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The Role Of The Family Lawyer: Putting The “Proper” Back Into Property Settlements

admin — Sat, 10 Sep 2011 04:01:19 +0000

Article by Frank Egan – LAC Lawyers

Family law matters can be stressful for all parties involved. Most family law matters are resolved through negotiation, so it is important that you are aware of your legal rights. This is where a family lawyer can help. A lawyer can assist you obtain the best outcome and prevent potentially ongoing and costly legal complications.

What is a property settlement?

This is the division of all “property” between married or de facto couples who seek divorce or separation. “Property” is quite widely interpreted in the family law system and includes pretty much everything that is capable of being owned. This can include land, houses, businesses including partnerships, motor vehicles, bank accounts, shares, household goods and furniture, tools of trade or other equipment, trusts and superannuation. The property settlement includes all property belonging to you and your partner, regardless of whose name the property is in.

Even if these items were owned by one of you prior to the start of the relationship, or they were left in a will to one of you, they may still form part of the “pool of assets”. Any debts also need to be calculated and taken into account in a property settlement.

Why do we need a lawyer when we have already agreed upon what property we will each receive?

Relying on an informal property settlement is quite risky as it may lead to you getting caught up in further property disputes down the track. For instance, there is a possibility you’re your partner will change his or her mind or even conceal something which should rightfully be in the agreement. Speak to us at LAC about formalising your agreement, so that you don’t get a nasty shock down the track.

Can’t we just skip the visit to the lawyer and go straight to court?

The courts can often assist with more complex disputes, such as how to equitably divide a monetary “gift” which was given to your partner by his or her parents.

However, going to court is not always the most pleasant way to reach a settlement. It may not guarantee the result you want and it can be costly both financially and emotionally. It is often simpler and cheaper to use your lawyer to help you reach an agreement with your partner outside of court, and go to court only as a last resort. By consulting a lawyer, you and your partner have the option of exchanging offers of settlement and conducting negotiations at any time.

Do we have to split everything equally?

All is fair in love and war, which doesn’t mean there will always be a 50:50 division of the property. The proportions will vary according to your personal circumstances.

A lawyer will assist you reach a property settlement by advising you and your partner’s legal entitlements over your joint pool of assets.

Firstly, a lawyer will advise you on the nature and amount of contributions made by you and your partner. These can be financial contributions such as wages, or non-financial contributions such as undertaking parental responsibilities.

Secondly, a lawyer will assist you determine the future needs of you and your partner. Factors taken into consideration include the duration of the relationship, the age and health of the parties, educational qualifications relevant to future work prospects and the need to care for any dependent children.

Once the analysis is completed, a lawyer may then assess any gaps in the information and conduct further investigation if necessary.

I think my partner is hiding assets, how can I investigate?

Relationships can bring out the best in people, but occasionally they can also bring out the worst. Asset hiding is quite common in the course of property settlements, especially when one partner adamantly believes that he or she has rightfully earned and thus owns a particular property interest.

If you suspect that your partner has assets, but you don’t have any details of them, a lawyer can also put sufficient pressure on your partner to meet his or her “full and frank disclosure” obligations, and will advise whether it will be necessary to resort to bringing an application before a court requesting a subpoena, which is a court order demanding production of documents or witness from a third party source. Speak to us at LAC lawyers to determine the most appropriate way of gaining access to your partner’s financial details.

Are we negotiating an emotional settlement or a property settlement?

In order to negotiate the most effective property settlement, lawyers must distance from the emotional issues that arise in family law disputes. However, a good family lawyer will listen empathetically to all your concerns and give objective advice as to your entitlements and legal obligations up until you reach your desired property settlement. At LAC lawyers, we can thoroughly assess your concerns and tailor your settlement negotiations according to your individual circumstances.

Finding Bankruptcy help in Sherman Oaks

admin — Wed, 30 Jun 2010 15:14:44 +0000

Article by Yanni Raz

As many of us are faced with financial troubles, we may have to consider bankruptcy. Some people get scared at the sight of that word, but in reality it can help you and your financial situation in the long run. You want to be very certain that this is something you want to do. Always keep in mind that there are Bankruptcy attorneys in the Sherman Oaks are that are here to help you. Here are some tips that may help in the decision of filing for bankruptcy.

