CRESSMAN LAW FIRM

Understanding the Basics of Premises Liability

2011-06-23T13:25:00.000-07:00

Understanding the Basics of Premises Liability

Beware of Business Credit Cards: A Consumer Protection Loophole - DailyFinance

2011-05-30T05:50:00.000-07:00

Beware of Business Credit Cards: A Consumer Protection Loophole - DailyFinance

The credit cards companies are at it again! Every chance they get, they try to keep Americans in a credit card debtor's prison. When Congress changed the laws regarding interest rates, the banks looked for ways to go back to the "good old days" of knee-jerk hikes in interest rates and the ability to run interest rates up so high that consumers will never get out of debt. Well they found it. By offering a "business" credit card to someone, even if they do not own their own business, the credit card companies and banks can do just that. If you miss a payment, fall behind in your payments, business gets slow, or you simply over extend yourself, the bank come flying in with higher interest rate hies to save the day for themselves and put consumers back under their thumbs.

Remember, do not over extend your credit. Do not spend more than you make. Begin living within your means. If you do this, you will not have to imprisoned by the credit card companies and banks. If however, you have found yourself in the never ending vicious cycle of making the minimum payment on your credit cards, your home is in foreclosure, or your car has been repossessed, there may be help in the federal courts. Nearly half of American families most likely cannot come up with $2,000 in 30 days. This is raising concerns about the financial fragility of many households in America. The biggest problem is that most Americans are working to pay off the credit cards they began to live off of when they were out of work. The credit card companies do not care if you you do have enough money at the end of the month to pay the utility bills, feed the family, make th car payment so you can get to work to make money to pay the bills. It becomes a never ending vicious cycle. In the end there is help.

As an Orlando bankruptcy attorney, I have come to understand just how difficult it will be for you to make that call to me about filing a bankruptcy case. Almost everyone of my clients has said at one point things like “I never thought I would be in this position” or “this is the most embarrassing and difficult decision I have ever made.” I want to reassure you that when you contact me, my staff and I will treat you with courtesy and respect that you deserve and that we will treat the information you provide to us with strict confidence.

Call me today to schedule your free consultation. 407-877-7317.

Woman Rushed To Hospital After Riding Disney's Space Mountain - News Story - WFTV Orlando

2011-05-21T12:35:00.000-07:00

Woman Rushed To Hospital After Riding Disney's Space Mountain - News Story - WFTV Orlando

No Principal Reduction From Your Bank on Loan Modifications, Then Give It Back!

2011-05-11T07:38:00.000-07:00

There was proposal among the States Attorney Generals to settle claims against the five major mortgage lenders including Bank of America, Wells Fargo, CitiMortgage and others where they would have been required to begin granting principal reductions as part of the mortgage modification process. This is part of a proposed settlement agreement as part of a lawsuit filed against the lenders for their failure to grant modifications, as well as the improper mortgage foreclosure processes which have been going on around the country. As expected several Republican Attorney Generals and several Republican Congressman and Congresswomen objected to the proposed requirement to grant principal reductions. In a ludicrous statement, Bob Davis, an executive with the American bankers Association, the trade group representing many of the lenders and taking positions adverse to homeownership stated that principal reductions do not work.

Here at the Cressman Law Firm, it is my firm that while this position "does not work for the banks" it will help most homeowners remain in their homes. As it now stands, most homeowners have no incentive to remain in their homes and take stock in their communities. Ask yourselves, "Would I pay XX dollars for a home which is worth significantly less than the XX dollars the loan the bank is asking me to reaffirm?" In most cases the banks demand that borrowers carry the burden of keeping the principal balance at the current amount and only lowering the interest rate, and in many cases extending the terms of the loan, etc. In the end, borrowers will end up paying more for the home by paying back loans which are higher than the value of the homes, for longer periods of time. Why would anyone pay double the price for anything and then agree to pay interest on the loan for a longer period of time. Let's face it. Property values will NEVER return to pre-bubble burst values. The only ones who made money were the realtors, mortgage brokers and unscrupulous lenders who handed money out as if it were candy on Halloween night. prices became inflated and banks and appraisers and lenders and brokers kept telling us the values would continue to increase. Enough said.

The ones left holding the burden are the homeowners who are far more than their houses are worth. And now the banks want those same homeowners to bear the sole cost of fixing the problem. Granting principal reductions does make sense. It makes sense for everyone involved, the homeowner and the lender included. If your lender is refusing to grant a principal reduction and your homeis worth far less than what you owe, bankruptcy may be an way out. Surrender your home to the bank and let them have the headaches of trying to sell it for what is owed on the home. They never will and maybe someday they will look back and say Mr. Davis was wrong and they should have granted principal reductions to provide incentives for people to remain their homes. As it now stands there is no incentive.

