On behalf of Marshall D. Cohen, L.L.C. posted in Debt Relief on Saturday, February 18, 2012
Columbus residents know of the work done by Richard Cordray on behalf of Ohio consumers. Cordray, a Columbus native, served as both Ohio treasurer and attorney general, and in both offices worked tirelessly to ensure consumers were not deceived by government or the banks that caused the financial crisis.
In his new role as director of the federal Consumer Financial Protection Bureau, Cordray wants to crack down on the industry that has left so many Americans struggling and in need of debt relief. His appointment to the post by President Obama in the face of congressional opposition will clear the way for the CFPB to work for everyday Americas.
On behalf of Marshall D. Cohen, L.L.C. posted in Debt Relief on Thursday, February 9, 2012
When it comes to debt troubles, residents in Ohio and across the United States can understand the stress of growing debt. As the balance increases, debt relief seems to move further from reality as creditors push to collect payments. Thankfully the government is trying to help struggling consumers when it comes to old debt. Recently, the Federal Trade Commission (FTC) issued a publication informing consumers about their rights when it comes to the collection of old debts. This push comes after the FTC reached a tentative settlement with one of the nation's largest consumer-debt buyers.
The FTC says the company violated the Fair Credit Reporting Act and the Fair Debt Collection Practices Act in various ways. The company allegedly did not tell consumers that their debt was too old to be legally collectable. This type of debt is considered time-barred. There is a statute of limitations set for each state when it comes to this kind of debt. The FTC said the company also sent inaccurate information to credit reporting agencies and neglected to tell consumers that even a partial payment on any debt would extend the time that debt can be collected.
On behalf of Marshall D. Cohen, L.L.C. posted in Foreclosure on Wednesday, February 1, 2012
In his recent State of the Union Address, President Obama discussed the federal government's efforts to provide relief to Americans dealing with foreclosure. A deal has been negotiated with five major banks that applies to private mortgages obtained between 2008 and 2011. The final agreement between the government and banks is expected to take place in the coming weeks. Ohio home owners dealing with foreclosure may now be wondering how this deal might affect them.
The deal comes in response to the deceptive lending practices that led people to lose their homes. Among the major banks expected to sign on to the $25 billion agreement are Bank of America, JP Morgan Chase, Citibank, Wells Fargo, and Ally Financial.
On behalf of Marshall D. Cohen, L.L.C. posted in Chapter 13 on Friday, January 27, 2012
No matter a person's background or race, financial woes can haunt everyone at some point during their life. But when people in Ohio and across the United States turn to professionals for help, is there bias in the type of help they offer? That is what a recent study suggests, pointing out the importance of choosing an experienced bankruptcy attorney who supports his or her clients' best interests.
A recent study used bankruptcy filing data and a lawyer questionnaire to get information about filings when it came to race. The questionnaire sent out to lawyers asked questions about two fictional couples that had virtually the same financial situation but had names that were more typical for a certain race. The study was adjusted for income, homeownership, assets and education, and found that black people are about twice as likely to file for Chapter 13 bankruptcy as their white counterparts. The study shows that this is due to the direction of their lawyers, consciously or unconsciously.
On behalf of Marshall D. Cohen, L.L.C. posted in Chapter 7 on Tuesday, January 17, 2012
Lots of Ohio readers probably remember the inspiration Cameron Crowe movie "Jerry Maguire," in which Tom Cruise's high-flying sports agent has a change of heart and goes from loving money to loving Renee Zellweger's character. It may be of interest, then, to note that the man whose real life was the inspiration for that film has filed for personal bankruptcy.
Leigh Steinberg, who has represented notable athletes like Ben Roethlisberger and Troy Aikman, filed for Chapter 7 bankruptcy protection on Wednesday, Jan. 11. He said his finances got away from him because he was struggling with a dependence on alcohol. (He has since entered a rehabilitation program and now says he has been sober since 2010.)