First you want to consult an attorney, there are many, many attorneys in the Sherman Oaks area that you can contact and would be more than happy to help you on your way to financial freedom. When speaking with your attorney, you want to ask them of the different options for filing that you have, and which one is best suited for your situation.

If you do go through with the Bankruptcy filing, remember it does not completely wipe your slate clean. Bankruptcy will go on your credit report for 10 years, and not all debts are satisfied. Things such as student loans, and alimony payments will not be cleared by bankruptcy.

Bankruptcy should be your last alternative, when all else fails. If you are facing something like losing your home, you definitely want to speak with an attorney and your lender to see what the best option for you is in this case.

After you have filed for bankruptcy you want to make sure you get a copy of all three credit reports and see if the debt was discharged. You also want to make sure you don’t purchase anything such as a home, or car for 2 years, to make sure you get the current interest rate on the loan. Get a secured credit card and make sure it has a low interest rate and grace period. Do not apply for every credit card offer you get in the mail, you will get yourself back to the trouble you got yourself in the first place.

Always consult you local Sherman Oaks Bankruptcy attorney for the best advice possible.

How Debt Consolidation Works

admin — Fri, 25 Jun 2010 10:00:46 +0000

Most people who are dealing with debt have heard of debt consolidation, but they may not know how it works. This type of debt payoff plan isn’t a quick solution to pay off debt, and it might take you just as long to get rid of all your debt.

Debt consolidation uses one huge loan to pay off all your smaller loans, which can lower both your interest rate and your monthly payments.

With this approach, you make one payment each month instead of sending several different payments at different times each month, like you do with your current debts. Instead of all these loans with their separate interest payments and lengths, you can end up with one loan from a single company. So, instead of having many smaller debts, you have one big debt.

Here are a few of the advantages of this approach:
You’ll probably get a lower overall interest rate. You only have to make one payment each month instead of several payments to different companies. You only have to deal with one creditor if you run into some financial trouble. You’ll simplify your budget and reduce the number of cheques you have to write each month. Here are a few of the disadvantages of this approach:
You may end up paying more interest over time because the lower monthly payment will take longer to pay off. Saving money each month could end up paying more money over time. You could end up with a variable interest rate, which could rise over time. If this happens, your monthly payments will go up, and you may get less manageable payments in a few months or years. Using credit cards to consolidate debt

Credit cards can actually be consolidated using other credit cards instead of a separate loan. Instead of having debt on several different cards, you can combine all your separate debts onto one card.

If you hear about a ‘balance transfer’, this is what the credit card companies will be talking about. Basically, you can take the balance from several different credit cards and transfer them to a single card. You probably get ‘balance transfer’ offers once in a while from competing credit card companies if you already have one or more cards.

Only having to make one credit card payment each month can streamline your budget. You’ll be able to check out just how much credit card debt you have more easily. Plus, if you do this right, you’ll also get a better interest rate.

If you’re considering a balance transfer, be sure to know what you’re getting by reading the small print. Usually these offers will come with a very low introductory interest rate, which is probably a lot lower than what you’re paying on cards you’ve had for a while. Usually this interest rate will only hold for a certain number of months, and after that, the credit card company can raise the rate as much as they please.

If you can pay off the balances that you transfer before the rates go up, then a balance transfer is a great way to consolidate your credit card debt. However, don’t keep switching the debt around. Most banks will penalize you for this, and it can also harm your credit rating.

Is Debt Consolidation Good or Bad?

admin — Sun, 20 Jun 2010 22:17:53 +0000

Many people suffering from deep debt obligations often look towards debt consolidation as the answer to their problems. Sometimes the debt is so painful, they don’t always look at both the pros and cons of this debt solution though, so we’ll take a brief look here.

First though, what is debt consolidation? Simply put, it’s the process of combining all your debts into one. If you have ten debts of $10,000 each, then you have a total debt of $100,000. Some of those debts however, might be generating an additional 10% interest, while others are generating 15%-20% interest. In other words: Some of your debt is more expensive than others.

This is where debt consolidation comes into play. In theory, you’d take out a loan for $100,000 at a reasonable – or hopefully low – interest rate. Then you’d use those funds to pay off all ten of the smaller debts. This leaves you with just one payment to make each month, and one interest rate to manage.

