New Financial Beginnings
Here are 7 special protections bankruptcy may provide you.
- A chance to start over: Bankruptcy can be the tool you need to restart your financial life. By discharging your unsecured debts through Chapter 7 or paying them down over time through Chapter 13, you will have the opportunity to begin again with a clean slate.
- Preventing foreclosure: If you are struggling to keep up with your mortgage, Chapter 13 bankruptcy will allow you to restructure your debt into more manageable payments. Even if you have fallen far behind, we can explore options for avoiding foreclosure and keep your family where it belongs — in the family home.
- Stopping creditor harassment: Constant calls and past-due notices from creditors are one of the most common complaints we hear from clients. Bankruptcy’s automatic stay provides a shield against creditor harassment. Once you file your bankruptcy petition, creditors are required to leave you alone. If they violate the automatic stay, we can help you hold them accountable.
- You get to keep your possessions: Instead of draining your retirement or selling off heirlooms, filing for bankruptcy can help you hold on to the assets that are most important. Yes, Chapter 7 bankruptcy is often called liquidation for a reason, but there are numerous bankruptcy exemptions, and in most cases, debtors are able to retain their home, their cars and other possessions. As your lawyers, we can explain all the exemptions that apply to your situation.
- Not just debt relief, stress relief: Carrying a heavy debt burden is one of the most difficult things a person can endure. It puts stress on your marriage as well as your professional life. By filing for bankruptcy you can get the breathing room you need to reassess your finances and shake off your debts and the stress that comes with them.
- Buy time for your business: A small business bankruptcy can help you get time to reorganize your business finances, modify payment terms, and even eliminate some qualifying obligations.
- Rescue your livelihood: Filing a business bankruptcy is a way to rescue your livelihood. It can provide a second chance for your business rather than closing your doors due to the impact of COVID-19.
We understand where you are coming from
When I was growing up many years ago, my parents went through a very nasty divorce. This caused our family to fall into a financial nightmare. Debt collectors were calling us continuously and some were even coming to our door. I watched my mother cry almost every single night as she was a very prideful woman who did not want to rely on any financial assistance. Finally, with her back completely against the wall, she called a bankruptcy attorney. Suddenly the calls stopped and our nightly ritual of hiding our car from being repossessed had come to an end. After completing the bankruptcy, I witnessed my mother truly being able to breathe again.
As time went on, she was able to totally rebuild her life. This also became my turning point. That time in my life had such an impact on me that I realized that I needed to choose a career that would help people who were crushed by financial disasters. The Coronavirus pandemic has caused financial ruin to millions of people across the United States and all over the world. I know now that my job is to do whatever I can to help people get back on their feet again.
Many people are going to be facing the same mountain of debt and problems that my own mother and family faced many years ago. I can only hope after reading this letter and reviewing this website that you do not procrastinate. I hope that you realize that there is real help available that can put you back on your feet. There are legal ways to get the bill collectors off your back and stop the banks from being able to garnish your wages and bank accounts. If you own a home, this can stop a foreclosure.
Please take your time and review the information that we have put together and then take the next step and call us. We will do our absolute best on guiding you and helping you with honest, straightforward legal advice. Our mission is to help you get your life back again. Please remember that there is no cost or obligation to make that call. We are here for you!
Sincerely,
Young Vincent Kim, Esquire
Bankruptcy Basics
Chapter 11
Chapter 13
Chapter 7
Chapter 11 Sub 5
Bankruptcy
“Some economists estimate that for every family that goes bankrupt, there are about 15 more who are in the same amount of financial trouble and would profit from bankruptcy but just haven’t filed.”
~ Senator Elizabeth Warren
“Today, certain people file for bankruptcy, businesses and individuals, and it no longer has the stigma it once had. Now it’s almost considered wise, a way to regroup and come back again.”
~ David Dinkins
Many people mistakenly associate bankruptcy with being judged, punished and a future plagued by damaged credit and limited options. The truth is, bankruptcy is a tool intended to help people repair their finances and take advantage of a clean slate – not inflict lasting harm as Mr. Dinkins describes above.
It is a misconception that bankruptcy ruins your reputation. It might hurt your chances of getting loans and credit in the short term, but that is all. It is basically a personal decision that enables you to restructure and renew your financial situation for the sake of yourself and your family. In simple terms, bankruptcy is like flicking the switch of your debt history off and then back on. It resets your consumer debts such as those associated with your credit card, vehicle, mortgage, etc.
It is widely (and wrongly) believed that bankruptcy leads to the loss of all assets. However, contrary to this, many assets that you own are protected by bankruptcy laws within the bankruptcy court. The assets include furnishings, retirement saving accounts, basic homes and vehicles (inexpensive ones). The specifics vary state to state and at the federal level, so you should check the laws in your state or area to have better information about what is protected. On the federal level, retirement accounts are protected to a limit of $1,171,650. Other things that are protected include your 401(k) account, pension, disability, IRA and Social Security benefits. This is the reason why many lawyers recommend against borrowing from a protected account for the repayment of debt.
