Keys to Financial Success
April 30th, 2012Making resolutions to improve your financial situation is a good thing to do at any time of year. Regardless of when you begin, the basics remain the same. Here are a few tips to getting ahead financially.
Get Paid What You Are Worth and Spend Less Than You Earn
Make sure you know what your job is worth in the marketplace, by conducting an evaluation of your skills, productivity, job tasks, contribution to the company, and the going rate. Being underpaid even a thousand dollars a year can have a significant effect over the course of your working life. No matter how much or how little you’re paid, you’ll never get ahead if you spend more than you earn. It doesn’t always have to involve making big sacrifices.
Stick to a Budget
How can you know where your money is going if you don’t budget? How can you set spending and saving goals if you don’t know where your money is going? You need a budget whether you make thousands or hundreds of thousands of dollars a year.
Pay Off Credit Card Debt
Credit card debt is the number one obstacle to getting ahead financially. Despite our good resolves to pay the balance off quickly, the reality is that we often don’t, and end up paying far more for things than we would have paid if we had used cash.
Contribute to a Retirement Plan
If your employer has a 401(k) plan and you don’t contribute to it, you’re walking away from one of the best deals out there. If you are already contributing, try to increase your contribution. If your employer doesn’t offer a retirement plan, consider getting an IRA.
Have a Savings Plan
Make sure to set aside a minimum of 5% to 10% of your salary for savings BEFORE you start paying your bills. An even better approach is to have money automatically deducted from your paycheck and deposited into a separate account.
Invest!
If you’re contributing to a retirement plan and a savings account and you can still manage to put some money into other investments that is even better to your overall financial planning.
Maximize Your Employment Benefits
Employment benefits like a 401(k) plan, flexible spending accounts, medical and dental insurance, etc., are worth big bucks. Make sure you’re maximizing yours and taking advantage of the ones that can save you money by reducing taxes or out-of-pocket expenses.
Review Your Insurance Coverage’s
Too many people are talked into paying too much for life and disability insurance. What is important is that you have enough insurance to protect your dependents and your income in the case of death or disability.
Update Your Will
70% of Americans do not have a will. If you have dependents, no matter how little or how much you own, you need a will.
Keep Good Records
Keeping good records all year will save you time and money, instead of scrambling to find everything when tax season approaches.
11 Tips For Refinancing A Mortgage
March 26th, 2012If you are a homeowner who is thinking of refinancing, do not be intimidated about the process or the paperwork. There are professionals available who are trained and educated in the mortgage field to help you with the refinancing process. Chances are that over the course of a typical mortgage, a home owner will have an opportunity for refinancing.
Some Possible Reasons to Refinance a Mortgage May Include:
- Saving money by lowering the interest rate.
- Making monthly payments more manageable by stretching out the remaining loan term.
- Stabilizing the monthly payment by switching to a fixed-rate mortgage.
Refinancing can be broken down into a series of smaller steps, all of which are fairly simple. Following are eleven tips that can help you refinance a mortgage successfully:
1.Begin by getting all of your paperwork to the lender. The paperwork should include verification of all income and assets such as tax returns, W2s, paycheck stubs, and bank statements. Rates are consistently fluctuating, so if you are looking for a particular interest rate, your window of opportunity can be as little as a couple of hours.
2.What are your reasons for refinancing? Is the purpose to lower the interest rate, reduce the monthly payment, or lock in a fixed monthly payment? The type and terms of the refinance mortgage will depend on one of these or a combination.
3.Based on your goals, set targets for interest rates and monthly payments. Decide on the mortgage term and apply for a fixed or adjustable-rate mortgage. Using a refinance mortgage calculator can help you define your limits.
4.Check your credit rating. A low credit rating will affect the interest rate and the availability of a refinance mortgage.
5.Determine any changes in property value. A drop in property value can make it difficult to refinance a mortgage.
6.Inquire about any prepayment penalties on the existing mortgage. Some mortgages have penalties for early repayment which is important to know so it can be measured against the potential savings from refinancing.
7.Obtain refinance mortgage quotes from a variety of refinance mortgage lenders. Mortgage rates and lending standards vary from one institution to another.
8.Ask lenders for full disclosure of points, closing costs, and other fees.
9.Ask lenders how long they will commit to their rate quotes.
10.Use a mortgage calculator to compare monthly payment savings with closing costs and other upfront fees.
