Lanigan & Lanigan, P.L.
831 W. Morse Blvd., Winter Park, Florida 32789
407-740-7379
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Bankruptcy
Credit repair after filing bankruptcy is not as difficult as it may sound and it is good to know you can learn how to repair credit after bankruptcy. Before you file bankruptcy you will have to go through credit counseling. You’ll learn basic information and learn of resources to help begin building credit after your bankruptcy is finalized. Winter Park bankruptcy and foreclosure attorneys Eric Lanigan and Roddy Lanigan will explain how to rebuild credit with some basic credit repair overview information and direct clients to a range of credit building resources. Credit Repair After Bankruptcy The best way to repair credit is by obtaining a free annual copy of financial history from all three major credit bureaus. A dispute letter or form can be used to dispute any items that are wrong. The bureaus have 30 days to answer any disputes. Sometimes a negative item can be completely removed from the report. Other times the account in question may be answered as legitimate and will remain. Bankruptcy mortgage lenders generally ask that their potential customers take at least six months to work on repairing financial history before applying for a home mortgage. This should give ample time to dispute all of the questionable items and hear back from the bureaus. A consumer can add a statement to their financial history on any items that are not handled satisfactorily. Some of the things that can affect one’s score include: Too many inquiries for new credit Past due accounts being listed twice Too many high interest credit cards that are maxed out Too many late payments on existing accounts Steps...
Bankruptcy
An experienced Orlando bankruptcy attorney can help you navigate through many tough bankruptcy decisions that must be made before filing bankruptcy. When an individual needs a bankruptcy lawyer there are legal options to keep in mind that will help decide if this option is the right one at this time. Bankruptcy is complex and sometimes people don’t understand the ramifications of filing for bankruptcy protection and which of the laws would be most appropriate for the situation. Both individuals and companies can file for debt protection, but laws have changed in 2005 that affect who can file, how frequently and what can prevent a person from filing bankruptcy. Central Florida bankruptcy attorneys Roddy Lanigan and Eric Lanigan will tell you that no one’s situation is hopeless. When debt is overwhelming, there are multiple remedies. Set up a consultation in their Winter Park, Florida, office and ask the right questions. People get into debt for various reasons, and most people do not intend to run up their bills to the point that they can’t manage them. Individuals find themselves in the position of working hard to pay off these bills, but get further and further behind. The reasons for the debts are usually due to unexpected medical expenses, the loss of a job, a divorce, or personal tragedy. The two most common remedies for an individual bankruptcy are Chapter 7 and Chapter 13 bankruptcies. Chapter 7 requires a means test, which means that the applicant must qualify by having an income that is either lower or equal to the median income in his state. Bankruptcy firms are specialists in looking...
Bankruptcy
When filing bankruptcy costs vary but you get what you pay for. The attorneys fees and costs for Chapter 7 bankruptcy, Chapter 11 bankruptcy and Chapter 13 bankruptcy can vary as much as each individual case. Winter Park bankruptcy attorneys Eric Lanigan and Roddy Lanigan have set fees with incremental costs spelled out completely in the contracts. For example, if an asset requires additional review due to your leaving information out or not reporting the information honestly, an attorney may charge you additionally. The question to ask first is whether you should hire the best bankruptcy attorney for your case or whether you should worry about the cost. If you go into bankruptcy with a complex case but the idea that you will only hire the cheapest attorney, you’ll have mixed results. The priority should be hire an experienced, qualified bankruptcy attorney and be willing to pay for the quality. You get what you pay for. The cost of filing for consumer or commercial debt protection is not cheap; and anyone who has ever been involved in legal proceedings knows that lawyers bill hourly. Clients pay for knowledge, experience and the ability to finely craft a persuasive argument and build a case in favor of the debtor. Without adequate legal counsel, harassing debt-collection tactics would continue; wage garnishments and repossessions would persist; and interest rates, late fees, and penalties would continue to mount. Debtors depend on sound, competent legal expertise to get relief from the overwhelming pressures of personal and business indebtedness. The bankruptcy lawyer price is just another bullet debtors must bite in order to eventually secure debt...
