June 29, 2010

Are We Heading Into a Double Dip Recession?

Are we in Southwest Florida heading into a "Double Dip Recession" ? If you are an avid reader of this blog, and I know there are many of you because of the feedback I receive, you know that I believe we are no where close to the end of this recession/depression. I honestly do not believe that we are being given all of the information that we need to have a proper debate on the economy.

Maybe our elected officials are sparing us more bad news??? I don' t know. But, on the other hand, when you call the U.S. a democracy, and the definition of the words means: Rule By The People. I begin to get concerned when the people are mis-informed and ill-informed.

Continue reading "Are We Heading Into a Double Dip Recession?" »

Bookmark and Share

June 25, 2010

Fannie Mae Will Pursue Deficiency Judgments Against Homeowners

Well, according to a recent ABA Journal article, it appears Fannie Mae is going to pursue deficiency judgments against borrowers who walk away from loan obligations without good reason.

A deficiency judgment is a judgment following a foreclosure sale for the difference between the property’s value at the time of the foreclosure sale and the balance owed on the loan obligation. Once the deficiency judgment is obtained, the creditor may be able to garnish wages, seize assets, and take any other action allowed by law. Apparently Fannie Mae will be instructing its servicers to recommend which homeowners should be pursued for deficiencies.

The first question I had when I read this article is what criteria will be used to determine whether a reason for the walk away was a “good reason.” It appears that the Fannie Mae’s goal is to stop people who have the ability and means to pay their mortgages from walking away merely because the property is no longer an economically appealing investment. But with the management of the loans I have seen by the servicers in my clients’ cases I have little doubt that implementation of this program will affect people not intended.

Continue reading "Fannie Mae Will Pursue Deficiency Judgments Against Homeowners" »

Bookmark and Share

March 13, 2010

Co-Signing Your Way To A 1099C

Practicing Consumer Bankruptcy Law is very interesting work. Usually, I get to tell bankruptcy clients good news. Sometimes, I have to deliver bad news about their bankruptcy cases. In a recent case, a young man purchased his first home several years ago, and naturally, the value of the home has dropped significantly. He tried modification and was turned down flat (The mortgage is held by a securitized trust). That wasn't the bad part.

The bad part, as you can tell from the title is that he had his Grandfather co-sign for the loan. So, during the course of the bankruptcy when this young man couldn't get the lender to modify, he asked me: Can I short sale the property, and if so, what will happen to me, and what will happen to my Grandfather? These are both excellent questions.

Here is my advice: Yes, as an option, you can do a short sale. Of course, since you are in a Chapter 13, we will need the Judge's permission, and I will have to file a motion with the Court to allow same, but that is not a problem. I don't believe that the Judge will require any additional items from you other than a signed contract. With regard to the deficiency and you, the answer is simple, your debt will be included in the bankruptcy and you will ultimately receive your discharge, so, no problem.

The problem is: How will a short sale on your primary residence hurt you or hurt your grandfather? As to your grandfather, we have to look at a whole new set of issues. Since this property is not his primary residence, any deficiency that is still owed to the lender will have to be dealt with. This can come in two forms: First, they can pursue him for a deficiency balance. In other words, they can sue him for the remaining balance owed on the promissory note. As I have explained in the past, it's kind of like having two fish on a hook and one gets away. The lender still has one fish to reel in (Grandpa)

Continue reading "Co-Signing Your Way To A 1099C" »

Bookmark and Share

December 7, 2009

Department Store Credit Card Horrors

This Morning I wrote a blog for the Bankrutpcy Law Network discussing why consumers shoudn't apply for a department store credit card at the register and try to save 10%.

Please click here to read it.

Don't Cave In And Apply For A Deparment Store Credit Card

This post was submitted by Carmen Dellutri, Esq., founder of The Dellutri Law Group, P.A. Currently, the firm has offices in Port Charlotte, Fort Myers, Naples and Sarasota. Mr. Dellutri also sits on the Board of American Board of Certification. Mr. Dellutri is also one of the founders of the Bankruptcy Law Network, Debt Law Network, Credit Law Network, and Mortgage Law Network. Mr. Dellutri also writes for the firm's personal injury litigation blog. Mr. Dellutri also writes for the firm's other blogs: www.faircreditreportingactblog.com and www.fairdebtcollectionpracticesactblog.combankruptcy blog.