On behalf of Marshall D. Cohen, L.L.C. posted in Foreclosure on Thursday, January 12, 2012
"Restoring Stability: A Save the Dream Ohio Initiative," aimed at stopping foreclosures throughout the state, changed its eligibility criteria effective January 1, 2012, in hopes that more Ohio homeowners struggling to stay in their homes will qualify for the mortgage assistance program. Restoring Stability is run by the Ohio Housing Finance Agency (OHFA), with over $500 million in funding from federal foreclosure prevention programs.
Restoring Stability's goal is to assist 50,000+ Ohio homeowners who are at risk of missing a mortgage payment, may have already missed a payment or are otherwise at risk of an Ohio foreclosure. The program offers hope to homeowners who have not qualified for loan modification programs through their mortgage lender or who simply are unable to make monthly mortgage payments.
On behalf of Marshall D. Cohen, L.L.C. posted in Foreclosure on Saturday, January 7, 2012
Many Ohio homeowners know firsthand that foreclosure can be a stressful experience. New research indicates that foreclosure can be an unhealthy experience as well. Studies show that the number of stress-related illnesses is higher in states with larger foreclosure rates. Ohio residents facing foreclosure may be able to reduce their stress and improve their health by contacting a knowledgeable bankruptcy attorney who is experienced in dealing with mortgage modifications.
There are many families who could afford their mortgage if their monthly mortgage payments were reduced. A mortgage modification can help Ohio homeowners achieve this end by adjusting the terms of a mortgage loan without creating a new loan. Adjusted mortgage loan terms can include an interest reduction and additional time for a homeowner to repay the loan. A mortgage modification can also lower future payments and cure a payment arrearage, thereby bringing homeowners up to-date on their mortgages. Homeowners who contact mortgage modification attorneys also have better chances of avoiding the foreclosure process.
On behalf of Marshall D. Cohen, L.L.C. posted in Chapter 7 on Sunday, January 1, 2012
Ohio residents may have recently heard about the struggles of a bath accessories supplier. The company, called Blonder, has filed for Chapter 7 bankruptcy. The filing, which happened on Dec. 19 in an Ohio district bankruptcy court, stated the company made less than $3 million to date this year. Their total assets were listed at nearly $3.2 million, but their liabilities were a little more than $4.7 million.
According to a news report, the company did not file for debtor-in-possession financing, which is typical when a company has plans to reorganize. This kind of financing would usually give a company funds in order to start fresh. Chapter 7 bankruptcy, which this company has filed, is used in order to liquidate assets. This type of filing can also be made by individuals in order to discharge most debts with no necessity of paying them back. On the other hand, a Chapter 13 bankruptcy filing gives the filer the opportunity to pay back debtors through a repayment plan.
On behalf of Marshall D. Cohen, L.L.C. posted in Chapter 7 on Saturday, December 24, 2011
Many Ohio residents may be feeling the pressures of the economic recession, and some may even know persons who have been forced into bankruptcy. But bankruptcy is difficult enough without having one's business broken into and vandalized. This is what recently happened to a man in North Carolina. According to police, the businessman's art gallery was vandalized on Nov. 26. Two large flower pots were broken, the business' banner sign was torn, and the building was spray-painted. The total damage is estimated to be $1,100 and police say no arrests have been made.
The owner of the gallery was the former president of a gallery called Somerhill Gallery. He filed for individual bankruptcy around the same time Somerhill declared Chapter 7 bankruptcy. Somerhill Gallery reportedly owed artists hundreds of thousands of dollars for their work. Apparently, artists were not paid commissions for pieces sold years before by the gallery.
On behalf of Marshall D. Cohen, L.L.C. posted in Foreclosure on Sunday, December 18, 2011
Even as the economy begins to experience a slight rebound, many Ohio homeowners are still struggling to make their mortgage payments on time. Whether due to unemployment or some other unforeseen circumstance, too many are struggling to meet their financial obligations. In that vein, many readers may be interested to hear of a Florida homeless mission that managed to prevent foreclosure just in time.
The homeless mission called Bread of Life is located in Punta Gorda, Florida, and it received a huge setback last year when the IRS revoked the mission's nonprofit status. As a result, it now owes the IRS $73,584. However, the troubles facing the mission do not stop there.