Most importantly, whether you’re facing foreclosure on your home or you are being harassed by creditors. We are confident that our attempt to restart you with a new financial slate, will give you the tools you need to retake control of your financial life.
To have a New Financial Beginning, a plan is needed!
Hiring an attorney, in particular our firm, gives you experience in various methods of starting your new clean slate and being freed from many of the heavy shackles of debt. Many people attempt to hold on as long as they can and refuse to get help out of pride or not knowing what to do. However, asking for help may be the smartest thing to due in times of uncertainty!
With a solid plan, consumers have the opportunity to take control and forge their own path regarding the debt, instead of being bullied around and on the receiving end of pressure. They can now have the control to begin again. But how is the average person supposed to know which tools to utilize and how to put together and execute a plan? THIS is where hiring a law firm would best come into play as not only does the law firm know the tools, they know how to use them optimally.
A plan is critical and hiring a lawyer to guide you through the process of beginning fresh again allows you to do many things and utilize many tools. These tools include but are not limited to, a combination of monitoring your credit reporting, analyzing collection attempts, letters and the creditor reports for violations of law, allowing the attorney to negotiate debts and utilize debt settlement, bankruptcy and other debt reduction techniques. Each situation is unique as each consumer, while generally thrust into this situation, has their own circumstances that need review to determine the best step and to avoid future debt traps.
The Covid-19/Corona Virus Economy
Our world has been turned upside down due to the events of the COVID-19/Coronavirus outbreak and subsequent closures of businesses and losses of jobs and income. These are truly uncertain times filled fear and worry. However, there are options out there for people just like you to get a fresh start and start rebuilding financial stability. If the lasts financial crisis has affected you, or if you were in dire straits before all of this happened, there are options available to help you resolve, eliminate or manage your previous debts and start the process of raising your credit score that is likely in shambles.
Our mission is to help consumer’s like you achieve A New Financial Beginning. A path to improved financial knowledge and literacy which opens the door to new life opportunities such as home ownership, higher education and secure retirement. We support under-banked individuals in accessing and participating in financial services, increasing equitable opportunities for economic advancement.
This New Financial Beginning allows hard working Americans like you to get rest again, look at their spouse and children and feel stronger in reassuring things will be alright and be able to walk with their head up and not feel ashamed due to the financial struggles.
This New Financial Beginning creates a stronger consumer and may be possible for you.
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TIME TO FIGHT BACK - SUING YOUR CREDITORS
– THE CONSUMERS’ WEAPON –
– THE CONSUMERS’ WEAPON –
Finally, a law firm and your plan could allow you go on the offensive even stronger and sue the banks and other creditors for violations of various federal laws.
This includes the Telephone Consumer Protection Act of 1991 (TCPA) for example in circumstances where creditors spam you with auto-dialer calls. This may include any applicable landlord tenant law where they may have improperly evicted you or attempted to evict you by using unscrupulous means or mishandled your security deposit or refused to provide it back to you. The most common laws that are violated are the Federal Debt Collection Practices Act (“FDCPA”) and the Florida Consumer Collection Practices Act (“FCCPA”) These laws exist to protect consumers, such as yourself from unfair, deceptive, and abusive debt collection practices in the collection of consumer debts as well as to protect against the invasion of individual privacy.
The FDCPA imposes civil liability on any debt collector and the FCCPA imposes liability on any creditor, person, or debt collector that engage in violative conduct in connection with collecting consumer debts.
Here are a few examples of prohibited acts by debt collectors and creditors:
- Posing as a police officer or claiming to be acting on behalf of a government agency.
- Using force or violence or threatening to use force or violence.
- Communicating with your employer or threatening to communicate with your employer about the debt in question if they have not taken a judgment against you.
- Threatening to report or actually reporting negative information about a debt that you have
- Disputed to a credit reporting agency without also informing this agency of your dispute.
- Contacting a third party in reference to your debt.
- Harassing you or your family about the debt
- Contacting you between 9 pm and 8 am about your debt unless you have specifically asked them to do so.
- Posing as attorneys or lying to you about an attorney being involved with the case when they are not.
- Filing a lawsuit against you in a court that is not local to you in order to make it more difficult for you to appear in court to defend the lawsuit.
- Contacting you through documents, forms, or “summons” that are intentionally designed to appear as government documents or attorney communications.
- Using profanity, obscenities, or vulgar or abusive language when communicating with you or your family members in reference to a debt.
- Threatening to or attempting to enforce an illegitimate debt against you, for example, a debt that has expired under the statute of limitations.
- Purposefully hiring a CCA that is not licensed to collect a debt.
- Communicating/mailing documents to you that contain embarrassing content on a postcard or envelope, and
- Communicating directly with you when they have already been informed that you are being represented by an attorney.
If your rights have been violated, under both the Florida and Federal debt collection laws, you can file a lawsuit against the debt collector or creditor seeking statutory damages up to $1,000, actual damages, court costs, attorney’s fees, and possibly punitive damages.
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