Consolidating debt can be done with debt consolidation loans, by transferring your debt to zero or low interest credit cards, and by taking out a home equity loan.

Using the equity of your home to pay off debts can be risky, because if you default on the new loan, you could lose your home.

Likewise, using zero interest credit cards could also be problematic in the future, because these offers are usually designed to lure you in. The zero interest doesn’t last.

Debt consolidation loans might be helpful, but be aware that when you have debt problems to begin with, you might not qualify for low enough interest rates. So if you choose to go this route, be sure to do all the math: Figure out whether the consolidation loan actually will reduce your overall payments – including the total interest you’ll be paying for the life of your loan.

Some credit and debt counselors feel debt consolidation of any kind is a bad move to make though. In fact, it’s estimated that 70% of americans who take out some sort of loan to consolidate their debt end up with the same or worse debt problems within two years.

A better, more long-term solution might be to consider using a debt counselor. Professional counselors negotiate with your creditors to lower your payments or interest rates, while at the same time coaching you to manage debt more effectively. The unfortunate side effect of using counselors though? Your credit report will take a hit because you’re not technically paying your bills as originally agreed.

So there you have a general overview of debt consolidation, the common solutions and options, along with pros and cons of each. Be sure to research all your options completely before making a decision of course, because you don’t want to make your debt problems worse in the long run.

Is A Debt Consolidation Refinance Good?

admin — Thu, 17 Jun 2010 03:21:33 +0000

If you’re living from paycheck to paycheck rest assured you’re not alone. Many folks barely make ends meet on a week to week basis. Sadly many people can’t even remember where they spend their money. They only thing they know is that it’s all spent before their next paycheck. This lack of financial wisdom is causing many consumers to file for bankruptcy as a means of relieving themselves from their high debt and financial obligations. What many folks don’t know is that this method of erasing your debts also destroys your credit rating and any hope for having a good financial status. Instead there may be another alternative – A debt consolidation refinance may be just what the doctor ordered to fix your current financial disarray.

The main reason anyone would and should consider utilizing a debt consolidation refinance is because it usually can help eliminate the harassing phone calls from your creditors and the debt collectors they employ. It’s also designed to consolidate all of your bills into one monthly payment that is slightly lower then what you previously paid in order to help alleviate some of your financially induced stress. Another benefit is the ability for a debt consolidation refinance to keep you from filing bankruptcy allowing you to stay recognized as a credit worthy consumer.

So when should you consider seeking out a debt consolidation loan or refinance? Typically, you should consider a debt relief loan as soon as your monthly bills become difficult or near impossible to pay. This early intervention through the use of a debt refinance loan will prevent you from having to pay outrageous interest rates, late payment fees and charges which will only complicate your already shaky financial status. Another good indicator of when to seek out a debt relief loan is when you only make the minimum payment amount due every month and when all of your credit balances continue to remain the same even after your monthly payments.

Homeowners have a big advantage over non-homeowners because they have the option of applying for a debt refinance using the equity in their home or house. Using this method requires the discipline to pay off your consolidate bills monthly and to avoid incurring any new bills. Don’t use your home as collateral unless you intend to make the payments on your new debt consolidation loan.

Always make sure to do your research online in order to find a reputable debt refinance and Consolidation Company. Many of these companies appear to be the real deal on the outside but in all actuality may only really be a loan shark in disguise. These establishments need to be avoided at all costs as they will place you under strict monthly payment terms and charge a much higher rate when compared to a real lender. One of the better debt refinance companies include several non-profit lenders who will be able to give you the best options when it comes to refinancing your current debt.

As you can see proper research will allow you to find a good debt refinance company which has the potential to help lower your current monthly payment total, keep you from filing bankruptcy, prevent you from paying higher interest rates and allow you to maintain your credit worthiness ranking.

Answers to 5 Common Questions About Debt Consolidation

admin — Sat, 12 Jun 2010 08:31:30 +0000

It happens to virtually everyone at some point in life. You find yourself over your head in debt. Perhaps you were laid off from your job or experienced a period of unemployment. Maybe you or someone in your family had a medical emergency and wiped out your savings. Or it could be that you have poor financial management skills and simply spent more than you could repay. Whatever the reason for your debt, the effect is the same: you most likely feel overwhelmed, hopeless, and endlessly worried. You don’t see a way out of the debt spiral and you don’t know where to turn. Perhaps you’ve heard about debt consolidation as a way of achieving debt relief, but you may not know much about it. Here, then, are answers to five common questions about debt consolidation.

