Dubiln Packard

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Payment Options For Chapter 7 Bankruptcy

 

We have the best payment options in the business.  We know payment is an important consideration in choosing bankruptcy as an option and in choosing the best bankruptcy lawyer.  Big banks and credit card companies have had laws passed that makes it difficult or impossible for many people to file bankruptcy and to get out of debt.  We believe having payment options is an important part of helping our clients get out of debt with bankruptcy.

Click the button below to find out of you qualify for one of our convenient payment plans.

 

 

We’re here to help so find out now if you qualify for our payment plan right now.

 

 

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Borrower Based Academic Year and Scheduled Academic Year

student loanWhat is a Borrower Based Academic Year and How Does BBAY Differ from SAY?

Huh?  All of these letters.  How is anyone supposed to understand student loan applications?

Obtaining and maintaining student loans can be confusing. Students will often hear references to BBAY and SAY or, Borrower Based Academic Year and Scheduled Academic Year when loans are discussed. Because student loans comprise part of a student’s future economic standing, understanding these terms plays a role in loan disbursements. In this post, we provide a clearer understanding of the difference between BBAY and SAY. To best understand, let us start with loans based on the Scheduled Academic Year (SAY).

What is a Scheduled Academic Year (SAY)?    

The academic year calendar is published by each university or college, usually in the school catalogue or other materials. The calendar shows when classes begin for each standard academic year, traditionally in the fall.

A Scheduled Academic Year (SAY) is a fixed period that begins and ends at the same time each year; it is based on this school academic calendar and is used to measure annual loan limit progression. Annual student loan limits are based on a standard two-semester period marking one academic year. Because the school year runs as fall and spring semesters, student loans under SAY are provided for the fall and spring semester. The next loan period under SAY would begin the following fall.

However, students do not always want to attend school in tidy fall/spring schedules. Because of how loans are disbursed, this creates a lending problem. The solution is the Borrower Based Academic Year or BBAY.

What is a Borrower Based Academic Year (BBAY)?

The Borrower Based Academic Year (BBAY) is a standard that may be used to measure annual loan limit progression when a student does not attend school according to the traditional calendar. Rather than having to wait until the fall semester to qualify for loans, the borrower of a Title IV education loan becomes eligible for disbursement when the next semester begins, regardless of the traditional academic calendar.

Consider the following examples:

  • John wants to start attending college in the spring. Because the SAY provides loans only for Fall/Spring semesters, he would have to wait several months to begin classes. If he chooses instead to use BBAY to account for his student loans, he can begin in the spring.
  • Mary entered school in the fall, is nearing completion of spring classes, and wants to attend school in the summer. Because SAY funding ends with the spring semester and does not replenish until the following fall semester, she must apply instead to use the BBAY loan period.
  • Tom only wants to attend an online school which offers classes in five-week increments. Because of the non-traditional approach, his loans will be based on the BBAY.
  • Jerry wants to attend a vocational college. The next class starts in March. Using the BBAY, he can begin as soon as his loans are approved.
  • Steve is planning to get his Master’s in Education. Grad school classes often do not follow the traditional calendar.

As these examples show, the Borrower Based Academic Year is very different from the Scheduled Academic Year. The BBAY is a tool which the Department of Education uses to account for loans provided. Under U.S. law, limits are placed on the amounts which may be loaned for student aid each year (based on two semesters). To satisfy this requirement while allowing students the flexibility needed to attend as they see fit, the BBAY was developed. Understandably, students using the SAY will require more time to graduate while those using BBAY will graduate sooner. Too, those using BBAY will accumulate student debt quicker, but ideally, they will be able to pay on it sooner as well.

 

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5 Easy Ways to Spot A Foreclosure Scam in New Jersey

6 easy ways to spot a foreclosure scamIt is easy to fall victim to a foreclosure scam. You may be desperate and in fear of losing your home and are susceptible to such foreclosure scams. Foreclosure scams are tempting and sound like sensational offers and easy to fall for. High pressure phone sales people promise to come to your rescue like a superhero. And they often excite you with too-good-to-be-true guarantees of saving your home.

