MachiLaw.com » Bankruptcy

Tarrant County Top Attorney

Chris — Fri, 13 Jan 2012 07:20:19 +0000

Ted Machi is once again named a top attorney in Tarrant County by Fort Worth, Texas: The City’s Magazine. Lexis-Nexis noted Ted Machi’s 35th anniversary as an Attorney. Martindale-Hubble recognized the Arlington Attorney for his 5th consecutive year of having a “Very High Peer Review Rating in Legal Ability & Ethical Standards.”

Car Repossession?

Chris — Thu, 12 Jan 2012 21:40:01 +0000

Was your car repossessed today? Machi & Associates, PC may be able to get your car back within 24 hours.

Very often clients have waited as long as they can to file bankruptcy. They really want to do all they can to pay their debts. But times get tough, and good people have a hard time paying those debts. Then all of a sudden their car is gone – repossessed. How will they get to work? How will they get their kids to school?

We work with many people in such a crises, and we go into crises mode to get all the legal work done ASAP. Many times we can help you get your car back today or tomorrow.

Contact Machi & Associates today.

Hostess Losing Creamy Filling

Chris — Thu, 12 Jan 2012 20:56:00 +0000

The snack food company Hostess Brands filed for Chapter 11 on January 10, 2012, about seven and a half years since its previous bankruptcy claim in September of 2004. Last Wednesday, Hostess said it would be reforming into a more competitive company. While Hostess lists about $860 million in debt the company still has enough money to keep stores stocked with their products. Additionally, Hostess didn’t announce any job cuts, but Hostess spokesman Lance Ignon said the company will decide on matters that protect the best interests of the company.

Read the full story at the Huffington Post.

Victim of Credit Fraud?

Chris — Sun, 01 Jan 2012 21:27:08 +0000

Consumer credit sales and home mortgages are some of the most regulated transactions in the American economy. State and federal statutes place certain restrictions on the conduct of mortgage lenders, retailers, debt collection agencies, and credit reporting companies. Nevertheless, we hear so many complaints about fraudulent credit practices you’d think the fair credit laws had never been passed.

If you think that you have been damaged by unlawful or deceptive credit practices by a mortgage company or bank, an auto dealer or sales financing company, a debt collector, or a credit reporting agency, contact Machi & Associates, PC today. Our familiarity with the federal and Texas statutes that regulate consumer lending, together with our 30 plus years of experience in North Texas courts can be a major advantage for the prosecution and enforcement of your claim.

The Texas unfair credit practices lawyers at Machi & Associates, PC represent consumer clients on claims involving the following:

Unfair practices in the auto sales and retail credit markets, such as “loan packing”, or undisclosed charges for credit insurance or disability insurance
Violations of the Fair Credit Reporting Act, such as false reports of overdue payments or the confusion of another person’s credit history with yours
Predatory lending practices in the residential finance industry, including “mortgage flipping”
Nondisclosure of balloon payments, adjustable rate terms, default conditions, or other terms in violation of the Real Estate Settlement Practices Act
Violations of federal truth-in-lending requirements by credit card companies or other consumer retail lenders
Unfair debt collection practices, such as harassing phone calls or attempts to collect satisfied or unenforceable claims

Chapter 7 Bankruptcy

Chris — Sat, 31 Dec 2011 20:42:38 +0000

Chapter 7 Bankruptcy is a way to wipe out your debt by grouping all your debt together and in one shot creating a fresh start for yourself. Before filing Bankruptcy you should always meet with a qualified attorney, like Ted Machi to consider all your options. With Chapter 7, you can wipe out debt such as credit cards, lawsuits, mortgages, medical bills and more.

When you file Chapter 7 you are not required to make repayments. Your debts are completely wiped out. You are allowed to keep much of your property with Chapter 7. This is called an exemption. Exemptions are made for types of items that you need for your survival, like food, clothing, shelter, and transportation. These exemptions do vary case to case and you should have that conversation with an attorney like Ted Machi to understand what you will keep. On average this process can take from three to five months.

