2011

Consumer Laws That Protect Your Money

Most financial transactions involving consumers are covered by consumer protection laws. These include transactions involving credit, charge, and debit cards issued by banks and credit cards issued by retail stores; ATM transactions and other electronic fund transfers; deposit account transactions; automobile leases; mortgages and home equity loans; and lines of credit and other unsecured credit.

The following is a short list of consumer laws that will empower you!

Fair Housing Act (1968) Prohibits discrimination in the extension of housing credit on the basis of race, color, religion, national origin, sex, handicap, or family status.

Truth in Lending Act (1968) Requires uniform methods for computing the cost of credit and for disclosing credit terms. Gives borrowers the right to cancel, within three days, certain loans secured by their residences. Prohibits the unsolicited issuance of credit cards and limits cardholder liability for unauthorized use. Also imposes limitations on home equity loans with rates or fees above a specified threshold.

Fair Credit Reporting Act (1970) Protects consumers against inaccurate or misleading information in credit files maintained by credit-reporting agencies; requires credit reporting agencies to allow credit applicants to correct erroneous reports.

Fair Credit Billing Act (1974) Specifies how creditors must respond to billing-error complaints from consumers; imposes requirements to ensure that creditors handle accounts fairly and promptly. Applies primarily to credit and charge card accounts (for example, store card and bank card accounts).

Equal Credit Opportunity Act (1974) Prohibits discrimination in credit transactions on several bases, including sex, marital status, age, race, religion, color, national origin, the receipt of public assistance funds, or the exercise of any right under the Consumer Credit Protection Act. Requires creditors to grant credit to qualified individuals without requiring cosignature by spouses, to inform unsuccessful applicants in writing of the reasons credit was denied, and to allow married individuals to have credit histories on jointly held accounts maintained in the names of both spouses. Also entitles a borrower to a copy of a real estate appraisal report.

Real Estate Settlement Procedures Act of (1974) Requires that the nature and costs of real estate settlements be disclosed to borrowers. Also protects borrowers against abusive practices, such as kickbacks, and limits the use of escrow accounts.

Home Mortgage Disclosure Act of (1975) Requires mortgage lenders to annually disclose to the public data about the geographic distribution of their applications, originations, and purchases of home-purchase and home-improvement loans and refinancings. Requires lenders to report data on the ethnicity, race, sex, income of applicants and borrowers, and other data. Also directs the Federal Financial Institutions Examination Council, of which the Federal Reserve is a member, to make summaries of the data available to the public.

Fair Debt Collection Practices Act (1977) Prohibits abusive debt collection practices. Applies to banks that function as debt collectors for other entities.

Home Equity Loan Consumer Protection Act of (1988) Requires creditors to provide consumers with detailed information about open-end credit plans secured by the consumer's dwelling.

Truth in Savings Act (1991) Requires that depository institutions disclose to depositors certain account information about their accounts—including the annual percentage yield, which must be calculated in a uniform manner—and prohibits certain methods of calculating interest.

Home Ownership and Equity Protection Act of (1994) Provides additional disclosure requirements and substantive limitations on home-equity loans with rates or fees above a certain percentage or amount.

To speak directly, one on one, with an experienced and knowledgeable Philadelphia Bankruptcy Lawyer, please contact the Dunne Law Offices at (215) 854-6342 or send an email with any questions to dunnelawoffices@gmail.com. We offer a free initial consultation for all consumer bankruptcy matters.

Saturday, January 8, 2011

Wizard of Oz Filed Bankruptcy

Bankruptcy Can Happen To Anyone

As the following list of famous people confirms, anyone can find themselves unable to pay their bills. A high income helps but does not prevent financial problems from happening. People facing financial difficulties often feel like they are the only ones having money troubles. They are reluctant to file for bankruptcy and unsure how to proceed. They do not realize that many people, including famous celebrities, have faced similar financial difficulties and filed for bankruptcy to discharge their debts.