But, don’t trust these villains disguised.

Here are the 5 easy ways to spot a foreclosure scam in New Jersey:

Beware of the companies/individuals that:

1.  Guarantee that they can stop your foreclosure or get you a loan modification.

2. Are calling from outside of New Jersey and using high-pressure sales tactics.

3.  Encourage you to sign over the deed to your home, or sign any paperwork or agreements that you do not understand or haven’t investigated thoroughly.

4. Give you the impression that what they are selling is government-backed, by using the phrases “official government” or “government-approved” home loan modification.

5. Immediately request to charge your credit card number online or via phone even though you have not been working with this person and do not know them.

Don’t trust companies or individuals that make claims that sound so good they are almost unbelievable. Even if all they are offering is advice, there are free alternatives out there. HUD-approved counseling agencies will  give you advice without requesting a dime from you. Scam artists will charge you hundreds of dollars for advice that you can get for free.

Follow our advice and watch out for the 5 red flags.

If you think that you have fallen victim to a foreclosure scam, you can report it at www.preventloanscams.org by filling out a Loan Modification Prevention Network’s online complaint form and find out how to get justice. Or, you can call 1-(888)-995-HOPE (4673) and talk to a counselor.

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Bankruptcy FAQ

Bankruptcy FAQ

Are you confused by all of the conflicting information out there about bankruptcy? Our bankruptcy FAQ will provide real answers in simple and easy to understand terms.

1.Bankruptcy will not financially ruin you for life.

It is not true that bankruptcy will ruin your life for 10 years. Quite the opposite: bankruptcy is a fantastic tool that gets you out of debt quickly and allows you to rebuild your credit within 12 to 18 months. It stops continual subjection to high interest rates for credit cards and car loans. Once you rebuild your credit, you can get loans with good interest rates and eventually get a mortgage loan.

(862) 217 2136

2. There are bankruptcy scams out there that will hurt you instead of help you.

There are plenty of scams out there that you need to be very weary of. Do your research. Thousands of out-of-state companies make claims that they can eliminate your debts, but all they really want is your credit card information so they can charge you, without doing anything to solve your problem or get you out of debt.  Most of the time, these scammers are not lawyers. Be extra cautious of out-of-state legal services.

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3. You can file bankruptcy for $1,200.

Fees start as low as $1,200. Payment plans are available.

(862) 217 2136

4. Bankruptcy stops wage garnishment, car repossession, sheriff sale, and/or harassing phone calls from debt collectors.

Filing for bankruptcy immediately stops wage garnishment, car repossession, sheriff sales and harassing phone calls from creditors. Once the bankruptcy petition is filed, the court grants you an “automatic stay.” An automatic stay puts an immediate end to any collection efforts from creditors. It also stops creditors from withdrawing money from your bank account(s), cutting off your utilities and taking actions to gain possession of any properties on which you owe money.

(862) 217 2136

5. Bankruptcy is fast and easy.

Bankruptcy provides a quick and easy solution to eliminate your debts. And, it is much easier and more effective than debt repayment plans, or the alternative– not paying off any of your debts.

(862) 217 2136

 

Taking action is the first step in becoming debt-free. Burying your head in the sand only prolongs the problem, and continues to subject you to stress.

Unlike debt consolidation programs with large payments and fees attached that go on for years, bankruptcy quickly eliminates all of your debts and lets you immediately begin rebuilding your credit, without hefty monthly payments.

bankruptcy faq, lawyer, new jersey

(862) 217 2136

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Trump Was Smart to File Bankruptcy

bankruptcy
Raise Your Hand If You’ve Filed For Bankruptcy

Bankruptcy Will Reshape Your Idea of Success

If I posed you the question, “Who do you imagine when you think of people who have filed for bankruptcy?,” do you picture a failed business owner, someone who is overall terrible at money management? Or, would our future president run through your head? It may come as a shock, but the latter has filed bankruptcy a whopping six times! Trump was smart to file bankruptcy and has utilized it as a financial tool to become successful.