If you think bankruptcy may be an answer for you, call my office at 407-877-7317 and schedule a free no obligation consultation to see if bankruptcy may help you get a Fresh Start On Life and Begin the Road to Recovery.

My office files cases for people residing in Orange, Lake, Seminole and the surrounding Central Florida communities including Orlando, Pine Hills, Ocoee, Dr. Phillips, Windermere, Winter Garden, Oakland, Clermont, Minneolla, Mascotte, Tavares, Monteverde, Kissimmee, St. Cloud, Casselberry, Longwodd, and Apopka.
Federal Law requires that I provide you with the following notice: "My office is a debt relief agency. I help people file for bankruptcy relief under the U.S. Bankruptcy Code."

Unemployment Benefits About to Be Lost by Millions

2011-05-06T13:31:00.000-07:00

Number of the Week: Millions Set to Lose Unemployment Benefits - Real Time Economics - WSJ

As reported by Mark Whitehouse of the Wall Street Journal, millions of out of work Americans may soon have more problems to deal with. According to the article and reports fom the US Labor Department, millions of Americans are about to find themselves without any means of support and will still have to find a way to pay the rent, electric, and other utility bills without any means to do so. Despite claims by major news media outlets and the government that job growth is getting better, the number of unemployed persons who are not receiving any benefits is now over 5 million Americans who are out of work and having a hard time finding work. This is an increase of over 1 million since April 2010.

Many Americans began collecting Unemployment Compensation Benefits in August 2009. The limit on the number of weeks an out of work employee can collect is 99 weeks. Most people can collect up to 99 weeks of benefits in one or more of the following programs: 26 weeks from regular unemployment insurance which is from the State of Florida Agency for Workforce Innovation Unemployment Compensation Program for Floridians, after that you may be eligible and receive 53 weeks of Federal Emergency Unemployment Compensation, and then another 20 weeks of Federal-State Extended Benefits. However, once the 99 weeks of benefits are gone, there is generally nothing left to fall back on. The end point for those who started receiving benefits in August of 2009 is sometime in June/July 2011. As the date looms near, people may become more desperate to hold on to what they have. Despite losing benefits, the mortgage companies will want to be paid, the credit card and collection agencies will demand payments, and all the while, people's stress levels will increase as their health may start to deteriorate.

And will all the bads news the Florida Legislature made the news worse. On mostly a party line vote, the Republican led Florida Legislature voted to cut the number of weeks an out-of-work Florida may receive unemployment compensation benefits. The Florida Senate passed its bill and the House is now battling over compromises. In the end, however, the residents of Florida will lose. The Legislature now wnats to tie the number of weeks which benefits are available to unemployment rate. The higher the rate, the longer the benefits, the lower the rate of unemployment, the lower the number of weeks of eligibility in the State of Florida. As a professor at the University of Florida once told me, "Anyone can lie with statistics. It just depends on how you look at the numbers." Once the Chamber of Commerce, and similar organizations skew the numbers to lower the unemployment rate, the benefits will be shortened and people will once again have to chose between food and shelter. This may sound drastic and it is!

One answer is simple - Bankruptcy. In most cases, Chapter 7 Bankruptcy may be the answer to wipe out the debt and start over. Chapter 13 may be the answer for once-out-of-work people have now found a job. Many people facing a mountain of debt will never be able to re-pay the debt as the credit card companies increase fees, interest rates, and begin to sue to get judgments so they can garnish wages, checking accounts, savings accounts, or seize and sell personal property of debtors in Florida.

If you think Bankruptcy may be the answer for you, call Mark at the Cressman Law Firm today. 407-877-7317. We always offer a free initial consultation to see if Bankruptcy may be the answer for you. Call Today before the credit card companies take what little benefits you may have left by garnishing your checking and savings accounts.

Fatal crash S.R. 535: Kissimmee man struck, killed while trying to walk across S.R. 535 - OrlandoSentinel.com

2011-05-01T19:12:00.000-07:00

Fatal crash S.R. 535: Kissimmee man struck, killed while trying to walk across S.R. 535 - OrlandoSentinel.com

Please remember when riding, walking or traveling b means other than a car, to wear bright clothing, and preferable clothing with reflectiveness properties when riding a bicycle on or near the roadways.