There are some debts that you cannot shed in a Chapter 7 Bankruptcy and those debts are called non-dischargeable. You should be aware of them and when speaking with your attorney double check the circumstances for each one. Non-dischargeable debt can include most taxes, child support, court ordered fines and penalties, student loans and more.

After you successfully file, you will be free of all creditor calls. They must comply with bankruptcy law and stop calling. Any lawsuits that are pending will halt. Once you have a fresh start it’s important to protect your new credit record and build good credit.

Chapter 13 Bankruptcy

Chris — Fri, 30 Dec 2011 20:42:54 +0000

Do you need to save your house and your car, stop the IRS from garnishing your wages and bank accounts? Chapter 13 can protect you from these creditors while you set up scheduled repayments to get back on your feet. In this type of bankruptcy you have terms that are very favorable to you so that you can make your re-payments and complete your obligations under Chapter 13 bankruptcy.

Ted Machi can help you understand where you may qualify, either Chapter 7 or 13. We can help you to understand which direction to take by explaining the possible outcomes based upon our experience filing thousands of bankruptcies. If you have stable future monthly income, it may make more sense to go ahead with the Chapter 13 and arrange payments to keep some of your assets. This also may depend on the market value of your assets. Homes are usually the main asset in a bankruptcy, gages on your home, and have a solid income, Chapter 13 may be something better suited for your needs. With a free consultation we can determine which direction is best for you.

While Chapter 7 is a quicker fresh start, Chapter 13 is a longer process. The Court sets your payments, you are required to make those payments. Over the term of the Chapter 13, there will be hearings that are very quick and informational.

When you create a Chapter 13 filing, you will divide your items into two areas; secured and unsecured. This is a way for the court to determine your case. Examples of Unsecured debt are credit cards and medical bills, payday loans, re-possessed vehicles, collections agencies, etc. Secured debt includes homes, cars, time shares, boats, etc. These are physical items that can be liquidated for a market value.

The Reason Bankruptcy Filings Have Decreased From Last Year

Chris — Thu, 29 Dec 2011 02:27:13 +0000

There has been a decrease from last year in bankruptcy filings due to new changes between banks and consumers. Banks have started tightening credit, and mortgage lenders have stopped foreclosures due to challenges in their internal processes. Some debtors will have already filed for chapter 7 bankruptcy in the past two years, or need to wait eight years from filing their last chapter 7 bankruptcy.

Lockheed Martin: 3,300 Jobs and Counting

Chris — Tue, 27 Dec 2011 01:21:29 +0000

One of the Pentagon’s top defense suppliers, Lockheed Martin, recently announced a voluntary layoff program for 6,500 employees its Bethesda, Md. headquarters and business services unit. That announcement comes on top of 1,500 layoffs in the company’s aeronautics division, 1,200 layoffs in its space systems unit and 600 voluntary buyouts of senior executives earlier this year.

If a Loved One Passes Away

Chris — Fri, 23 Dec 2011 20:57:36 +0000

If a loved has passes away with debt their debt dies with them. Unless members of the deceased family co-signed with the loan, they are usually not legally obligated to pay. This doesn’t stop debt collectors from harassing families to pay the debt. The number of debt collectors using this deplorable tactic has grown in recent years. They work on the behalf of financial giants such as; Bank of America, Capitol One, and others. Targeting families when they are at their most vulnerable.

Read the full story at the Wall Start Journal.

Harrisburg City Council’s Appeal on Bankruptcy decision

Chris — Sat, 10 Dec 2011 16:05:36 +0000

Federal bankruptcy judge, Mary France, made a ruling last month that Harrisburg, Pennsylvania may not seek bankruptcy protection. Harrisburg is burdened with about $300 million in debts related to the city’s old trash incinerator. After the machine was hindered with environmental problems and fines for numerous years the Environmental Protection Agency shut down the incinerator. Harrisburg’s City Council attorney filed an appeal with the U.S. District Court for the Middle District of Pennsylvania on Saturday about Judge France’s decision to discard the bankruptcy petition of the city.

Read the full story at the Sacramento Bee