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October 10, 2019 By jenleelaw Leave a Comment

Student Loan Refinancing – A New Resource

We are always looking for new resources and options for clients. Student loans are a hot topic these days and refinancing student loans has pros and cons, which we have discussed many times. However, if you have weighed all of your options and are looking at refinancing, the next big research project is what company or program to use for the refinance.

A new guide from Consumers Advocate outlines many of the options available for refinancing student loans and can be found at: https://www.consumersadvocate.org/student-loan-refinance

I like this guide because it points out the pros and cons (not just the pros) of refinancing and what you need to keep in mind when thinking about refinancing.

So, if you are thinking of refinancing, please add this guide to your list for researching various options.

This is just a basic overview and is not legal advice specific to your situation. If you have questions about your rights when it comes to debt and credit, you should speak with an attorney in your area for legal advice. If you live in California or North Dakota and would like to speak with Jen Lee Law regarding your situation, please schedule an appointment.

December 12, 2018 By jenleelaw Leave a Comment

Holiday Blues: Top 5 Signs a Senior in Your Life is Struggling with Debt

The Golden Years May Have a New Name: The Bankrupt Years

In the past month or so, a number of articles in the news have come out showing that seniors are declaring bankruptcy at an increasing and alarming rate. The debt burden on seniors is going up due to student loans,credit cards, and lack of retirement savings.

Around the holidays, we often see senior family members who we may not have a lot of contact with at other times of the year. Or, we get to go to their houses and can notice that something may be a bit off, including debt and credit problems.

Often, the difficult part for seniors is talking to someone to figure out what to do with debt. They are vulnerable to scams and slick sales pitches because of this fear of others finding out that their finances are not in great shape. There also tends to be a feeling of pride and really wanting to solve the problems themselves because that is how they have always done things.

The problem then becomes getting help for someone who may not be willing to admit to others, especially close family members, that there may be a problem. So, how can you identify potential problems before a senior in your life has to resort to bankruptcy, especially during the holidays when things often get lost in the shuffle?

Unopened mail. This is not necessarily a generational or senior issue. Someone who is afraid and avoiding a debt problem will avoid opening the mail. From a senior standpoint, caregivers or family members may notice piles of unopened mail on the counter or in a drawer. That doesn’t necessarily mean snooping around grandma’s house during a holiday celebration, but a stack of mail could be hiding in plain sight.
Never ending phone calls. Someone who is in debt will usually receive a lot of phone calls from creditors or even collection agencies. The phone ringing off the hook can be unnerving to the senior, but also a noticeable red flag that something may need to be addressed.
Avoiding home repairs. Home repairs can be expensive and can be one of the first things that get neglected when money is tight. Paying attention to the condition of the home when visiting a loved one during the holidays can clue you in to problems before the situation becomes dire.
Skipping meals or not going out with friends and family. I once met with a lady who was worried about her mother. Every time she would ask her mother to go out for a bite to eat, the mother would come up with an excuse. We later found out that the mother was embarrassed that she could not afford to eat and did not want her family members knowing how bad it was.
Missing mortgage payments. There have been interesting studies done that show that consumers are more likely to pay credit cards than mortgages when money is tight. Why? Because if you are one day late on your credit card payment, they are calling you multiple times a day (see #2 above). Mortgage companies very rarely call because they know if you do not pay, they can foreclose. There have been times where we found out that the mortgage was not being paid when a notice of sale was posted to the door and a family member saw it.

If you notice any of these red flags, it can definitely be a difficult conversation to have with a loved one. However, the sooner the problem is recognized, the easier it is to develop options and strategies.

September 1, 2018 By jenleelaw Leave a Comment

Rule #1 – You are the Driver of Your Bus!

I recently read a book called “The Energy Bus” and it really reminded me of why I love what I do. I found myself wanting to be the character Joy. Sometimes gently, sometimes not-so-gently guiding people in the right direction. First, I highly recommend reading the book. It’s a quick, easy read, but life-changing.

It also reminded me of the number 1 rule that I strive to impress upon my clients, but I didn’t realize this was a “rule” before I read the book. That’s possibly because I’m not a big fan of rules in general, but that’s another article by itself.

You are the driver of your bus. So many people come to our office to talk about their debt and credit issues feeling dejected, hopeless, and out of options. My goal for every single person that comes in like that is to leave energized, hopeful, and full of options. But, it starts with you being able to see the light at the end of the tunnel. That’s our job. To give you a path to find the light and then energize you to keep working towards it.

Now, I can’t say it just like that. When was the last time your attorney said, “Come on in to our office, we’re going to talk about positive mindset to get everyone on board your energy bus!”? I’d get locked up in a looney bin. But, I can practice what I preach and significantly impact the lives of my clients, just like Joy did.

Being the driver of your bus means taking control and steering your life the way you want it to go. That’s easier said than done, but it also can start with one small change. Don’t be afraid to find out what your options are. We talk to so many people who put off taking control so long that it’s negatively impacted their health, their relationships, their work, etc. What if you knew that taking control and finding out that there are options would result in better health, relationships, work, etc.? Would you be less fearful? You are the driver of your bus!