Bookmark and Share

September 29, 2009

Dellutri Law Group To Start A Fair Credit Reporting Act Blog

The Dellutri Law Group is getting ready to start a New Blog focusing on the Federal Fair Credit Reporting Act. Our Fair Credit Reporting Act Blog can be found at:

www.faircreditreportingactblog.com

Please check it out and tell us what you think? It should be active in 7 to 10 days. The Fair Credit Reporting Act Blog will focus on all aspects of Credit Reporting.

Continue reading "Dellutri Law Group To Start A Fair Credit Reporting Act Blog" »

August 22, 2009

Bankruptcy Exemptions In Florida Part 1 - Homestead

When you file for bankruptcy, a bankruptcy estate is created (11 U.S.C. 541). Individuals are allowed to protect items of personal property, cars and equity in real estate from their creditors. The process is called claiming an exemption or exemption planning. When an item is claimed as exempt, the property is theoretically removed from the bankruptcy estate and is no longer available to pay the claims of creditors.

If you are a Florida resident or have lived here for at least two years prior to the date of filing for bankruptcy protection, you must use the Florida Exemptions to protect your personal property in a Chapter 13 or a Chapter 7.

Continue reading "Bankruptcy Exemptions In Florida Part 1 - Homestead" »

Bookmark and Share

August 6, 2009

New Check Fraud From Cash Advance Scam

There is a new check fraud scam in Southwest Florida. In the past few weeks, I have received numerous emails and phone calls from clients and potential clients regarding phone calls and messages they and members of their families have received on a check fraud investigation resulting from a payday advance. The callers allege that they are “investigators” and are investigating the debtors for check fraud for a loan from a payday advance that was not paid. The callers state the debtors need to return the call to prevent criminal charges. Some callers even go as far to say that a warrant has been issued and give fake case numbers for the court where the debtors live. As you can imagine, many people become extremely frightened and upset when they hear this.

Continue reading "New Check Fraud From Cash Advance Scam" »

Bookmark and Share

June 30, 2009

Carmen Dellutri on ParrLegal - Bankruptcy and Dellutri Law Group

Recently Carmen Dellutri was interviewed by Rachelle Grossman for Parr Legal. Parr Legal is a website developed for people to find attorneys and the consumer can watch the attorney before meeting them.

Continue reading "Carmen Dellutri on ParrLegal - Bankruptcy and Dellutri Law Group" »

Bookmark and Share

June 4, 2009

Medical Bill Bankruptcy - An Epidemic or a Pandemic?

Are we all just one medical problem away from Bankruptcy?

As a Board Certified Consumer Bankruptcy Attorney, I speak with many people about filing for bankruptcy and their debts. Medical Bill bankruptcies are a very real and growing problem. Don't get me wrong, this is not a new phenomena that suddenly came to rise like the epidemic or pandemic known as swine flu. People have always had to deal with medical bills when either they or a loved one became sick or were injured. However, it seems that over the last few years, medical bill bankruptcies have been on the rise.

Continue reading "Medical Bill Bankruptcy - An Epidemic or a Pandemic?" »

Bookmark and Share

May 26, 2009

Hiring a Bankruptcy Attorney in Fort Myers, Port Charlotte and Naples, Florida

Declaring Bankruptcy is one the most difficult decisions that a person will ever have to make in their lives. So, when you are faced with financial problems, the first decision you should make is to hire the attorney with the skill and experience to help you navigate through these unchartered waters. But where do you start. You start by looking for a Board Certified Attorney in Fort Myers, Port Charlotte, or Naples.

As the only Board Certified Consumer Bankruptcy Attorney in Southwest Florida who handles only consumer cases, I realize that Bankruptcy is much more than a financial issue.

Depending upon the individual, bankruptcy can be devastating emotionally, physically, and financially. Individuals who are experiencing the loss of a home need to take steps to regain control of their lives and their finances. The choice of which Bankruptcy Attorney you should use will be the first step on the road to recovery.

Continue reading "Hiring a Bankruptcy Attorney in Fort Myers, Port Charlotte and Naples, Florida" »

Bookmark and Share

May 19, 2009

Dellutri Law Group Welcomes Attorney John Webb To The Firm

Recently, Attorney John Webb joined the Dellutri Law Group's Consumer Protection section of the firm. John's experience handling foreclosure defense cases will dramatically expand the cases that the firm will be handling. John will be working closely with Shannon Houk, Esq. and Carmen Dellutri, Esq.