Speed Kills - We Have Heard This Tragic Story Before !

2011-04-13T12:16:00.000-07:00

We have all heard the story before. A young driver, out celebrating a birthday, gets behind the wheel of a 3,000 pound missile we call our cars, SUV's, trucks, or whatever we drive, and goes fast. The end is usually tragic. It devastates lives, and people will never be the same again. One of the unanswered questions in this car accident, is whether, the driver was intoxicated. He was only celebrating his 19th birthday, 2 years younger than the legal drinking age in Florida. So hopefully he was drinking at the time of the accident, or shortly before it happened.

If he was of legal drinking age, unfortunately, the bar or establishment that served him alcohol would have gotten away with devastating the lives of three families, "Scott Free." If we keep going down our current path in Florida of running the State like a business and allow businesses to change the laws for the benefit of businesses we will begin to see more and more examples of businesses "getting away" from being held responsible for their improper actions. The rights of the citizens are being slowly eroded in Florida.

The family of those who were injured or killed, in this horrible car accident in Sarasota, Florida on March 13, 2011. Although the families of A. Monroe, and K. Janis may have a claim against Mr. Leonard for his actions, they may also have other claims. There is no proof yet that Mr. Leonard was intoxicated at the time of the crash, but if it is established, they may bring an action against the establishment which served alcohol (if any) to Mr. Leonard, because of his age, for their loss. Also, the families of Mr. Leonard and Miss Leonard, who were killed may also have a claim against the same place. Had he been 21 years of age, they would have no recourse.

Florida does not have a Dram Shop Law. Although many Floridians believe and assume Florida does have these laws, it does not. Florida limits liability to 2 scenarios: First, it only provides liability if the alcohol was served to a minor; and Second if the alcohol was served to a "known habitual offender."

The first scenario is easy. If if the person who was served alcohol is a minor the server of the alcohol, whether a person or establishment, may be held responsible for the injuries sustained as a result of an accident, injury or tragic event.

The second is more difficult. The server, or establishment, which gives the alcohol to an adult, and the adult injures himself or others, will not face liability unless it can be shown that they actually knew the person receiving the alcoholic beverage was addicted to alcohol. While other states and jurisdictions create liability for serving alcohol to a person who is clearly intoxicated, that is NOT the case in Florida.

Florida Statute, Section, 768.125, states: "Aperson who sells or furnishes alcoholic beverages to a person of lawful drinking age shall not thereby become liable for injury or damage caused by or resulting from the intoxication of such person, except that a person who willfully and unlawfully sells or furnishes alcoholic beverages to a person who is not of lawful drinking age or who knowingly serves a person habitually addicted to the use of any or all alcoholic beverages may become liable for injury or damage caused by or resulting from the intoxication of such minor or person."

The answer is simple, DO NOT DRINK and DRIVE!

Car Titles Can Make the Difference in Whether You Keep Your Car or Not in Chapter 7 Bankruptcy

2011-04-05T13:06:00.000-07:00

Recently we had a client who filed for Chapter 7 Bankruptcy to avoid a creditor demanding the client to carry a personal note in excess of $70,000.00 in order to agree to the short sale of a former residence. After all was explained he chose to go down the path of Chapter 7 bankruptcy in Orlando because it made more sense than to pay over $70,000.00 over the course of 10+ years and have nothing to show for it. The main issue in his bankruptcy was the fact that he had to buy back the equity in his wife's car. At the time of the purchase, his wife was not present, so the car was titled in his name. No financing was used to reduce the equity in the car. The wife's name was never on the car title, and as such, he was required to buy back the equity from the Trustee with no reduction for the wife's interest even though it was her daily use car.

In another example of how NOT to purchase or title a car for a loved one, in a recent decision, the United States Bankruptcy Court for the Middle District of Florida, Tampa Division, found that three cars listed in a debtor's bankruptcy petition were not exempt property, and in fact, were the property of the bankruptcy estate such that if the Debtor wished to keep them, she would have had to buy back the equity from the Bankruptcy Trustee. In that case, the Debtor's father purchased three cars for the debtor's daughters, but titled them in the name of the Debtor with no indication they were titled in the name of the Debtor "as custodian for (name of minor) under the Florida Uniform Transfers to Minors Act." A such, the Court determined the cars were the property of the debtor, not her daughters, and not her father who bought the cars.

The importance of using "and" or "or" on a title can make the difference when considering Chapter 7 Bankruptcy. If it is "and" then the equity in the vehicle is 50% one owner and 50% the other owner. On the other hand, if the term between the names is "or", each owner has 100% interest in the vehicle; and, as such, the equity must be bought back by one owner who has chosen to file Chapter 7 Bankruptcy.