L. Frank Baum - Wizard of Oz author
King Edward II - 14th century English King
Toni Braxton - Singer
George Clinton - Singer ("Atomic Dog")
Samuel L. Clemens ("Mark Twain") - Author
Natalie Cole - Singer
Gary Coleman - Actor (Arnold - Different Strokes)
Francis Ford Coppola - Film Director/Producer
Cathy Lee Crosby - Actress
Mick Fleetwood - Singer (Fleetwood Mac)
William Fox - Co-founder of 20th Century Fox Film Corporation
Marvin Gaye - Singer
Charles Goodyear - Founder of Goodyear Tire Co.
Ulysses S. Grant - 18th U.S. President & Civil War General
Corey Haim - Actor (Star of The Lost Boys (1987))
Isaac Hayes - Songwriter/Musician/Singer
Sherman Hemsley - Actor (George Jefferson from The Jeffersons)
Milton Snavely Hershey - Founder of Hershey's Foods Corp.
Ron Isley - Singer
Jermaine Jackson - Singer (Michael Jackson's brother)
Joe & Katherine Jackson - Parents of the Michael Jackson
La Toya Jackson - Singer (Michael Jackson's sister)
Randy Jackson - Singer (Michael Jackson's brother)
Tito Jackson - Singer (Michael Jackson's brother)
Thomas Jefferson - American Founding Father and President
Don Johnson - Actor/Producer
Kacey Jones - Singer
Chaka Kahn - 80's R & B Singer
Cyndi Lauper - 80's Singer
Stan Lee - Co-creator of Spider Man, The Incredible Hulk, The X-Men, etc.
Jerry Lewis - Actor
Meat Loaf - Singer
Wolfgang Amadeus Mozart - Famous Musical Composer
Willie Nelson - Country & Western Singer/Songwriter
Immanuel Nobel - Father of Alfred Nobel (who founded Nobel prizes)
Tom Petty - Singer
Burt Reynolds - Actor/Director
Debbie Reynolds - Actress/Singer
Mickey Rooney - Actor
Anna Nicole Smith - Model/Actress
James & Lynne Spears - Britney Spear's parents

If debts are piling up don't give up. If you're having serious financial problems, call the Dunne Law Offices. For more information or to see if bankruptcy is an option for you, please contact one of our six offices for a free consultation.

To speak directly, one on one, with an experienced and knowledgeable Philadelphia Bankruptcy Lawyer, please contact the Dunne Law Offices at (215) 854-6342 or email your question to dunnelawoffices@gmail.com. We offer a free initial consultation for all consumer bankruptcy matters.

Famous People Who Filed Bankruptcy

Famous People Who Filed Bankruptcy

People with all levels of income can overcome their financial problems by filing bankruptcy. The following is a list of famous people including artists, athletes, authors, actors and businessmen who filed for bankruptcy. Most of the celebrities listed below not only recovered financially, but many went on to earn great wealth after filing bankruptcy.

Rembrandt, the famous Dutch painter filed for bankruptcy at the age of 50 in 1656.

P.T. Barnum from Barnum and Bailey Circus filed for bankruptcy in 1871.

Mark Twain, pre-eminent American author filed for bankruptcy in 1894 and discharged all his debts.

Henry John Heinz, condiment manufacturer filed for bankruptcy in 1875.

Oscar Wilde, acclaimed poet and author, was forced into bankruptcy in 1895.

Milton Snavely Hershey, founder of Hershey's chocolate, started four candy companies that failed and filed bankruptcy before starting what is now Hershey's Foods Corporation.

Henry Ford, automobile manufacturer, filed bankruptcy twice before creating a third company, the Ford Motor Company.

Mickey Rooney, movie actor filed for bankruptcy in 1962.

Johnny Unitas, legendary Hall of Fame football quarterback filed for Chapter 11 bankruptcy in 1991.

Jerry Lee Lewis, famous Rock n' Roll star, filed for bankruptcy in 1988.
Wayne Newton, Las Vegas entertainer, filed for Chapter 11 bankruptcy in 1992.

Kim Basinger, actress, filed for bankruptcy in 1993.

MC Hammer, musician and entertainer, filed for Chapter 11 bankruptcy in 1996.

Walt Disney, cartoon creator, filed for bankruptcy in 1920.

Larry King, talk show host, filed for bankruptcy in 1960 and then again in 1978.

Donald Trump, businessman, filed a Chapter 11 bankruptcy case three times.

Mike Tyson, professional fighter, filed a Chapter 11 case in August of 2003.

Stephen Andrew Baldwin, actor, filed for Chapter 11 on July 21, 2009.

Jose Conseco, baseball player, filed for Chapter 7 bankruptcy in 2008.

If debts are piling up don't give up. If you're having serious financial problems, call the Dunne Law Offices. For more information or to see if bankruptcy is an option for you, please contact one of our six offices for a free consultation.

To speak directly, one on one, with an experienced and knowledgeable Philadelphia Bankruptcy Lawyer, please contact the Dunne Law Offices at (215) 854-6342 or send an email with any questions to dunnelawoffices@gmail.com. We offer a free initial consultation for all consumer bankruptcy matters.