11.Remember it is important to assure the savings in monthly payments because they will, in time, compensate for the upfront costs.
Landlord -Tenant Agreements
February 29th, 2012Landlord and tenant laws are different from state to state. If you are faced with a landlord and tenant dispute it is advised to contact a landlord and tenant lawyer to understand how the lease agreement and local landlord and tenant laws apply to you.
A landlord and tenant relationship is guided by a lease agreement in which the landlord allows the tenant to use the property outlined in the lease and the tenant in return pays an amount to the landlord. Understanding the terms of a lease agreement is critical because in many disputes the terms are binding and controls the outcome.
In any lease agreement the landlord and tenant should discuss important issues, and thoroughly review the lease agreement. It is particularly critical to spend the appropriate time and understand what each party is entitled to and what each party must do in return in a rental agreement. Landlord and tenant attorneys can assist the parties with any questions regarding the lease. In the majority of cases a landlord already understands the terms of the agreement, so tenants should consult an attorney before signing a lease. Here are a few suggestions to guide you as you prepare to lease.
Review the Condition of the Property and Terms of Security Deposit
Before signing the lease, the landlord and tenant should conduct a walk through of the location and note any existing damages, go over the amount of the security deposit, and the conditions in which the deposit will be returned or withheld.
Details of the Rent
It is important to know the amount of rent you will be paying, the date the rent is due, the manner in which it is paid, and the penalties for late payment or no payment.
Discuss Any Tenant Limitations such as:
.The use of the property for a specific type of business.
.How many people can reside in the property.
.Whether or not pets are allowed in the property.
.Any other use of the property that may not be assumed by the other party.
.What each party’s rights and responsibilities are under the lease.
The most serious, and generally undesirable, option in landlord and tenant law disputes is eviction. A tenant facing eviction should contact a tenant attorney. Eviction is not the only way to terminate a lease agreement. Landlord and tenant laws or the lease agreement may provide options for early termination or non-renewal of the lease upon its natural expiration.
Whether the landlord and tenant dispute is over a residential or commercial lease, the result of an eviction filing, a question about co-signer liability, the return of a security deposit, or any other matter both the landlord and tenant have rights provided by the law. Landlord and tenant attorneys will be able to provide an explanation of the legal rights of landlords and tenants.
SAME-SEX COUPLES CAN NOW FILE JOINT BANKRUPTCIES
October 28th, 2011Married couples can file a joint petition in bankruptcy for a single filing fee. Consolidation of cases for married couples saves administrative cost, attorney fees, and can promote domestic harmony. This benefit has, until recently, been denied by some courts for same sex married couples or couples with civil unions. The United States Department of Justice has announced that it would stop opposing same-sex bankruptcies if the couple is legally married. It is a branch of the Justice Department called the “US Trustee” that represents the administrative branch of government in all bankruptcy cases.
This change of policy comes as same-sex bankruptcies have been gaining traction in some districts. It can be seen as another indication the Obama administration will no longer defend the Defense of Marriage Act (DOMA). But what does that mean for same-sex couples looking to petition for bankruptcy jointly? A pre-DOMA bankruptcy case may be telling. In 1995, the Northern District of Georgia decided In re Allen, 186 B.R. 769. The Court in Allen sided against the same-sex couple on the grounds that they were trying to set a federal standard for “spouse” when Congress hadn’t intended there to be a federal standard, so the state definition is what controlled. In fact, the Court goes so far as to say “…if a state recognizes a legal marriage between a same sex couple, they would qualify for relief under § 302” of the Code.
With the Federal government no longer objecting, it appears as though married and civil union same-sex couples should be able to file for bankruptcy jointly in states that have allowed same-sex marriage or civil unions. Under the Full Faith and Credit Clause of the Constitution, the same is likely true even in states that do not allow same sex marriage. The future of DOMA, however, is less certain. A spokesman for Speaker of the House John Boehner (R-Ohio) stated that “bankruptcy cases are unlikely to provide the path to the Supreme Court, where we imagine the question of constitutionality will ultimately be decided.”
DOMA isn’t dead yet. It has many ardent supporters in positions of power. Others, equally ardent in their opposition, are attempting to overturn the law in Congress. While the law may one day be repealed or ruled as unconstitutional by the Supreme Court, it remains the law; albeit one that the current administration has chosen not to enforce. The opponents of same-sex marriage do not believe that bankruptcy court is an appropriate place to save DOMA. For now, file away, same-sex couples.