"To date, the firm has had excellent results in the cases it has been handling. John and Shannon have proven to the mortgage companies that they are a team to be reckoned with." said Carmen Dellutri. "We look forward to the future and hope to help all our clients achieve their goals." said John

Continue reading "Dellutri Law Group Welcomes Attorney John Webb To The Firm" »

Bookmark and Share

May 2, 2009

Carmen Dellutri On News Press Video

Carmen Dellutri was recently asked several questions by the News Press as part of their ongoing series Road To Recovery. You will have to wait about 30 seconds to get through the preliminaries but the information provided should be useful to many of you. Or you can sign up for one of our blogs and have our blogs e-mailed to you directly.

Continue reading "Carmen Dellutri On News Press Video" »

Bookmark and Share

April 30, 2009

Senate To Vote On Bankruptcy Judge Cramdown

The Senate will vote either today or tomorrow on a bill that could give Bankruptcy Judges the ability to cramdown home mortgages to the present level owed on the home. Currently, Bankruptcy Judges cannot cramdown first mortgages on debtor's homesteads. In today's market, now is the time and place for this bill to be passed. If you are a reader of this blog or any other blogs that I write for, you know how important this bill, as passed by the House of Representatives, is for the people of Southwest Florida, especially Cape Coral and Lehigh Acres.

So, either today or tomorrow we will know if our elected officials have sold us out to the Banks and Mortgage Companies. My bet is that they will, and for each elected official that sells us out for political gain, I say vote them out. There is no issue that is more important to the people of the United States right now than housing. If you are not sure of where you will be sleeping tonight, how can you be a productive American at work. The issue of housing is core to our economy, and the jokers in Washington are playing politics with the Banks. They are in discussions with banks that we the people own. Why do the banks have any say in this legislation? Aren't we a democracy (Rule by the People)? Sure, as long as you can hire a lobbyist with a politician in his or her back pocket. These are things that baffle my mind. Let's wait and see if they do the right thing.

Continue reading "Senate To Vote On Bankruptcy Judge Cramdown" »

Bookmark and Share

March 26, 2009

Dellutri Law Group Adds Bankruptcy Videos To Website

The Dellutri Law Group Website has recently been updated to add bankruptcy videos. These videos explain the bankruptcy process in detail. The videos are a good resource for individuals who have not researched bankruptcy and are unsure about what they may be getting themselves into. It only takes a few minutes to watch each video. But, each video will answer many of the general questions that many people have about bankruptcy and the bankruptcy process.

The videos are located in the media center, which can be found on the lower right side of the homepage.

Click Here to be linked to the bankruptcy videos.

It should be noted that the Dellutri Law Group, P.A. did not produce the videos, and any legal advice contained therein is hereby disclaimed.

Continue reading "Dellutri Law Group Adds Bankruptcy Videos To Website" »

Bookmark and Share

March 20, 2009

Eddie Bauer And Other Retailers Are Considering Bankruptcy

In Lee County Florida, we have been feeling the economic pinch for a long time. People living in Fort Myers, Cape Coral and Lehigh Acres, Florida have witnessed a dramatic landscape change over the past two years. From a booming economy to a depression, many people are still shaking their heads wondering how their homes, which were once valued at $350,000, are now valued at $150,000, and still there are no buyers.

Continue reading "Eddie Bauer And Other Retailers Are Considering Bankruptcy" »

Bookmark and Share

March 7, 2009

Sarasota Judge Cancels Foreclosure Sale

As a foreclosure defense attorney in Sarasota, I am glad to say that Sarasota Circuit Court Judge Donna Padar Berlin recently issued an Order canceling a foreclosure sale in a mortgage foreclosure case. Sarasota is now, in my opinion, taking a firmer stance against abuse in the mortgage foreclosure system by the mortgage companies. This is an excellent step in the right direction.

Prior to the Court's March 6, 2009 Order canceling the March 30th sale date, the Court had issued a prior Order on February 6, 2009 which stated that the mortgage company could not set another sale date. Despite that Order, The sale date on the defendant's home had been set for March 30, 2009. The Sarasota Judge canceled the sale when she found out that the mortgage company represented to the homeowner that she could modify her mortgage and that the mortgage foreclosure lawsuit would be abandoned.