The lesson to be learned: If you are going to buy a car, boat, motorcycle, etc. for your son, daughter or other family member, and then find yourself needing to file bankruptcy, be prepared to either potentially surrender the vehicle, buy back equity in the vehicle, or better yet, title the vehicle the right way in the beginning and avoid these pitfalls.

New Help for Homeowners Who Are Underwater? Only if Congress Will Leave Well Enough Alone !!

2011-01-25T12:59:00.000-08:00

The National Association of Consumer Bankruptcy Attorneys' Legislative Committee and Board of Directors announced a new proposal to address one of the biggest issues facing homeowners whose houses are underwater, i.e., meaning they owe more on their house than it is worth. We already have the ability to strip of second mortgages when the second mortgage or equity line in unsecured (meaning house is worth less than owed on the first mortgage). With the ongoing problems facing homeowners, and the advent of of the banking industry using mill type foreclosure law firms and robo-signing of mortgages causing a question as to whether the title after a foreclosure is marketable or not, there comes a breath of fresh air.

The new proposal, known as the Principal Paydown Plan, will not require legislation. All that is necessary is for insurers, investors and government agencies to make an affirmative acceptance of a Chapter 13 Bankruptcy Plan which would contain precise provisions to help everyone involved and debtors to carry out the implementing of the plan. Since it appears our Republican led Congress will not consider a bankruptcy mortgage cram-down provision or law, the Principal Paydown Plan should be considered to help homeowners stay in their homes, reduce the number of homes being flooded onto the market when they are surrendered in Chapter 7 bankruptcy filings, and have an overall effect of stabilizing our crumbling economy.

The key components of a Chapter 13 Bankruptcy Principal Pay-down Plan would include:

Restructuring the undersecured (underwater) mortgages in Chapter 13 bankruptcy case, such that the homeowner pays down the loan principal, thereby reducing the negative equity faster than with the existing loan;
Reducing the interest rate to 0% for the three to five years the Debtor is in the Chapter 13 bankruptcy plan, letting the borrower’s entire monthly loan payment help pay down the principal amounted owed;
Calculating the amount to be paid similar to a HAMP modification payment, i.e., at 31% of the gross income of the Debtor;
At the end of the Chapter 13 Plan, the remaining principal balance would then be amortized over 25 years at the then current Freddie Mac survey rate.

The benefit to the Creditor is that there would be no cram-down of the principal amount which was borrowed initially by the homeowner such that the homeowner would be actually paying down the loan amount which was borrowed in the first place. Other benefits would include:

The borrower agreeing to a general settlement of all claims against the lender and servicer and avoiding future title and loan litigation;
The federal government and US taxpayers’ substantial liability on Fannie Mae and Freddie Mac owned and insured loans would be reduced;
Private mortgage investors will benefit similarly.

If Congress would simply stay out of the way, and allow the market to recover - it would. It will take some give and take on the part of both borrowers and lenders. The giant foreclosure mills which have sprung up all over Florida would have to slowly wind down and actually become more accountable to the lenders by actually reviewing their cases for the ones which would benefit from this type of plan, as opposed to simply "processing paperwork" across the desks of foreclosure attorneys.

BEWARE: Wachovia/Wells Fargo Will Take Your Money If You File Chapter 7 Bankruptcy!

2010-12-30T07:15:00.000-08:00

If you are considering filing Bankruptcy in Florida, and you file a Chapter 7 Bankruptcy Petition, you should be aware that if you bank at Wachovia Bank, which is now owned and controlled by Wells Fargo Bank, NA, they will place a hold on your checking accounts, savings accounts, certificates of deposits, or any other funds which you have in your bank account with them. It seems that Wachovia and Wells Fargo are the only banks taking this drastic measure to seize the funds held by Chapter 7 Bankruptcy debtors for now.

And, unfortunately, it is legal!

When you file for Chapter 7 Bankruptcy, you in essence surrender all of your property, including money in your bank accounts to the Trustee. Although, in most cases, the funds in checking and savings accounts can be "exempted out" and debtors may not have to actually surrender or turn over the money to the Chapter 7 Bankruptcy Trustee appointed to their case, the bank has the authority based on a recent decision of the Court in the Bankruptcy Court for the Middle District of Florida, Tampa Division, to place a hold on the funds in the account pending directions from the Chapter 7 Trustee.

What Does This Mean For You?