Georgette Miller JABANE recipient of the Barrister’s Award 2011
October 18th, 2011Dear Ms. Miller,
On behalf of the Board of Directors of the Jamaican American Bar Association, NE., it gives me great pleasure to inform you that you have been voted the recipient of the Jamaican American Bar Association, N. E. Barrister’s Award 2011.
This, JABA, NE’s most prestigious award, will be presented on Saturday November 19, 2011, at 8:00 pm at our second Annual Black Tie Awards and Scholarship Gala to be held at the Sheraton Hotel in Newark, New Jersey.
This award is presented to a Jamaican American Attorney who has demonstrated exemplary service and dedication in the field of law.
Attached to this letter is information regarding the event.
Congratulations again and we look forward to receiving acknowledgement of
your formal acceptance of this award. Please also include your bio and
headshot.
Your prompt attention is appreciated.
Respectfully,
Joan O. Pinnock, Esq.
President, JABANE
Our New Video
August 23rd, 2011Medical Bills Are The Leading Cause of Bankruptcy Filings
August 8th, 2011USA Today analysis of government statistics found that uninsured Americans leave hospitals with unpaid bills of up to $49 billion per year. Medical bills are the leading cause of bankruptcy filings in the United States, a Harvard University study found. According to Bloomberg Businessweek, 78 percent of the 2,314 bankruptcy filers in the study had more than $5,000 in medical bills, mortgaged their home to pay for the bills, or lost significant income because of an illness.
Georgette Miller & Associates knows the frustration that people have when a catastrophic medical emergency threatens to wipe out their savings account or sends them spiraling into uncontrollable sea of debt. Consult with one of our bankruptcy attorneys today to figure out how to salvage your financial future and move on from your medical nightmare. According to USA Today, on average, an uninsured family can pay only about 12 percent of their hospital bills and associated health care costs. Even if a family is insured, they still often find themselves on the hook for high medical bills resulting from out-of-network Doctor’s visits and exorbitant co-pays.
According to the American Bankruptcy Institute, more than 141,000 people in NY, NJ, PA and DE filed for bankruptcy last year. That’s over a two-fold increase from 2007, when about 70,000 people statewide filed for protection under bankruptcy laws.
It can be difficult to fend off calls from hospitals, specialists and other medical professionals when you’re trying to recover. A bad accident that wasn’t your fault or an unexpected medical emergency can leave you reeling in debt. But the good news is you don’t have to do it alone.
Whether you need to consider Chapter 7 bankruptcy or Chapter 13 bankruptcy, let Georgette Miller & Associates help you use the law to your advantage. Filing for bankruptcy may be an avenue to get rid of medical bill debt that you can’t seem to get away from.
What Should I Do to Re-establish Credit After Filing Bankruptcy?
July 5th, 2011First, request a copy of your credit report from all three credit bureaus and review each carefully to make sure you are truly getting a fresh start. Any creditor included in your bankruptcy petition should have a zero balance or state, “discharged in bankruptcy” next to the balance. There are often many errors on credit reports following a bankruptcy. If you find errors, dispute them with the credit bureau and they will be corrected. Once you have a clean slate, it’s time to start re-establishing your credit.
Credit Cards: Don’t be surprised when you get credit card offers, sometimes weeks after you get your bankruptcy discharge papers in the mail.
Unsecured: Post-bankruptcy unsecured credit cards normally carry higher fees than other cards, because the creditors are taking a risk on you. All they know about you is that you just wiped away a bunch of debt from companies just like them. They’re a little skittish, so for comfort, you pay for the privilege of starting over. This will show up in the form of: monthly charges, application fees, and, of course, higher interest rates. Use the cards as little as possible to avoid carrying balances on these high-interest accounts. Try to pay the balances off before the end of each billing cycle. Do this for six to twelve months and you will improve your credit score.
Secured: These are an excellent option to rebuild while avoiding the fees associated with unsecured cards. The downside to secured cards is that you have to put up a deposit equal to your credit limit at the time the account is opened.