Bankruptcy
Distressed debtors who wonder what Chapter 13 bankruptcy is, will get a firsthand look at insolvency when Chapter 13 repayment plans are implemented by the U.S. Bankruptcy Court. But, the three- to five-year court-mandated debt resolution plan can actually benefit the debtor in the long run. A court-appointed U.S. trustee or administrator oversees and distributes the debtor’s disposable income to settle secured and unsecured creditor claims. Secured claims are those filed by lien holders of property which can be used as collateral, such as homes, cars, equipment, or inventory. Trustees are charged with the responsibility of deciding which secured and unsecured claims are to be paid and how much disposable income debtors can afford to contribute to the plan. A chapter 7 bankruptcy liquidates debtor assets to settle creditor claims, in compliance with a court-ordered debt resolution plan. Unsecured creditors can file claims, however since these claims are collateral-free, they are considered secondary. The court defines disposable income as wages or other liquid assets filers receive on a regular basis. Child support payments and assets necessary for the debtor’s subsistence are exempt. When people begin the bankruptcy process they usually have no idea that the process can be so tedious or so long. There’s quite a bit of paperwork, checking information and then time. Bankruptcy doesn’t happen overnight, and debt incurred by a failure to make timely payments over a long period of time can’t be fixed without a plan to settle delinquent accounts. The federal government is interested in re-educating debtors regarding the fine points of personal financial management before coming to court. Debtors are required by law...
Bankruptcy
Home refinancing after bankruptcy can help to ease a tight budget or it can be a financial mistake after a long road of poor or unfortunate choices. Is Refinancing After Bankruptcy Good or Bad? Winter Park bankruptcy and foreclosure attorneys Eric Lanigan and Roddy Lanigan work with a mortgage workout staff led by Rich Marquez to help families and individual with mortgage refinances. Mortgage workouts–also known as mortgage refinances–can lower interest rates, eliminate debt, eliminate second and third mortgages and are sometimes done instead of or in combination with bankruptcy. People file bankruptcy for all kinds of reasons. Some get into financial difficulty after an extended job loss, divorce, illness or a medical emergency. Others have gone through devastating loss due to natural disasters such as hurricanes, floods, or fires. Still others just don’t seem to understand the basic principle that income has to exceed outgo. In keeping with the federal Bankruptcy Code, individuals usually file for Chapter 7 or Chapter 13 bankruptcies. In Chapter 7 bankruptcy, the individual has few assets and all debt is typically written off. Though the individual gets relief from creditors, the financial consequences continue for a long time. A Chapter 7 bankruptcy stays on the person’s credit file for 10 years. This can mean paying higher interest rates on car loans and home mortgages for a long time to come. Almost certainly, the interest rate on a mortgage for a home refinancing after bankruptcy will be higher than average. The bankruptcy record may possibly affect job opportunities and automobile insurance rates as both employers and insurance companies may investigate an applicant’s credit history....
Bankruptcy
Many people assume that filing for bankruptcy can only be done by a U.S. Citizen but the law does not prohibit non-U.S. citizens bankruptcy. Bankruptcy laws don’t limit the filing of a bankruptcy case to U.S. citizens or legal residents. The bankruptcy code allows people who are not permanent residents or U.S. citizens from filing Chapter 7 or Chapter 13 bankruptcy. What the Law Says About Non-U.S. Citizens Bankruptcy Bankruptcy code says that a debtor can be any “person that resides or has a domicile, a place of business, or property in the United States, or a municipality, may be a debtor under this title.” The code doesn’t define a debtor as someone with legal residence or citizenship. A debtor can be an undocumented immigrant, or someone who doesn’t live in the United States. Attorneys have filed cases where a debtor doesn’t live in the United States but has a business or an asset located in the United States. Having a bank account or some other personal asset in the United States can be sufficient to qualifying a person as a debtor under the bankruptcy code. The belief you have to be a U.S. Citizen or legally within the United States to file for bankruptcy, stems from the fact that credit is generally obtained on the basis of having a social security number. Bankruptcy forms generally request you provide a social security number as part of filing for bankruptcy. If you do not have a valid social security number then you can apply for an individual taxpayer identification number (ITIN) with the IRS. This number can be used to...
The Law
If you are considering starting a successful business in Florida, remember that developing the business plan comes first. Business and civil litigation attorneys Eric Lanigan and Roddy Lanigan see many people start new businesses with the start of every new year . Make the right business decision by doing careful research, consultation with a business attorney and an honest and hard look at your economic and financial standing and future. The Business Plan Comes First When Starting a Business 2012 is a great time to start saving for a business rather than going into debt to start a business that has nothing going for it but a hope and an idea. The best businesses have been carefully structured and established, financed and planned for long-term. The challenge in making the businesses sustainable is a long term business plan with profit and loss projections for three to five years, asset protection, market solvency, competition and research to find out whether a new product should be launched. Many times, individuals and groups who are considering starting a business would be better served buying into a franchise with an existing product and consumer base after careful consideration. Attorney Eric Lanigan Helps Businesses Protect Their Assets Protecting assets from potential creditors is important because any seemingly small financial distress can put a business into bankruptcy, sometimes followed by a complex foreclosure. If you’ve planned ahead, your assets are protected. But what if they’re not? You’ll have to rely on an attorney’s ability to negotiate and have knowledge of Florida law in regards to your particular situation. Proper asset protection is the difference between...