Kudos to Judge Donna Pader Berlin for putting a stop to a practice that is all too prevalent in today's economy.

Continue reading "Sarasota Judge Cancels Foreclosure Sale" »

Bookmark and Share

March 5, 2009

Bankruptcy Still Best Option for Lee County Residents

The Obama Administration released it plan to help the housing market yesterday, better known in Lee County as Foreclosure Alley, and the News-press is reporting that the Obama Plan will help 34,000 southwest Florida homeowners. At the Dellutri Law Group, we disagree with this analysis. We believe that quite literally, Southwest Florida residents got the shaft. Our team of consumer attorneys is combing the bill to look for some glimmer of hope for the residents of Southwest Florida.

At this point in time, it appears that bankruptcy will still be the best option because the House of Representatives is still debating: Helping Families Save Their Homes in Bankruptcy Act 2009. Let's hope our elected officials don't over-think this one, and they allow our residents to modify their mortgages in the bankruptcy courts.

Continue reading "Bankruptcy Still Best Option for Lee County Residents" »

Bookmark and Share

March 2, 2009

How Good Is The Government's Credit? How Does It Impact Florida?

The Obama Administration is spending money faster than the money can be printed. The Question in my mind is: How Good is the Government's credit? This morning I wrote a blog for the Credit Law Network, and I posed some interesting questions about all of this spending and promises to the banks. Please check out the blog.

Continue reading "How Good Is The Government's Credit? How Does It Impact Florida?" »

Bookmark and Share

February 20, 2009

When Will Citibank and Bank of America Be Nationalized

As an avid news watcher, one could not help but witness the carnage happening on Wall Street. Although we haven't heard of any bank runs yet, it is probably going to happen soon if Bank of America (BAC) and Citigroup (C) don't get their acts together. Bank of America's stock price closed at $3.93 per share and Citigroup closed at $2.51 cents per share. Both stocks are down even further in pre-market trading. BAC C.

The title of this blog is when, not if, Citigroup and Bank of America will be Nationalized. Right now, the Federal Government has already pumped in 500 billion to these two behemoths and where did it get us? Unfortunately, no where. Why? Because no one in Washington has the guts to tell us the truth or they have their heads so far up the special interest groups butts that they cannot see the light of day or what is really going on there.

Continue reading "When Will Citibank and Bank of America Be Nationalized" »

Bookmark and Share

February 5, 2009

New Mortgage Modification Blog Coming Soon

With the economy being so bad in Southwest Florida and the pending changes coming to the Bankruptcy Code, we decided that it was time to spruce up the old website with a new blog that deals specifically with mortgage related issues. So the new blog should be rolling out next week. Keep an eye out for it.

Continue reading "New Mortgage Modification Blog Coming Soon" »

Bookmark and Share

January 26, 2009

Foreclosures, Modifications and Excess Inventory

After reading the Sunday papers, I was thinking about excess inventory. At the same time I was watching a news show. I know, a real bad mix to start with. I began wondering how much our Government tells us, and what they hide from us. I started to wonder if the banks are doing the same thing again, to provide false hope of an economic recovery any time soon.

If you read the papers or watch the news in Southwest Florida, all you hear about these days is the number of homes in foreclosure. If you read the weekend newspapers, you hear about how things will be better when the inventory of homes on the market dwindles and buyers start to pick up. Well, I have one question: How does the foreclosure rate and modification rate factor into the inventory rate.

Continue reading "Foreclosures, Modifications and Excess Inventory" »

Bookmark and Share

January 24, 2009

Lee County Jobless Rate is over 10%

According to a report in today's News-Press, Lee County's unemployment rate exceeded 10% in December, 2008. This statistic does not bode well for 2009, as things seem to be getting worse economically. The article states that 1 out of every ten people who wants a job is out of work. I'm not quite sure what that means. However, I do know that quite a few people are out of work, and there are not enough jobs to go around.

I wish our State Legislature would take some action to help our citizens. Lee County is facing significant problems going into 2009, problems that need to be addressed now. We are going to lose many good people who cannot afford to stick around and tough it out. The State and Federal Government have been sitting on this problem for too long, and I still have not read or even heard of a plan to help the citizens of Southwest Florida. How long do we have to wait?

Continue reading "Lee County Jobless Rate is over 10%" »

Bookmark and Share

January 16, 2009

Bankruptcy Filings Increase By 32% In 2008

This morning I wrote a blog for the Bankruptcy Law Network on the increase in Bankruptcy filings in the United States. Click here to read the blog.