Auto Loans: Unsecured installment loans are difficult to get immediately after bankruptcy; however, secured loans such as auto loans are relatively easy to get, provided you have sufficient income to budget and a down payment (usually 10 percent to 20 percent). The high dollar amount of auto loans makes them a perfect fit to re-establish after bankruptcy. Paying back a $10,000 loan will do more for your credit than timely payments on a small revolving balance, such as a credit card. Auto loans immediately after bankruptcy, like unsecured credit cards, can carry higher interest rates. Stick with an auto loan below your budget and pay extra principal every month to reduce the total interest.
Life after bankruptcy can be rough, but you aren’t alone. There are many people who have followed these steps and bounced back.
7 Tips to Help You to Modify Your Mortgage
June 13th, 2011Many homeowners are getting burned by reputable loan modification agencies and are being forced to file Chapter 13 bankruptcy to try and save their home from foreclosure. South Carolina attorney Dana Wilkinson gives seven tips to avoid this predicament when you are in the loan modification process in her recent article on BankruptcyLawNetwork.com. Here is a brief summary:
1. Keep a copy of EVERYTHING – Keep a separate file for any correspondence between you and your mortgage lender. If possible, keep notes of every conversation.
2. If it’s Not in Writing, Assume it isn’t True – Borrowers must have any important information regarding their loan modification, it MUST be in writing.
3. If it is in Writing, Assume they’ll Lose It – The most common problem borrowers have with mortgage modifications is lost paperwork. See tip #1!
4. If they Say to Stop Paying, you may need to pay anyway – Many loan modification programs don’t require you to default on your mortgage, some require you to be current on payments. If your lender suggests you stop paying, always keep the payment amount aside, plus late fees, just in case.
5. You may go into Foreclosure during the process. Don’t ignore it – If you are going into foreclosure, it is always important to speak to a bankruptcy or foreclosure defense attorney. Don’t wait until the last minute. Make sure you retain an attorney at the first sign of foreclosure.
6. If you hear “Foreclosure is Cancelled,” get it in writing – Remember tip #2, if it isn’t in writing, assume it isn’t true. The only way you can be absolutely sure that the foreclosure is cancelled is to get a letter stating this from your lender.
7. If you get a modification, make sure your new mortgage bill is the correct amount – If your mortgage bill arrives and the payment is not correct, make sure to bring this to the attention of the lender, IN WRITING! Keep complaining until it is fixed.
The one most important tip to take from this article is to get anything from your mortgage modification company in writing. And remember, even though you are in the process of getting a loan modification, it doesn’t mean it will succeed. You may still need to file Chapter 13 Bankruptcy to save your home or minimize the damage
Applying for a Job after Bankruptcy
May 20th, 2011Being unemployed after filing bankruptcy can be extremely frightening, as you don’t want to get back into the same situation that you recently got yourself out of. Bankruptcy is designed to be a fresh start, so it is your responsibility to make the best of it. Make sure not to second-guess your decision. You received protection from foreclosure, credit card debt help, and relief from harassing creditors and you did so for the future of you and your family. There isn’t anything to be ashamed of.
While Section 525(b) of the U.S. Bankruptcy Code prohibits discrimination against anyone solely on the basis of insolvency, employers still have the right to screen applicants before hiring them, and it can be extremely difficult for an applicant to prove discrimination. The employer’s concern is a reasonable one: Individuals working in financial, government, high security, or retail occupations are more at risk for embezzlement, bribery, fraud, or robbery if they have had previous financial issues.
So what can a job seeker do to counteract the effects of bankruptcy on employment opportunities? The best advice I can give is to inform interviewers regarding any discrepancies that might be found in credit reports or background checks before they discover them. The employer should appreciate your honesty and evaluate you for the skills you bring to the job. Approach a prospective employer with confidence, professionalism and a smile. Although it is the best practice to disclose your financial past to the interviewer, don’t let it define you or take over the entire conversation in the interview.
You want this job to continue to be financially responsible for yourself and your family. Any potential employer should recognize this and be able to keep the focus of the interview on the position at hand and not on your past. Make sure the spotlight is on your skill level, job history and ability to perform the tasks at hand. Paint a picture of past workplace successes and superior abilities. A positive attitude, along with a job-winning resume, go a long way in convincing a prospective employer that, despite your imperfect credit report, they have the right person for the job!
Are you currently in credit card debt, but are afraid to file bankruptcy because you think you may lose your job over it? Contact me today. I offer a free consultation to all new clients. We can discuss your individual financial situation and decide if filing bankruptcy is the right choice for you and your family.