I am working a new web site for our business at http://www।bratcherlaw.biz/.
We had a very exciting week। We filed several adversary cases against mortgage companies, and I see more to be filed in the next few weeks. With my client's permission, I hope to bring you some updates as these cases go forward.
We file several different types of cases against mortgage companies. One of the coolest things about bankruptcy law is that you can lien strip second mortgages if they are whole unsecured. I know you are saying what the heck does that mean.
Let's say that a house is worth $100,000. The first mortgage is for $110,000. Then there is a second mortgage (or in Missouri a deed of trust) for $25,000. Lenders are only secured up to the value of the property. So, in this case the first lender is under secured by $10,000. The value of the property is less than the lien by $10,000. Moreover, the second lender has nothing securing their lien. They are unsecured because the property has no value left over from the first lien. So, in a Chapter 13, we can lien strip the second lender. That means that they are treated as an unsecured creditor. It could mean that the second lender will not be able to collect on the mortgage after the discharge and the Debtors still get to keep the house. They would not even have to pay the lien when they sell the house. How cool is that?
We have a big day tomorrow. So, I better sign off. Oh, Jewel have a wonderful and safe trip! Congratulations to the happy couple! Donna: I hope that the new baby arrived safely! Congratulations to the happy new parents!
Saturday, July 28, 2007
Friday, July 27, 2007
Foreclosures
There is nothing like losing your home. After all home ownership is a big American dream. If you receive notice that your home is in foreclosure contact an attorney asap. This past month we have had phone after phone call from people with misinformation about foreclosures. Please don't take legal advice from non-attorneys!
First, in Missouri, foreclosures are easy to do. Moreover, they are very quick. For most deeds of trust (in other states these are often called mortgages), the creditor has to mail the notices certified return receipt requested (is most often required) and publish in the legal newspaper. I have news for my fellow Missouri residences: the creditor does not have to show that the borrower received the letter. They merely have to mail it to the correct address 20 days before the foreclosure. Yes, 20 days! Additionally, real people don't even know about most of the legal newspapers. So, they are unlikely to read it. On the other hand, many of my fellow bankuptcy attorneys write the borrowers to see if they are seeking legal services.
Secondly, in Missouri, foreclosures are hard to undo. I am not saying that we have not had a few foreclosures set aside ... we have. It is always exciting to win this kind of case as it is a long shot for most cases. I have also lost on setting aside a foreclosure ... in part because even though my client's address was wrong it was close enough for the mailman to testify that he delivered mail to my client's address with the wrong street name often. Additionally, the mailman testified that my client did not take their mail out of the mailbox most of the time. If you recieve a certified letter -- go get it and open it. No one can tell you want is in the letter without someone opening the letter and reading it.
There are things that can be done to stop a Missouri foreclosure before it happens or to help someone redeem the house after the sale. Redeem means to get the house back. However, you can't just wait. One of the ways to stop a foreclosure is to file a bankruptcy. When you file bankruptcy for the first time the automatic stay stops foreclosures. (Different rules apply if it is not your first case, seek legal advice to see these different rules and how they apply in your case.) This stops the foreclosure. The Chapter 13 plan deals with the missing house payments and my clients start down the road to their fresh start.
First, let me say that Kansas has better laws for debtors than Missouri does. Foreclosures take longer as it has to go to Court. Judical foreclosure is the most common manner of foreclosure. Second, the law on redemption is much better. The time to redeem is based on many factors and you need to see an attorney for advice on your case. I won't waste your time spelling all of the rules out.
If you receive notice of a foreclosure, you need to sit down and have a talk with yourself and your family. I suggest that you go though the following questions:
1. Do you want to keep the real estate?
2. Do you owe the money? Have you made payments that are not accounted for by the lender?
3. Do you have an equity in the property? (Do you owe less on it that you could sell it for here and now?)
4. Can you make the on-going monthly payments?
5. Can you get current before the sale?
Before the notice of foreclosure, when you are falling behind in the payments is the time to call the lender and try to work something out. I know many people who have been successful in working out with the lender a plan to make up the missing payments. However, if you fall behind in your work-out deal with the lender ... get to an attorney to see your options.
Bankruptcy is a powerful tool. It can help people get back on their feet after getting behind on their bills. However, it takes a lot of work and time. It can stop a foreclosure but it still takes money to make the monthly house payments. With these new adjustable rate mortgages, many of my clients are forced to let the house go back to the lender.
First, in Missouri, foreclosures are easy to do. Moreover, they are very quick. For most deeds of trust (in other states these are often called mortgages), the creditor has to mail the notices certified return receipt requested (is most often required) and publish in the legal newspaper. I have news for my fellow Missouri residences: the creditor does not have to show that the borrower received the letter. They merely have to mail it to the correct address 20 days before the foreclosure. Yes, 20 days! Additionally, real people don't even know about most of the legal newspapers. So, they are unlikely to read it. On the other hand, many of my fellow bankuptcy attorneys write the borrowers to see if they are seeking legal services.
