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Debt Settlement Lawyer

by Mark Buckley

Debt settlement can be the right solution in certain situations.  Its a matter of knowing when its appropriate and how to do it effectively.

I’m not talking about the typical debt-relief advertisements you hear on radio and television.  You know the ones.   They instruct you to stop paying your bills and send them your money instead.  Usually to some address outside of Rhode Island.

After starving your creditors for 6+ months, the theory is that there should be a pool of money big enough to offer settlements to your desperate creditors.

These programs usually fail because they are not a good fit for most people drowning in debt.  If you owe a lot of money and are dealing with too many creditors, it isn’t likely that everyone will agree to negotiate.

Will you be satisfied if you can only settle some of your accounts, while the remaining debt is unpayable?  You might create a tax liability on the forgiven debt, and a possible lawsuit on the unpaid debt.

To make matters worse, debt settlement companies are paid-in-full long before you realize its a losing battle.  You could waste thousands of dollars and be left with a problem that still requires filing bankruptcy.

So when does debt settlement make sense?  Answer:  When you have a pile of money, under your own control, that can be used to offer lump sum settlements.

Effective debt settlement works best when you have cash in hand and can afford to pay income tax on the amount of debt forgiven.  Money talks.

A few times each year, I encounter such a person.  Someone who has immediate access to money, but wants to pay as little as possible to settle old credit accounts.  If this describes you, I can help.

I had a client who owed $ 60,000 in old debt and now could afford to pay the debt in full.  Wanting to avoid the interest and penalties that accumulated over many years, he asked me to contact each creditor and settle for the smallest amount possible.  I negotiated settlement for less than $ 8,000 and he was more than happy to pay the income tax owed.

If bankruptcy is avoidable,  and you have the money to make it work, a debt settlement may be an option to consider.

As your debt settlement lawyer, I can be the go-between to negotiate a low settlement.  I can explain that unless we receive a good offer, the creditor will likely get nothing in a bankruptcy.

Filed Under: Blog, New Blog, Personal Finance, Rhode Island Chapter 7

Debt Settlement Companies: Unbelievable

by Mark Buckley

Debt settlement company advertisements are everywhere. They sound appealing: who wouldn’t want to settle their debt for pennies on the dollar? Most everyone would rather erase their debts without having to file for bankruptcy—but do debt settlement companies promise more than they can deliver?

It’s important to understand that most of the advertisements are dramatized and do not represent typical results. The smiling characters on the TV screen are usually not actual clients sharing personal experiences, but actors voicing what may be “possible”.

Sending a monthly check to a far away debt settlement company usually does not end well. One of the first signs of trouble is that the company in question does not have a local office.

If you truly need help budgeting or drafting a repayment program, you would do well to work with a legal/financial adviser from your own community. In fact, calling a reputable local bankruptcy lawyer should be your first step in making sense of your debt-relief options. Even if your situation does not require a bankruptcy solution, a good bankruptcy lawyer can explain non-bankruptcy options and make sure you don’t become a victim of a debt settlement scam.

Also, be sure to never sign a contract or start any debt repayment program until you have had it thoroughly examined by a qualified bankruptcy lawyer. Too many people have thrown away valuable time and money on unworkable debt repayment plans. Even those who may be successful in settling a debt, need to be prepared to pay income tax to the IRS on the amount of debt forgiven. A 1099-Misc income form will likely be sent to you before your next tax filing.

If you are struggling with excessive unsecured debt, it is important to understand how a Chapter 7 bankruptcy may help.  It is the most common form of consumer bankruptcy and only takes 90 days to complete.

For each case filed, the Rhode Island Bankruptcy Court assigns a trustee and schedules a meeting of creditors. This private meeting occurs thirty days into the process and does not take place in a courtroom. At the creditor meeting, the debtor is asked a series of questions by the trustee in order to make sure the debtor’s petition is complete, accurate, and truthful. These question and answer sessions are quite short, and most trustees can conduct six or so of these meetings in a half-hour. After the meeting, sixty days remain before debts are wiped out.

Filed Under: Blog, Personal Finance, Rhode Island Bankruptcy Articles

Disclosing All Property When Filing Bankruptcy

by Mark Buckley

hiding moneyIn Rhode Island, are you required to disclose all of your property when filing for Chapter 7 bankruptcy?

In a word: Yes.

A Chapter 7 Bankruptcy exists to protect you and your property. However, to receive a discharge of debt, you must  disclose all of your assets.

During the bankruptcy process, a debtor will be asked if he is telling the truth. Bankruptcy lawyers will even use the phrase “under penalty of perjury” to remind a client that hiding assets is a violation of federal bankruptcy law punishable by jail.

You see, under Rhode Island bankruptcy law, it makes no difference if:

  1. Your property came as a gift or through inheritance
  2. Someone else paid for it
  3. It is easily hidden and there is no paper trail

Your bankruptcy petition must fully list all of your property.

Understand that the US Trustee has many tools to discover hidden assets. Even calls from “anonymous tipsters” help trustees make sure that a debtor is not attempting to conceal assets.

Disclosing all property to your bankruptcy lawyer is actually in a debtor’s own best interest. Telling your lawyer the complete truth will help him protect you and your property.

Common property interests that require complete disclosure in your Rhode Island bankruptcy petition:

  1. Any claims you have for money, including personal injury claims and potential lawsuits
  2. Gifts you may have received
  3. Assets you disposed of in the last 4 years
  4. Possible inheritance interests after someone has died
  5. Bank accounts/ real estate owned by parents with your name on it
  6. Property you may receive in a divorce settlement
  7. Personal debts owed to you by a friend or family member

Most who file bankruptcy are honest, hardworking people who have run out of options. Having a debtor list all his property in a bankruptcy petition makes the system fair for everyone.

Bottom line: your bankruptcy petition must be complete, accurate, and truthful.  Don’t leave out any property.

Filed Under: Blog, Exemption Laws, New Blog, Rhode Island, Rhode Island Chapter 7

RI Bankruptcy Lawyer receives Client Distinction Award

by Mark Buckley

Mark Buckley Client Award 2019
Mark Buckley is the recipient of the Martindale-Hubbell Client Distinction Award.

The Martindale-Hubbell® Client Distinction Award is based on Client Review Ratings in the categories of communications ability, responsiveness, quality of service, and value for money.

The results have been compiled and Attorney Mark Buckley has earned a Client Review Rating Score of 4.5 or higher on a scale of 1-5.

Less than 1% of the 900,000+ attorneys listed on martindale.com and lawyers.com have been accorded this Martindale-Hubbell honor of distinction.

Filed Under: Blog, Home Page Featured

Why Call a Bankruptcy Lawyer?

by Mark Buckley

  • Local Chapter 7 and Chapter 13 bankruptcy laws are complicated. Only a seasoned RI bankruptcy lawyer can keep you out of trouble and save you money.
  • In Rhode Island, you must choose between state and federal exemption laws. Only a skilled bankruptcy lawyer knows how to protect the most property.
  • Which type of bankruptcy is best for you? Chapter 7 or Chapter 13. A qualified Rhode Island bankruptcy lawyer can help explain all of your bankruptcy options.
  • A Rhode Island Bankruptcy Lawyer knows how your recent activity affects your bankruptcy options. Will recent purchases or cash advances hurt your case?
  • Are reaffirmation agreements necessary to protect your property in a RI Bankruptcy? An experienced RI bankruptcy lawyer knows the answer.

Filed Under: Blog

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