1. What is Debt Consolidation? It’s easier to explain debt consolidation as it contrasts to the way you now manage your debt. Right now, most of the payments you make each month are probably going to pay down interest on credit cards and store cards. You may even be routinely paying exorbitant late fees, banking fees, and so forth. Before you know it, your money is gone but your debt isn’t. Essentially, debt consolidation serves to merge all of your various sources of debt into one single debt – and a single payment.

2. What are the Benefits of Debt Consolidation? There are several benefits to debt consolidation. Your multiple payments will be consolidated into a single monthly payment. In the process, the high interest charges you are paying can be reduced or eliminated, as can late charges and other fees. Best of all, your repayment plan allows you to find hope once again, and eventually enjoy the experience of debt-free living.

3. What Types of Debts Qualify for Consolidation? Many different types of debts qualify for consolidation, including credit card debt, store card debt, personal loan debt, utility bills, and so forth.

4. What if I Have Bad Credit? If you have bad credit, you’re not alone. Debt consolidation is available to people with poor credit histories. In fact, it’s designed to provide debt assistance to people with poor credit. Even if you have unpaid defaults, payment arrears, or have been rejected by a lender, you may still qualify for bad credit loans.

5. How Can I Begin the Process of Debt Consolidation? It’s actually very simple. You can begin by finding an online debt consolidation company that specializes in helping consumers with debt assistance or bad credit loans. After completing a confidential initial application, you will be contacted by a finance professional that will work with you to develop a reduced payment plan. He or she will also work with your creditors to reduce interest rates and eliminate penalties. The debt consultation should be free of charge. When you find yourself drowning in debt, it’s important to remember that there is hope. Many people have a difficult time facing their financial situations, and choose not to act. By opting for debt consolidation, you can make a plan, regain hope, and be well on your way to living debt-free.

Reliable Debt Consolidation Advice

admin — Wed, 09 Jun 2010 23:07:45 +0000

Do you have a debt problem? If you have, then allow me to say, “Welcome to the club!” Debt has become a part of life for most of us. In fact, millions of Americans fall further in debt every day. It’s as if we can’t help ourselves from going into debt. When we see something that we want, we go ahead and buy it.

Unfortunately, we do it even if we don’t have enough money. Most of us will just charge it on our credit card. If you have heavy debts because of your uncontrollable spending habits, you need some reliable debt consolidation advice.

Are you interested to obtain some decent debt consolidation advice? There’s a good possibility that you need it. Except if you know some magical ways of making your debt disappear without actually paying it off. But I don’t think that anyone has discovered any spell of potions that will demolish debt. This makes debt consolidation advice crucial.

First of all, what does your debt consist of? Do you have a couple of credit cards that are looking quite hideous, or maybe a student loan that has been bothering you? The wise choice would be to consolidate your entire burden. This way you will only have to worry about one low monthly bill. You can hop on the World-Wide-Web for debt consolidation advice.

Acquire that professional opinion that can free you from your debt. Find a low interest rate that is much more manageable than your previous deals. This way you won’t have to worry about losing hundreds of dollars every month.

I was ecstatic when I finally got some debt consolidation advice online. It was free of charge and now I only have one bill to worry about. Life is easy now that my monthly payments are less than half of what they were. I think it’s time for you to make the right decision. Hop on the Internet, and start your search for the best debt consolidation advice around.

Does Debt Consolidation Ruin Credit Scores?

admin — Wed, 09 Jun 2010 22:42:47 +0000

Debt consolidation will not ruin your credit score. As a matter of fact, it will likely even help your credit. Okay, there is a situation where it could ruin your credit score. Just like any other debt you have ever had, if you don’t make payments on your consolidation loan, it can hurt your credit. Getting this type of loan in and of itself, however, will not ruin your credit.

When you take out a loan to consolidate your debts, the creditors included in the loan will be paid in full. This will actually help your credit because these accounts will show as paid accounts. Any creditor that shows as a paid off account, regardless of whether it was previously 30, 60, or 90 days or more late, will have a positive effect on your score.