Secondly, in Missouri, foreclosures are hard to undo. I am not saying that we have not had a few foreclosures set aside ... we have. It is always exciting to win this kind of case as it is a long shot for most cases. I have also lost on setting aside a foreclosure ... in part because even though my client's address was wrong it was close enough for the mailman to testify that he delivered mail to my client's address with the wrong street name often. Additionally, the mailman testified that my client did not take their mail out of the mailbox most of the time. If you recieve a certified letter -- go get it and open it. No one can tell you want is in the letter without someone opening the letter and reading it.
There are things that can be done to stop a Missouri foreclosure before it happens or to help someone redeem the house after the sale. Redeem means to get the house back. However, you can't just wait. One of the ways to stop a foreclosure is to file a bankruptcy. When you file bankruptcy for the first time the automatic stay stops foreclosures. (Different rules apply if it is not your first case, seek legal advice to see these different rules and how they apply in your case.) This stops the foreclosure. The Chapter 13 plan deals with the missing house payments and my clients start down the road to their fresh start.
First, let me say that Kansas has better laws for debtors than Missouri does. Foreclosures take longer as it has to go to Court. Judical foreclosure is the most common manner of foreclosure. Second, the law on redemption is much better. The time to redeem is based on many factors and you need to see an attorney for advice on your case. I won't waste your time spelling all of the rules out.
If you receive notice of a foreclosure, you need to sit down and have a talk with yourself and your family. I suggest that you go though the following questions:
1. Do you want to keep the real estate?
2. Do you owe the money? Have you made payments that are not accounted for by the lender?
3. Do you have an equity in the property? (Do you owe less on it that you could sell it for here and now?)
4. Can you make the on-going monthly payments?
5. Can you get current before the sale?
Before the notice of foreclosure, when you are falling behind in the payments is the time to call the lender and try to work something out. I know many people who have been successful in working out with the lender a plan to make up the missing payments. However, if you fall behind in your work-out deal with the lender ... get to an attorney to see your options.
Bankruptcy is a powerful tool. It can help people get back on their feet after getting behind on their bills. However, it takes a lot of work and time. It can stop a foreclosure but it still takes money to make the monthly house payments. With these new adjustable rate mortgages, many of my clients are forced to let the house go back to the lender.
Wednesday, July 25, 2007
Helpful Links
I wanted to link to www.chfpatients.com because it saved my husband's life. Jon, the host of chfpatients.com, is wonderful. My husband has CHF, and I really didn't know anything about it before I found Jon's cite. Before my husband became ill, he was a fire fighter at a very busy firehouse. Then, he caught was seemed to be a cold and it hung on. He went to the doctor's office 3 times before they found that his heart was enlarged and beating out of sync. My mom pushed me to keep looking for answers and try to understand what the heck was going on with my husband. She knew that I really needed to get my head around what the doctors were really not saying. Without Jon's hard work, I don't know if my husband would be alive today.
Many of my clients are in my office looking for help because someone -- their spouse, their parents or their children are ill. It is the biggest reason people come into my office to try to get control of their financial lives ... because their house is in foreclosure or a law suit or the creditor is coming to pick up their car/truck. Talking to an attorney gives them the information that they need to see what they can do. Some clients have had such a change of circumstances that they have to pick between: cars and houses. More than a few clients have decided to let some of their property go back to the creditor. This is never easy and it requires information.
The other link that we have added is to Angel Food. Please look at it if you need help with your budget. For many people it is the difference between having good food to feed their families and going hungry. It is a God send to everyone that uses it. It can make a difference in your life. Take a look at it. The food is wonderful and the people are very good to work with.
I will be adding the immigration software link in the next few weeks. I have too many cases in process just now to add it this week.
Bye for now,
Susan Bratcher
Many of my clients are in my office looking for help because someone -- their spouse, their parents or their children are ill. It is the biggest reason people come into my office to try to get control of their financial lives ... because their house is in foreclosure or a law suit or the creditor is coming to pick up their car/truck. Talking to an attorney gives them the information that they need to see what they can do. Some clients have had such a change of circumstances that they have to pick between: cars and houses. More than a few clients have decided to let some of their property go back to the creditor. This is never easy and it requires information.
The other link that we have added is to Angel Food. Please look at it if you need help with your budget. For many people it is the difference between having good food to feed their families and going hungry. It is a God send to everyone that uses it. It can make a difference in your life. Take a look at it. The food is wonderful and the people are very good to work with.
I will be adding the immigration software link in the next few weeks. I have too many cases in process just now to add it this week.
Bye for now,
Susan Bratcher
Monday, July 23, 2007
Stop My Bills.Com
Few months ago, my friend and typist left her job at my office. I miss her still, but it gave us the opportunity to try some new ways of doing things in the office. One of the things that we changed is very exciting. Our clients can do on-line intake at http://www.stopmybills.com/ at home before they come into the office. We can print out the on-line intake and review it with them at the first visit
In the past, it took clients 1 to 2 hours to merely fill out the paperwork in the office. Now, my clients or possible clients complete the on-line in-take at home. They have more flexibility to start and stop and re-start. I know that it is easier to type at home with all my papers around me that it is to hand write the answers. Also, we don't have to try to read every one's handwriting.