In other news, I have been writing quite a bit abou the Helping Families Save Their Homes In Bankruptcy Act. Click here for a link to my article.

Continue reading "Bankruptcy Filings Increase By 32% In 2008" »

Bookmark and Share

January 15, 2009

Commercial Real Estate Will Tank In 2009

The Commercial Real Estate Market in Southwest Florida will tank in 2009. All the handwriting is on the wall, and the information is now beating us over the heads. Despite what is printed in the News-press, our local newspaper, things are not looking good. Just take a slow ride down U.S. 41and block out all the honking horns and hand gestures as you slowly cruise in the left hand lane (the fast lane for all of youse Northerners) and look at the signs out in front of all the building on U.S. 41.

Foreclosures on residential real estate will not slow down despite what the Federal Government does with a Stimulus package. That is another blog that makes my blood boil. Commercial Real Estate Delinquencies are mounting and the Commercial Real Estate Foreclosure attorneys are getting ready to have their best year ever. They are beefing up their departments.

Continue reading "Commercial Real Estate Will Tank In 2009" »

Bookmark and Share

January 8, 2009

Featured Article on Bankruptcy Law Network

Carmen Dellutri's recent article titled: Helping Families Save Their Homes In Bankruptcy Act is the featured article on the Bankruptcy Law Network.

Continue reading "Featured Article on Bankruptcy Law Network" »

January 8, 2009

Helping Families Save Their Homes In Bankruptcy Act

Yesterday, I wrote a blog for the Bankruptcy Law Network about the new legislation, which, if passed, will allow homeowners to cram-down their mortgages to the value of their house. Here is a link to a summary of the bill.

If passed into law, this bill could radically transform the landscape of Southwest Florida. More homeowners will remain in their homes, and that stability will help the residents of Southwest Florida survive this recession.

Continue reading "Helping Families Save Their Homes In Bankruptcy Act" »

Bookmark and Share

January 7, 2009

Is the United States Going Broke?

This morning I wrote a blog for the Debt Law Network discussing whether the United States is going broke. You can read the blog by clicking here.

Continue reading "Is the United States Going Broke?" »

Bookmark and Share

December 30, 2008

New Legislation Seeks Mortgage Modifications In Bankruptcy Court

There is currently legislation in both houses of Congress (S.3690 and H.R. 7328) that would amend the Bankruptcy Code to allow Bankruptcy Judges to modify first mortgages on homestead real estate. Under current law, Bankruptcy Judges are not allowed to modify first mortgages on homestead real estate; however, they are allowed to modify first mortgages on vacation homes or investment properties. Hmmmm.

The legislation was introduced in the Senate by Senator Dick Durbin and in the House by Representative Brad Miller. The intention is to have a piece of legislation ready to go after the inauguration of President Barack Obama. The new Congress will convene on January 6, 2009, and will likely be ready to present a bill to the new President sometime shortly after that.

Continue reading "New Legislation Seeks Mortgage Modifications In Bankruptcy Court" »

Bookmark and Share

November 18, 2008

An Inside Look At The Mortgage Industry

If you want to know why so many people with sub-prime loans are now in Bankruptcy, you may want to read the following article. The writer doesn't focus on bankruptcy, but she does expose a different side of the mortgage industry. The BusinessWeek writer, Mara Der Hovanesian just published this article about the truth behind the mortgage mess. How your loans were being pimped out behind your backs. You can read the article by clicking here.After reading the article, I'm shocked and appalled by the irrational behavior. I'm disgusted by the lack of oversight in this industry. This scenario was played out nationwide in order to sell mortgage products for some people to get rich. It is horrifying to read about our history and now see our future.

Continue reading "An Inside Look At The Mortgage Industry" »

Bookmark and Share

November 13, 2008

Another Mortgage Work-Out Option Coming Our Way

The Federal Government's game plan to rescue the economy continues to look like a chicken with it's head cut off. Yesterday, it announced that the $750 Main Street Bailout, now will have to focus on the Banks, but the consumer can still pay for it. It has also announced that another mortgage rescue plan is heading toward the American Public. So, the three Hope programs are a bust. If you recall, we recently had the Hope for Homeowners Act. Before that, we had the Hope Alliance, and before that we had the Hope Hotline. This will be the fourth such piece of trash hurled at us this year. Do they think that this one will work. No, I don't believe such trash. As I have written many times before, the legislation has no teeth. Here is my take on the new legislation. Interestingly, I call it new legislation, but I have not actually seen anything in writing. The only thing that I have seen is the press release from the Federal Housing Finance Agency.

