There are many attorneys you can choose from here in the San Francisco Bay Area. However, what makes The Law Office of John Iaccarino stand out from the rest is their level of service and amount of care and effort our attorneys put into each of their clients cases. To learn more about The Law Office of John Iaccarino, please click here.
Thinking about creating either a living trust or a will may be a bit macabre to some people since it reminds them of their own mortality. However, it is something that should be considered by all individuals who want to ensure that his or her property and assets are distributed in a manner they see fit after he or she passes away.
What is the right option for you?
Many people are using the online do-it-yourself forms for estate planning. We highly recommend against this, as there are many ways to go wrong if you are not experienced. When you work with the Law Office of John Iaccarino, we use our experience and legal knowledge to help make sure you get all the benefits possible from your estate plan:
In addition to the common will and testament, there are many types of trusts and other estate planning documents we can use to help you reach these benefits:
If you are located in the San Francisco Bay Area and would like to schedule an appointment, please feel free to contact The Law Office of John Iaccarino.
With the increase of information readily available on the internet and the rise of DIY legal tools, many individuals fall prey to situations where they end up handling their legal matters themselves which result in unfavorable situations for them in the end.
To determine what your legal risk may be, click on the image above to take the free risk assessment through ARAG.
The Law Office of John Iaccarino accepts clients who are members of ARAG.
Zombies are supposed to only exist in the movies and on TV shows.
However, it seems that the zombie trend has transcended to the world of finance and the housing market. Many news outlets have been reporting about “zombie mortgages”.
According to CNN, “[s]ince the housing bubble burst seven years ago, almost two million properties have started but never completed the foreclosure process, according to RealtyTrac…it’s estimated that tens of thousands could be zombie foreclosures.”
What is a Zombie Mortgage?
A “zombie mortgage”, according to CNN writer Les Christie, is when “borrowers move out after their bank schedules a foreclosure auction only to learn months or years later that the auction never took place or the bank never transferred the deed. That means the borrower still technically owns the house and is on the hook for property taxes, fees and homeowners’ association dues.”
From the chaos that has arisen from the housing market crash, many individuals have been left to deal with these debts that they believe have disappeared and they are no longer responsible for repaying.
Unfortunately, this is not the case. In some instances, there are people who have multiple mortgages on their home. In California when a first lien holder forecloses and there is a second mortgage or HELOC on the home, the second mortgage becomes a sold out junior lien and can still collect on the debt.
Is there a solution?
Many people who are in this unfortunate situation do not have the means to escape from these mortgages and are unable to pay for them due to their financial situation.
However, one possible solution to assist these individuals is to file for bankruptcy. Here at The Law Office of John Iaccarino, we have been assisting our clients in the San Francisco Bay Area with filing for bankruptcy (Chapter 7, 11, 13) for over 20 years. If you are currently dealing with a mortgage from a foreclosed home, we can assist you to determine what solution you have available to your situation.
Many people dream of owning their own homes. For some it symbolizes a new chapter in their lives with starting a family while for others it’s a smart long-term investment. Regardless of the reason, it is an accomplishment in itself to be able to be a proud owner of your own home.
Unfortunately for some, the dream of owning a house can come with unforeseen challenges such as an inability to keep up with mortgage payments due to unemployment or underemployment, foreclosure, loan modification nightmares and difficulties dealing with banks and loan agents to list a few.
According to a recent article on SFGATE.COM, writer Carolyn Said shares that “a recent 8.5 billion dollar settlement to resolve charges that 10 major banks mishandled foreclosures and loan modifications is leaving many individuals uneasy as to whether or not this recent decision will rectify, saying details remain murky and that the amount of money will be minimal once distributed among millions of people.” Read more…
With stories like these presented in the media everyday, it is no surprise that many individuals out there feel frustrated with no real solution to assist them in finding a solution to keeping their homes.
If you feel like you’re in a similar situation, seeking out legal assistance from an attorney in your area may allow you to resolve your financial problems related to your home. If you are in serious debt and are at risk to losing your home and would like to attempt to keep it, one solution may be to file for Chapter 13 Bankruptcy.