It has been engrained in our way of thinking from very early on in our lives that bankruptcy is bad. Certain archetypal ideas never fade. These ideas have shaped the way in which we’ve lived our lives up until this point. But, some of those notions may not be entirely correct.

Bankruptcy Is A Financial Tool

Bankruptcy has gotten a bad rap over the years. It has become synonymous with failure and giving up. When, in fact, it lends the exact opposite effect; it acts as a solution to your problem and allows you to start with a fresh slate.

Admitting your loses and then finding a path to recovery is necessary for moving on. A path to recovery is exactly what bankruptcy provides. Contrary to the stigma attached to bankruptcy, it can be the best financial tool that the law provides.

Donald Trump Has Filed For Bankruptcy Six Times And Counting

“I have used the laws of this country … the [bankruptcy] chapter laws, to do a great job for my company, for myself, for my employees, for my family,” Donald Trump stated August 6th, 2016 at the first Republican presidential debate. Our very own president-elect has taken advantage of bankruptcy six times and counting; Trump realizes its power and has employed it as a business tool. Trump was smart to file bankruptcy.

Our new president’s bankruptcies allowed his companies to stay afloat while eradicating debts to banks, employees and suppliers. Personal bankruptcy allows you to do the same thing: stay afloat and get back on your feet while getting rid of debts.

Here is a quick look at each of our president-elect’s bankruptcy filings over the past few decades.

1.  Trump Taj Mahal, 1991

This business’ creation was funded by $1 billion in junk bonds. Later, it could not afford the high interest (just like if you took out a 2 year ARM in 2006 that reset to 11% in 2008 or 2009, your payments would become unaffordable, yet you would be stuck because you can’t refinance without having equity). The business was failing, and had $3 billion in debt. Additionally, Trump had over $900 million in personal debt. He filed for a Chapter 11 bankruptcy in 1991. His business continued to do well, even after filing for bankruptcy. It stayed in business for 25 more years after filing for bankruptcy, then closed down in October 2016, in the midst of the financial mogul for president.

2. Trump Castle (1992)

This casino opened in 1985 and performed very well in its infancy. It became the home of the game shows, Trump Card, and Yahtzee. However, business took a downturn in the 1990s and it could not pay out  $338 million in bonds owed. In March 1992, the business filed for bankruptcy. Over the following years, business was on the upswing. It underwent a few changes, although mainly just in name (it was known as Trump Marina from 1997-2011),  until it was finally sold to Landry’s in 2011.

3. Trump Plaza and Casino (1992)

The plaza and casino opened in 1984. By 1992, business was on the decline. It faced an 80% drop in revenue and acquired over $250 million in debt (comparable to what happened during the Great Recession, when many families’ incomes were slashed due to job loss, and then these families racked up credit card debt to pay for household bills). In 1992, Trump Plaza and Casino filed bankruptcy at the same time as Trump Castle.

4. Trump Plaza Hotel (1992)

Trump purchased the Plaza Hotel in Manhattan in 1988. In 1992, the business accumulated over $550 million in debt. It filed for bankruptcy that year.

5. Trump Hotel And Casino Resorts (2004)

In 1995, the Trump Taj Mahal, Trump Castle, and Trump Plaza were combined with other properties under one entity. In 2004, this conglomerate had over $1.8 billion in debt and consequently filed for bankruptcy to eliminate these debts.

6. Trump Entertainment Resorts (2009)

After the above-mentioned bankruptcy of Trump Hotel and Casino Resorts, the corporation was renamed Trump Entertainment Resorts. It took a blow when the economy failed in 2008. In December 2008 it skipped a $53.1 million bond interest payment. The business filed for bankruptcy in 2009 after it accrued over $1.2 billion in debt.

Bankruptcy Makes You Smart

As seen in these telling examples from our very own president-elect, bankruptcy does not equate to failure. Filing for bankruptcy has not affected him negatively at all in the long term.

It is a law for a reason. It is there to protect you when things don’t go according to plan.

Filing for bankruptcy does not make you a loser; on the contrary, it makes you financially smart.

 

Find out more about how bankruptcy works and how you can stop your debt collectors from taking your money, click here to read, What Is Bankruptcy?