Continue reading "Another Mortgage Work-Out Option Coming Our Way" »

Bookmark and Share

November 5, 2008

Featured Article on Mortgage Law Network

Recently, Carmen Dellutri's Article: Why Are Mortgage Modifications Still Not Working? was selected to be the feature article on the Mortgage Law Network.

Continue reading "Featured Article on Mortgage Law Network" »

Bookmark and Share

October 21, 2008

How Many Southwest Florida Resident's Homes Are Underwater?

Recently, I wrote a blog for the Mortgage Law Network titled: More Homeowners are Underwater on Their Mortgages. The reason I wrote the blog was because of the alarming numbers of homeowners whose homes are underwater. The term underwater means that the home is not worth what is owed on the debt. In Southwest Florida, the number of homes underwater is alarmingly higher than the national average.

Continue reading "How Many Southwest Florida Resident's Homes Are Underwater?" »

Bookmark and Share

October 14, 2008

Will More Bankruptcies Be Coming in 2009?

This morning I finished a blog for the Bankruptcy Law Network about rising bankruptcy rates. I wanted to go a bit further on the subject here. There are two different theories that have been floating around since I started that blog a couple of days ago. The first line of thought poses the question this way: if Bernanke and the Fed, Paulson and the Treasury, and Bush and the White House decide to nationalize the banking system, why will people need to file for bankruptcy? The second line of thought is: Bernanke and the Fed, Paulson and the Treasury, and Bush and the White House will not nationalize banks, but the taxpayers will own equity stakes in them, thereby increasing liquidity, and keeping the free markets open, which will cause more people to file for bankruptcy. There will be more to this story after the President speaks in a few minutes.

Continue reading "Will More Bankruptcies Be Coming in 2009?" »

Bookmark and Share

October 14, 2008

Senator Obama Calls For Foreclosure Moratorium

Yesterday, Democratic Presidential Candidate, Senator Barack Obama called for a ninety (90) day moratorium on foreclosures. In my opinion, this is simply more rhetoric from a candidate fishing for votes. He is playing to the media, so they will report to Main Street. Don't get me wrong, I'm not an Obama hater, I just don't like being played by anyone. If you say you are going to do something, then you better be able to do it, or give it one hell of a shot. Don't just say things for the sake of saying them. That ticks me off, and between Senator Obama and Senator McCain, I've been ticked off quite a bit lately.

Continue reading "Senator Obama Calls For Foreclosure Moratorium" »

Bookmark and Share

October 8, 2008

The Federal Reserve Cuts Interest Rate One Half Point

While we slept last night, some pretty interesting things were going on overseas. All one has to do is go to CNN.com or Foxnews.com and see that overseas markets tanked last night, and in response, the Federal Reserve Chairman, Ben Bernanke, cut the key interest rate down to 1.5% from 2%. The Fed had not cut the rate since June of 2008.

Continue reading "The Federal Reserve Cuts Interest Rate One Half Point" »

Bookmark and Share

October 8, 2008

LIBOR Rises 157 Basis Points To 3.94 percent

Recently, I wrote a blog entitled What is LIBOR? for Mortgage Law Network. It would be a good time to review that article now because LIBOR is going through the roof. Simply put, LIBOR is the London interbank offered rate. What? Good Question. It is the average rate that banks in and around London lend money to one another. Another Good Questions is: Why are we talking about LIBOR?

Continue reading "LIBOR Rises 157 Basis Points To 3.94 percent" »

Bookmark and Share

October 8, 2008

$2 Trillion Dollars Loss In Retirement Funds

Believe it or not, I am an optimist. I just cannot find anything optimistic to say about the stock market right now except, Thank God for Dollar Cost Averaging. In the last 15 months, we have managed to take the country further down the toilet than ever before. I say we, because we all must suffer some blame in this game. We voted these meat-heads into office, and we allowed them to create laws on our behalf and run our country. We also allowed them to put our country's future at risk by allowing Wall Street to run amok. Now we are beginning to pay the piper for being lazy. Our 401K plans have been on Nutri-System lately, and now they look like 201K plans.