Bankruptcy
Before filing a small business bankruptcy sit down with Winter Park bankruptcy attorneys Lanigan and Lanigan to discuss options for Chapter 11 bankruptcy. Certainly in the past few years some of the most successful businesses have needed to file bankruptcy at some point, although this action is never desired. The damage done to personal and business credit can effect a person’s whole life if partnerships and assets are not appointed correctly. Research Options Before Small Business Bankruptcy Speaking with an experienced civil and business litigation attorney is important when developing a Chapter 11 bankruptcy plan to ensure that the right provisions are made to ensure the best outcome possible. Other options include a business reorganization, a mortgage workout or a personal Chapter 7 bankruptcy. Though many companies bounce back after small business bankruptcy, this usually occurs in companies that have other avenues of income that can be used to bounce back. It’s preferable to get creative in finding ways to avoid financial ruin by selling part of the company as another share, liquidating merchandise, or downsizing employees or locations. Exploring all possible options for saving money before small business bankruptcy becomes a reality is step one. Keeping strong financial records will indicate any problems even before the threat of losing everything to the bank is step two. In some cases other similar businesses are in the same position and a merge of companies may solve the problem. This action may cut expenses in half and increase market population. Understanding the different ways to file is crucial to the success of any company and personal reputation. Review Bankruptcy Options with...
The Law
Property and homeowners may stop legal repossession efforts and should look at options before foreclosure proceeds and it’s too late. Examine all Options Before Foreclosure Proceeds Stressed out property owners in default can stop foreclosure by using several methods. But don’t wait to consult with Winter Park bankruptcy and foreclosure attorneys Eric Lanigan and Roddy Lanigan. As soon as you know that you may not be able to make a property payment or go into default, call the Lanigans. Eric and Roddy Lanigan will look at what your financial situation is and ask what you’d like to achieve: do you want to keep the property? Do you have other overwhelming debt that you want to pay down over time or eliminate completely? When homeowners get behind in loan payments, lien holders can and do repossess properties. There are mortgage workouts where a lender will renegotiate a mortgage that may offer: Lowered interest rates Forebearance Second and third mortgage elimination Banks, credit unions, and mortgage companies are not necessarily in the business of buying and selling houses; but their goal is to make money from interest charged on loans over 15, 20, or 30 years. Banks work with borrowers to stop mortgage foreclosure because lending institutions don’t want the house, they simply want to get the income. Owner defaults and auctions, short sales of repossessed properties, the homeowner will not be the only loser. Foreclosures damage banks and lender’s revenue and adversely effects the local, state and national economies. The United States housing market has created record number of foreclosures that not only hurt homeowners, but lenders who can never...
Bankruptcy
Major credit reporting agencies usually remove bankruptcy after seven years for Chapter 13 debtors so remember rebuilding credit takes time. Wage earners who have faithfully complied with court-ordered repayment plans can be sure that bad credit reports won’t stop efforts to seek employment or re-establish buying power. After Bankruptcy, Rebuilding Credit Takes Time A Chapter 13 proceeding automatically vanishes from the debtor’s report seven years from the date of filing, as if it never existed. The formerly bankrupt consumer is can apply for future financing without fear of disclosure of the previous proceeding. If reporting agencies fail to remove bankruptcy after seven years, debtors have legal recourse. Contact the three major agencies for free credit reports. Review all entries and check to be sure that bad accounts which should have fallen off of the report are still listed. Anyone who has paid creditors for three to five years through a bankruptcy Chapter 13 repayment plan has been released from further financial liability and will also be able to build credit scores back up after bankruptcy. Filing Chapter 13 bankruptcy has its negative connotations, but debtors have the opportunity to start over due to efforts to honor responsibility to creditors. Many Chapter 13 debtors live on a strict budget for several years in order to make monthly payments and change their living standards. A Chapter 13 is discharged when the last payment has been made and debtors can certify participation in an approved financial management course provided by a reputable consumer financial counseling agency. When credit reporting agencies remove Chapter 13 bankruptcy, credit scores after bankruptcy usually rise. Prospective lenders...