If you are considering filing for Chapter 13 bankruptcy, there are some immediate and long-term benefits to looking into your debt relief options for stopping foreclosure:
The Law Office of John Iaccarino has assisted their clients for over 20 years on matters related to real estate, bankruptcy and foreclosure defense. If you are located in the San Francisco Bay Area and are in need of legal assistance, please do not hesitate to contact our office.
According to a recent article by CNN writer Blake Ellis, there have been reports of extreme methods of harassment that have been employed by creditors collecting debts from debtors in the United States.
Ellis writes:
Fair Debt Collection Practices Act, collectors are prohibited from threatening violence, using profane language, calling incessantly, inflating a debt and implying they are attorneys. And they can’t tell consumers they will arrest them or garnish their wages or property unless they actually plan to take that action and are legally able to do so through a court order. Many states have their own rules governing debt collector practices as well.
The situations she reports about in her article are shocking and also illegal under the Fair Debt Collection Practices Act. They range from creditors threatening to have debtors arrested and having child protective services taking away their children to posing as false law firms. One of the more extreme cases Ellis mentions is of the debt collection agency Rumson, Bolling & Associates, where their collection agents “threatened to dig up the bodies of debtors’ deceased children and hang them from a tree or drop them outside their door if they failed to pay their funeral bills.”
It is unfortunate that there are collection agencies in existence who do not act professionally and use extreme tactics to collect debt. In situations like these, it is important for a debtor to know his or her rights and options on how to handle these types of situations. If you are in a situation similar to those mentioned above and need assistance to have the harassment cease, one of the best solutions is to contact an attorney.
The Law Office of John Iaccarino has been assisting clients with creditor harassment cases for over 20 years. Our attorneys understand the stresses each of our clients face and always provide our clients with the best solutions on how to resolve their financial problems.
Our firm offers free 30-minute in-person consultations with one of our attorneys at our office in Burlingame, CA. If you would like to make an appointment, please do not hesitate to contact us at (650) 348-3400 or email: john@iaccarinolaw.com
The Law Office of John Iaccarino is proud to announce they are accepting ARAG insurance policy holders.
To learn more about the experiences that clients have had with working with ARAG attorneys, please check the video out below.
Thinking about planning on how your assets will be distributed after you pass is never an easy thing to think about.
However, after working hard after so many years, no one wants another party or the state to determine how his or her assets are distributed. According to a recent survey by RocketLawyer.com, over 50% of Americans die without a will. There may be many reasons for avoiding writing a will such as procrastination, belief they do not need a formal will and that their assets will be handled properly without a written document and simple procrastination.
The Law Office of John Iaccarino has put together a list of a few documents that are essential to ensuring control over your wealth distribution and medical decision-making as you approach your later years:
Pursuing a higher education has many benefits: job opportunities, increased earning potential, societal benefits etc. However, receiving a degree comes at a cost – and for some, a cost they may never be able to repay in their lifetime due to the high interest rates of private loans.
Under the proposed “Fairness for Struggling Students Act of 2013” private student loans would be dischargeable in bankruptcy.
According to the NCBRC, the biggest issue facing individuals who possess private student loan debt is the lack of flexibility of these types of loans:
Although private student loans comprise only about 20% of the total student loan debt, private loans tend to be substantially more onerous for borrowers. They typically have higher interest rates, limited or no availability of deferment or forbearance, and no income-based repayment plans. In addition, they are not subject to the consumer protections in place for federal student loans.
To learn more about the pending legislation, click here
Stress. Anxiety.Depression.
These are all feelings that many people with severe debt are facing as they ponder over what solutions that can turn to in order to fix their financial problems. For those facing serious debt that they are unable to resolve due to lack of financial resources, filing for bankruptcy can be the only solution to resolve their debt issues.
Deciding to file for bankruptcy is never an easy decision. Many clients come in with questions or misunderstandings as to how the bankruptcy process works, the different types of filings an individual can choose from, requirements, etc. Here at The Law Office of John Iaccarino, we have answered some of the most frequently asked questions regarding bankruptcy to help you decide whether or not filing for bankruptcy is the solution to solving your debt problems.
1. What are the advantages of bankruptcy?
Once discharged through bankruptcy your debts are erased; in other words you are no longer responsible for paying them.