If you bank with Wachovia Bank/Wells Fargo Bank, and you file Chapter 7 Bankruptcy, the money in your checking and savings accounts will be placed on hold. You will not have access to pay your bills such as mortgage payment, your rent, your utility bills, your grocery bills, your medical bills, or use of the money for any purpose whatsoever. If you have written checks against the funds in the account, they will not be honored by Wachovia Bank/Wells Fargo Bank while you are in Chapter 7 Bankruptcy until the Trustee advises the bank the funds can be released. And what happens if you have written checks and they are not honored by the bank, then you face fines and penalties from the bank who will take your money to pay the fines and penalties once the funds are released by the Chapter 7 Bankruptcy Trustee. You will also face the very real possibility of late charges from your mortgage lender, landlord, utility company; or worse, you will not be permitted to write checks to your physicians, grocery store, pharmacy, etc. This also applies if you, like most Americans, use your debit card, instead of writing checks. the debit card will not be honored.

My Advice to You?

If you are considering filing Chapter 7 Bankruptcy in Florida, then close your account with Wachovia Bank/Wells Fargo Bank and move your money to another banking institution which is not taking these drastic seizure actions against Debtors. Although it is legal it can be very inconveniencing and troubling when you find yourself unable to buy groceries, medicine or pay your electric bill or rent. This is especially true if you have direct deposit form your employer - you will not have access to your paycheck if it is deposited into your account at Wachovia/Wells Fargo Bank. Of course, if you do close your account, you will need to disclose this information on your Statement of Financial Affairs in your Bankruptcy Petition.

If you are considering filing Chapter 7 Bankruptcy in Florida, or in the Orlando area, you should seek the advice of an experienced bankruptcy attorney. If you need help and are considering bankruptcy, contact the Cressman Law Firm today for your free no obligation consultation. Or email me at mark@cressmanlaw.com to have your questions answered.

Life After Bankruptcy, How Do I Start

2010-12-30T05:33:00.001-08:00

Once Bankruptcy Case in Florida was discharged, you most likely asked yourself, where do I go from here? Will I ever be able to purchase a new home? A new car? Eventually you will be able to buy a new home, or new car. In some cases in may take more time than in others. Relax it will get easier for you. However, do not fall into the trap that led you to our office in the first place. Remember, the credit card companies will be happy to provide you with a credit card and hope you get into to trouble again. You can only file Chapter 7 Bankruptcy relief once every 8 years. So be careful how you spend your money.

As we talked about in the office, learn to live off 70% of your income and begin saving the other 30% of your income for an emergency. Now you will likely be free of most of your debtsand you'll have the opportunity to get a fresh financial start. Your goal must be to overcome and the challenge of rebuilding your credit and establishing new financial goals. When you emergefrom bankruptcy, you will probably be left with few or no credit cards. Many of your sources of credit will be gone, and you will have a challenge to maintain your commitment to financial well-being. Set up an emergency fund. An emergency fund is a reserve of ready cash that you will use to cover emergency expenses while you are back on your feet after filing bankruptcy. Typically, you should place three months’ worth of your average monthly expenses in your emergency fund.

You may well wonder how you're going to find the funds to start an emergency fund when you're just getting out of bankruptcy. Many people are forced into bankruptcy court because they areunable to control their spending. For example, instead of saving small amounts of money every week, they buy expensive gourmet coffee, go out for lunch every day, or put money in the weekly lottery. Although these types of expenses may be small individually, when totaled up over a year, they can run into the thousands of dollars. For example, do you play the lottery? Do you religiously plunk down 10 or 20 dollars every week on your favorite numbers with thethought that you'll never really miss those 20 bucks if you lose, and that if you win, all of your troubles will be over? Leaving aside the almost overwhelming odds against you that you will ever win a significant amount of money in a lottery (according to most experts, you're more likely to be struck by lightning than to win the lottery), you should think about how your money would grow, if instead of spending it on the lottery, you deposited it in an investment account.

Meanwhile, during the first three months of your non-lottery existence, you will have saved $260 for your emergency fund. This sacrifice may only be temporary, but the peace of mind you will gain will have long-lasting effects on your financial outlook.

You will need the disciplined enough to not spend the money until you have a REAL emergency. If no emergency arises, you'll have a nice source of savings for that rainy day down the road.Once you build up about three months of expenses for your emergency fund, congratulate yourself. Not only have you established an important cash reserve for emergencies, you will also have proved to yourself that you can control your spending and save money – two very important skills for your life after filing bankruptcy.