While your credit may not have been perfect prior to any consolidation loan, the way you manage your payments after getting the loan will have a direct effect on your credit score. Accounts reported as 30 days late will bring down your score a little, but it is really the accounts that have been reported as 60 days or more that will have a greater impact. The longer the delinquency period, the worse a credit score will be. Any account that shows as more than 120 days late will likely result in a charge-off, which will have the worst effect on your credit.

Your previous late payments on any loans paid off by your consolidation loan will not automatically disappear. The late payments will still appear on your credit report and have a negative effect on your credit. However, the longer you pay your consolidation loan in a timely fashion without any late payments, the better your credit will become. This combined with the fact that your previous loans will now be shown as paid accounts will have a positive effect on your credit score.

As you can see, a debt consolidation loan will not ruin your credit score. What will ruin your credit score is late payments. Any time you miss a payment to a creditor, whether it is a loan that was used to consolidate your debts or any other creditor you have, it will negatively impact your credit. Conversely, any creditors that are paid on time, or paid in full prior to their maturity date, will have a positive impact on your credit score.

Debt Consolidation Loans – Thousands Now Out Of Debt, Who Never Thought They Would Be!

admin — Tue, 08 Jun 2010 14:45:09 +0000

A Debt consolidation loan: Is a personal loan you use to pay all your debts. You may obtain it from a finance company, bank, credit union, debt consolidation company, merchant association, debt pooling service, or nonprofit consumer debt service. You may also borrow from friends and relatives.

A Debt consolidation loan: Lets you effectively shift responsibility for many debts to the responsibility for one larger debt. In order that this debt is manageable, your payments are spread out over a longer period of time. As interest accrues on this type of loan, the total amount of debt you owe also increases. You trade a larger payback and longer debt period for a smaller periodic payment.

Sometimes a debt consolidation loan offers an immediate answer to your debt, allowing you:

The convenience of paying only one creditor

A lower monthly bill

To shop for a lower interest rate and more favorable terms

An alternative to bankruptcy

To possibly save your credit.

With a consolidation loan, Your fixed monthly consolidated payment is calculated according to the lowest payment amount accepted by your creditors.

The agency you have hired will distribute the amount of your fixed monthly consolidated payment to each creditor.

Most creditors will only reduce or stop your interest fees if their minimum payment is met, but if so, the interest rate reduction with these programs can range from no change to the freezing of interest depending on the creditors policy.

This can save you thousands because rates that are usually 12%-24% can get reduced to 10%, 8%, 6% or 0%

Once you’ve found yourself in debt it may feel like a downward spiral from which you don’t know how you’ll ever regain your footing.

It’s hard enough to find simple answers and may seem impossible when the collection agencies constantly call your house and threaten the security of you and your family.

Ultimately your decision to choose a debt consolidation loan, a debt management program, or a consumer credit counseling program to consolidate credit card debt, should be based on your own personal financial situation.

Debt Consolidation Quote – Getting Rid Of Debt Problems

admin — Mon, 07 Jun 2010 15:38:01 +0000

Debt consolidation quote is the first step in your journey towards a life without any kind of debt problems. It is a proposal that describes various options before you when you decide to move in the direction of a financially free life. A lot of people all around the world live with this kind of dream. However, to turn it into a reality, you need to select a debt consolidation plan carefully.

Absolutely Free

The best part of the story is that you can get a debt consolidation quote without paying any money at all. It really helps because anyone who is already in debt would not like to spend any money in exploring various options. Free availability of quotes allow you to keep on comparing until you come across the most suitable one in your case.

When you perform a systematic research, you will realize that it is not only the rate quoted by any lending institute but you need to look for several other factors also. Interest charges, payoff fees and any upfront fees has to be considered cautiously. Moreover, also make sure that there are no hidden costs associated with these services.

Advantages

The central idea of debt consolidation is to merge all current debts into a single bigger loan with lower interest rate. Not only it cuts down the cost of borrowing but it also makes debt management easier. Dealing with only one lender once every month is definitely more convenient than coping up with several lenders.

However, bear in mind that there is no use doing all this exercise if you are unable to save any money. Best debt consolidation quote is one that offers a solution that brings down both interest charges and monthly installment to a considerable extent. Therefore, do not make any decision in haste. There is no need to panic at all. You are not going to miss the train by spending an additional day in carrying out the organized study. Instead, you might end up saving few hundred extra dollars.