Foreclosure Non-Retention Options
If you have a property in foreclosure, your mortgage lender will likely send you all sorts of correspondence. You may have modification or reinstatement options, which is great if you want to retain the property. But for a variety of reasons, the bank or servicer may not be willing to entertain modification or refinance. In […]
No Discharging Student Loans in Bankruptcy
Currently working its way through House of Representatives committees is H.R. 2366, the Discharge Student Loans in Bankruptcy Act of 2017. It’s always good to hope, but forget about discharging student loans in bankruptcy in the near future. On October 20, 2017, as the D.C. Chair of the National Association of Consumer Bankruptcy Attorneys, I […]
The Key to Saving is Living Below Your Means
Have you ever heard of Parkinson’s Law? It was first articulated by C. Northcote Parkinson in an article in The Economist in 1955. Parkinson’s Law is the adage that “work expands so as to fill the time available for its completion.” Parkinson’s Law has many corollaries, including: Expenses rise to meet income. In other words, people spend […]
Preparing for a Deposition
A deposition is basically out-of-court testimony, made under oath, and recorded by a court reporter. Depositions are taken during litigation for later use in pleadings or during trial. Preparing for a deposition can be nerve-wracking, but it is far preferable to going into a deposition unprepared. While depositions are usually held in a lawyer’s office […]
Protecting Assets in Bankruptcy: Property Exemptions and Planning
Protecting assets in bankruptcy requires a combination of foresight and expertise. Chapter 13 bankruptcy generally allows you to keep all your property. But in Chapter 7 bankruptcy, your nonexempt assets may be “liquidated,” or seized and sold. If you do not protect your assets in Chapter 7, the trustee will convert them to cash and […]
Class Divide: Classism in Microcosm in NYC
The HBO documentary Class Divide examines wealth disparity in the West Chelsea neighborhood of Manhattan in New York City. Specifically, the film toggles between the very wealthy young students of the Avenues School and the very poor living right across the street in the public housing project Elliott Houses. The Avenues represents an international style of schooling. Their […]
Top 4 Options When Facing Foreclosure on an Investment Property
If you are facing foreclosure on an investment property, you have options. Unfortunately, investment properties do not get the same protections available to primary residences. For instance, mortgage modification is often not available for rental properties. And NPV analysis is often less forgiving. (NPV, or net present value, compares future cash flows from an investment […]
Lee Legal Can Diagnose Your Financial Condition
If you have a medical problem, seek advice from a doctor. If you have an architectural problem, seek advice from an engineer. But if you have a financial problem, you should seek the advice of an attorney. Lee Legal can diagnose your financial condition. Every client receives a free consultation. Debt Collection. If you have […]