So, we have clients go to http://www.stopmybills.com/ and enter my ID: Sbratcherlaw. We receive an email that they have completed the intake. It is very exciting. I have documents that I can review at the first appointment. Just like at a doctor's office the more I know about the facts (within reason) the better advice I can give my clients.
Also, the information imports into the bankruptcy software. That means that we are spending more time editing rather than re-typing all of the information. Oh, just a hint for my clients ... please don't use all capital letters. It is like the information is being screamed at us. Thanks!
Bye for now,
Susan
In the past, it took clients 1 to 2 hours to merely fill out the paperwork in the office. Now, my clients or possible clients complete the on-line in-take at home. They have more flexibility to start and stop and re-start. I know that it is easier to type at home with all my papers around me that it is to hand write the answers. Also, we don't have to try to read every one's handwriting.
So, we have clients go to http://www.stopmybills.com/ and enter my ID: Sbratcherlaw. We receive an email that they have completed the intake. It is very exciting. I have documents that I can review at the first appointment. Just like at a doctor's office the more I know about the facts (within reason) the better advice I can give my clients.
Also, the information imports into the bankruptcy software. That means that we are spending more time editing rather than re-typing all of the information. Oh, just a hint for my clients ... please don't use all capital letters. It is like the information is being screamed at us. Thanks!
Bye for now,
Susan
Sunday, July 22, 2007
Seek an attorney for legal advice.
I was re-reading my first post, and I don't think that I was clear. My point was: if you thinking about filing for bankruptcy call an attorney for advice. Don't rely on non-attorneys to give you legal advice ... please, please, please.
Most attorneys (in my part of the world) offer the first 1/2 hour for free on bankruptcy cases.
Lately, I have been meeting with clients, who have waited to come in to see us. We could have done more for them if we would have seen them a few months ago. In many cases, non-attorneys have given them incorrect information.
Practicing law is hard for attorneys, and I think that it is nearly impossible for non-attorneys.
My first day of law school at SMU (yes, in the big D), my property professor taught us the answer to all legal questions is "it depends." That is still true today for every issue.
Most attorneys (in my part of the world) offer the first 1/2 hour for free on bankruptcy cases.
Lately, I have been meeting with clients, who have waited to come in to see us. We could have done more for them if we would have seen them a few months ago. In many cases, non-attorneys have given them incorrect information.
Practicing law is hard for attorneys, and I think that it is nearly impossible for non-attorneys.
My first day of law school at SMU (yes, in the big D), my property professor taught us the answer to all legal questions is "it depends." That is still true today for every issue.
Just Starting
Welcome to my new blog. I will be inviting my friends, family, and clients to take part. Please keep in mind that this is not private and everything on here is out there for anyone in the world to see it.
I have a small (two attorney) law office. Tom and I are the attorneys. I have a great staff: Beth is the office manager. Margie has been with us for about 3 years. Donna has worked for me on and off. I really don't know how long. Jewel just started this summer. My son also helps us out. He is in college.
One key part of our practice is bankruptcy law. We have been representing debtors for over 10 years. Things are still very tough out there for many people. Bankruptcy is not easy for anyone to do. Most clients have tried everything that they could do before coming in to see us. Additionally, creditors and collectors have been telling clients that they cannot file. I really don't know when they went to law school and pasted the bar. It takes people years to become an attorney (3 years for most law schools and then they have to pass the bar). Even then you don't know very much about any area of the law unless you have some practical training. Bankruptcy law, like every other area of the law, is not learned over night. I worked hard to learn what I know. There is nothing like experience to learn. Not to mention all of the classes that I have taken on just bankruptcy. Tom was an attorney on the other side of the cases. He worked representing creditors for years. He is wonderful to have on our client's side.
Well, I am getting off my soap box.
Have a great day!
I have a small (two attorney) law office. Tom and I are the attorneys. I have a great staff: Beth is the office manager. Margie has been with us for about 3 years. Donna has worked for me on and off. I really don't know how long. Jewel just started this summer. My son also helps us out. He is in college.
One key part of our practice is bankruptcy law. We have been representing debtors for over 10 years. Things are still very tough out there for many people. Bankruptcy is not easy for anyone to do. Most clients have tried everything that they could do before coming in to see us. Additionally, creditors and collectors have been telling clients that they cannot file. I really don't know when they went to law school and pasted the bar. It takes people years to become an attorney (3 years for most law schools and then they have to pass the bar). Even then you don't know very much about any area of the law unless you have some practical training. Bankruptcy law, like every other area of the law, is not learned over night. I worked hard to learn what I know. There is nothing like experience to learn. Not to mention all of the classes that I have taken on just bankruptcy. Tom was an attorney on the other side of the cases. He worked representing creditors for years. He is wonderful to have on our client's side.
Well, I am getting off my soap box.
Have a great day!
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