Here is a list of the rest of the rules. Some I like more than others. I definitely agree with getting rid of energy vampires in your life. Life is too short to hang around people who literally suck the life out of you! If you come into our San Ramon office, this will likely be hanging on the wall.

The full book title is The Energy Bus: 10 Rules to Fuel Your Life, Work, and Team with Positive Energy by Jon Gordon. It’s available on Amazon: https://amzn.to/2CcSfmy

On a final note, there is also a children’s version. Your kids are watching how you react to challenges and difficulties all the time and they will copy you. The best gift you can give your children is to teach them that they are the driver of their own bus. https://amzn.to/2PponFv

June 24, 2018 By jenleelaw Leave a Comment

Will I Ever Be Able to Get a Car Loan Again?

One of the most common questions we get when discussing bankruptcy is, “Will I ever be able to get a car loan again?”

The answer is yes. And probably a lot sooner than you may think.

However, there is a lot of misinformation about there. I read an article this evening on a site that works with people in bankruptcy to get a car loan. You would think the information would be correct, since they purportedly work with people in bankruptcy, but there were some major red flags.

What Chapter Did You File?

If you file for Chapter 7, you can get a car loan as soon as 1 day after you file with some of the lending programs out there today. However, this article incorrectly states auto loans are not available during the Chapter 7 because “it’s possible for the car to be included in your bankruptcy, which could leave your lender holding the bag.”

That’s not how Chapter 7 works. Everything you own on the day that your bankruptcy is filed is what is included in your bankruptcy (also known as the bankruptcy estate). A car lender should never be left holding the bag because the loan is secured against the car. Bankruptcy doesn’t wipe out a secured loan and leave the lender “holding the bag.”

If you filed for Chapter 13 (which is a repayment plan over 3-5 years), you generally need trustee approval and there are often limits on the monthly payment and total amount that will be approved. Talk to your Chapter 13 attorney to make sure it’s a smooth process.

This article instructs you to bring your financing information to your bankruptcy trustee and that the trustee will present it to the court in a motion to incur debt.

No.

You should bring your financing information to your attorney. The attorney will coordinate with the trustee’s office to get approval. Depending on your court, a motion is probably not required at all and the trustee is never the one who will file the motion – you or your attorney (if you are represented) needs to do that.

Finally, the article states that there may be a hearing and “if all of your debtors agree,” it will be approved. Again, no. First, you are the debtor and you have creditors. Second, all of your creditors do not have to agree or approve of your car loan.

The bottom line is that financing is available at almost any stage of the bankruptcy process, but it’s important to know your local procedures and work with your attorney to understand the steps that are required.

The article I read is here.

July 31, 2017 By jenleelaw Leave a Comment

What Does a Bankruptcy Trustee Actually Do?

When you are filing a bankruptcy case, it can be a little scary. Understanding the process will help to alleviate some of those fears. Some very common questions that come up are about who the trustee is, what is their job, and will they share your information with anyone?

Who is the Trustee, anyway?

The U.S. Bankruptcy Court, Central District of California says that “The Office of the U.S. Trustee is not part of the bankruptcy court but is an agency of the Department of Justice whose main role is to monitor the administration of bankruptcy cases, detect bankruptcy fraud, and appoint/supervise a group of trustees who can administer chapter 7, 11, or 13 bankruptcy cases. The Office of the U.S. Trustee is divided nationwide into 16 regions, and each region is supervised by one person whose title is ‘United States Trustee.’ The U.S. Trustee generally has the right to be present at any court hearing and can make motions and recommendations to bankruptcy judges.”

What is their primary role?

In a chapter 7 bankruptcy case, a trustee is appointed to review the financial information of the debtor, take control of the assets of the debtor, and sell or distribute these assets for the benefit of creditors. A trustee can also recover certain assets that were previously transferred and bring those assets into the bankruptcy estate.

In a chapter 13 case, a trustee is appointed to review the documents filed in the case, collect payments, monitor activity in the case and to report to the court on how well a debtor is meeting his or her obligations. If a debtor is not meeting obligations, the trustee can ask the court to dismiss the bankruptcy case.

In both chapter 7 and chapter 13, the trustee conducts the meeting of creditors to question the debtor about the documents filed and allow creditors to ask questions.

Can the Trustee Share My Information?

No. As with attorneys, trustees are not able to share your information with others outside of your case. That means, that even after a bankruptcy case has been discharged, a trustee cannot discuss your information with anyone at any time for any reason, except when it is necessary to your case.

This is just a basic overview and is not legal advice specific to your situation. If you are considering bankruptcy or are feeling overwhelmed by debt, you should speak with an attorney in your area for legal advice. If you live in California and would like to speak with Jen Lee Law regarding your situation, please email me at jen@jenleelaw.com or call 925-586-6738.

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Next Page »

Student Loan Refinancing – A New Resource

Holiday Blues: Top 5 Signs a Senior in Your Life is Struggling with Debt

Rule #1 – You are the Driver of Your Bus!

Will I Ever Be Able to Get a Car Loan Again?

What Does a Bankruptcy Trustee Actually Do?

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