2. What about my credit?
The fact is that when lenders or other creditors review your credit report they rank bankruptcy as the worst.
3. How long do I have to wait to rebuild my credit?
You can rebuild your credit immediately with a secured loan or credit card. In fact you can even obtain these items while going through the bankruptcy process.
4. How long does it take before my debts are discharged?
Chapter 7 takes between 3 to 8 months;
Chapter 11 can take from just under a year to many years;
Chapter 13 can take several months while trying to get your repayment plan approved. However, the actual discharge is not final until you’ve met the payment plan requirements which take from 36 to 60 months to complete.
5. How long until my credit gets back to the point where I might hope to get a regular credit card or mortgage?
Rebuilding credit depends on how aggressively you try to get back on track, but don’t figure less than 1-3 years. Remember, you can always get a secured credit card or a mortgage with a low loan to value (LTV) and high interest rate, sometimes even still in the middle of a bankruptcy.
6. How would I know if Chapter 7 is right for my situation?
If you have very few assets with no property and your assets can be exempted then Chapter 7 may be right for you as long as you have no other obligations such as court ordered alimony, child support payments, criminal restitution, non-dischargeable taxes, or student loans. (list of non-dischargeable items) Many national creditors prefer that you file Chapter 7 if they cannot recover at least 50 cents on the dollar.
7. Which bankruptcy chapter is the least expensive?
Chapter 7 is the least expensive because you do not have to pay off the debts. The next least expensive is Chapter 13 where you repay about 10 cents on the dollar, followed by Chapter 11.
8. Can I pick and choose which assets to put into a personal bankruptcy?
No. Every asset you own must be included in the filing. After filing you may choose to exempt some of your assets.
9. So I exempted my vehicle, what happens to it?
You didn’t actually exempt the vehicle (or any asset) you really only exempted the equity (if any) in the asset . So, if you have a loan for $17,000 on a vehicle worth $20,000 then you exempt $3,000. However this does not mean you get to keep the car free. You only keep the vehicle if you make payments on it.
On the other hand, if the situation was reversed and you owed $20,000 on a vehicle worth only $17,000 then you could choose to simply give the vehicle back and owe nothing. One of the advantages to filing bankruptcy.
10. What does reaffirm mean?
You become personally liable for the debt again. For instance, in the vehicle example above if you kept the car and made payments the creditor would probably want you to sign a new contract (reaffirm) for the vehicle.
11. What exactly can I exempt?
It depends on which state you live in. Most states allow the Federal exemptions but also have state exemptions that may be more favorable. See this list of Bankruptcy Exemptions – Federal and State
12. Does my personal bankruptcy affect my corporation?
No! But your shares go to the trustee and may restrict your voting and transferring privileges.
13. Can I file a personal Chapter 11?
Individuals may file. Chapter 11 – More info
14. Do I have to appear before a bankruptcy judge?
No, you will meet with a trustee and your creditors at a meeting called 341.
15. What is the trustee’s job?
Find assets with equity, liquidate them and then pay off the secured creditors. If any money is left then they also pay unsecured creditors based on priority. For a more in depth explanation see Chapter 7 “The Role of the Trustee”
16. What if I want to keep some non-exempted assets?
In most cases, you can buy them back from the trustee.
17. If I change my mind after filing can I get of or stop the bankruptcy?
Only the judge will decide if it may be dismissed or not. Even if you get the case dismissed your credit report will still show that you filed.
18. After I file bankruptcy can I still workout the non-exempt assets?
In Chapters 11 and 13 you may negotiate with your creditors out of court. In a Chapter 7 you may do a workout if the trustee abandons the property.
19. What does it mean when a trustee abandons property?
When the liquidation value of an asset cannot pay off the secured creditors, the trustee “abandons” it, or simply gives it back to the debtor. Although you’ve been discharged from the obligation, if a workout can not be achieved or payments made, you’ll probably lose the property at a foreclosure.
20. I thought bankruptcy stopped foreclosure? Can they still take my house?
When you file Bankruptcy, you receive an “automatic stay” on court actions such as foreclosures and sheriff’s sales. A creditor can still go into court and ask the bankruptcy judge for a “relief from stay”, and if granted the creditor can proceed with court action to foreclose.
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