Continue reading "$2 Trillion Dollars Loss In Retirement Funds" »

Bookmark and Share

October 2, 2008

September Car Sales Plummet 27%

The numbers are coming in for September car sales, and the numbers don't look good at all. Interestingly, the imports didn't do so good, and they usually keep ahead of the curve when it comes to slumping sales. Toyota sales fell 32.3%, Honda slumped 24% and Nissan plummeted 37%. In the domestic category; Ford fell 34%, Chrysler 33% and General Motors fell 15.8%. GM was aggressively marketing its vehicles and it paid off for them, but the industry as a whole is not looking good. This is a sign of things to come.

Continue reading "September Car Sales Plummet 27%" »

Bookmark and Share

September 23, 2008

Credit Cardholders Bill of Rights Act of 2008

On July 31, 2008, the Credit Cardholders Bill of Rights Act of 2008 passed through the House Financial Services Committee. This bill aims to curb outrageous credit card practices like: bait and switch contract clauses, outrageous interest rate increases, prohibiting credit cards to minors, etc.

It is important for all of us to call our local representative. Please click here for a link to all the Florida members of the House of Representatives to find your local representative and contact them today. This bill needs to become law. It is not the best that our leaders can do, but it is a start. Remember, our elected officials have to play politics with the lobbyists. So, please call your local representative and ask them to vote for H.R. 5244 as it exists today. Otherwise, our leaders may muck up the bill with amendments.

Continue reading "Credit Cardholders Bill of Rights Act of 2008" »

Bookmark and Share

September 8, 2008

Changes, They Are A Coming

Ladies and Gentlemen:

Changes are coming to the Florida Bankruptcy Lawyer Blog whether you like it or not. It's time to kick the tires and light the fires and slap a new coat of paint on this puppy. We also might throw in some cool features like a new website and a new look for the Florida Injury and Accident Lawyer Blog as well.

So, keep your eyes peeled, and watch out for the new stuff. It may just hit you right between the eyes.

Continue reading "Changes, They Are A Coming" »

August 30, 2008

Naples Office Is Now Open For Bankruptcy Clients

The Dellutri Law Group, P.A. is pleased to announce that we have opened a new office for our Naples clients. The new office is located at the Fountain Park Center, 7935 Airport Pulling Road, Suite 200, Naples, Florida 34109. Our Naples phone number is 239-403-3011, and the fax number is 239-939-0588.

Continue reading "Naples Office Is Now Open For Bankruptcy Clients" »

Bookmark and Share

August 22, 2008

Obama and Senator MBNA

What will happen to the Bankruptcy Code if Presidential Candidate Obama picks a Vice President who is commonly known as Senator MBNA aka Senator Joe Biden. The Bankruptcy Code was changed in 2005 and Senator Joe Biden was instrumental in the changes to the Bankruptcy laws.

Now, we have a dilemma. At first blush it would appear to be a conflict as Barack Obama's past statements about how he would change the Bankruptcy Code would seem to conflict with his potential decision on his Vice President. In the past, Senator Obama has stated on numerous occasions that he would seek an amendment to the bankruptcy code to allow individuals to cram down their first mortgages on their homesteads, which is now prohibited. However, if Senator Obama picks Senator Joe Biden as his running mate, he may have some questions to answer.

Continue reading "Obama and Senator MBNA" »

Bookmark and Share

June 16, 2008

Mortgage Modifications Are Still Not Working.

Living in Southwest Florida is never dull. Now, despite having beautiful weather and beaches, we are dealing with real economic issues which will determine the future paths taken by resident and business owners in Southwest Florida. Many business owners are closing their doors because of cash flow. Residents are feeling the pinch at the pump and in the grocery stores. Many people are opting to stay at home for dinner, rather than drive and then pay for that luxury. Of course, it is not that bad yet, but I can see it coming on the horizon. When people cannot afford to fill up their gas tanks, how are they going to go out and eat. Naturally, the next logical question is: How can they pay mortgage payments on a home if they cannot afford to fill up their tanks.

Continue reading "Mortgage Modifications Are Still Not Working." »

Bookmark and Share

May 31, 2008

Airlines Are No Longer Flying High

In April I wrote a blog about the airline industry and asked a question: Is the word airline synonymous with bankruptcy? At the time I intended for it to be a bit of a joke because four (4) different airlines had filed bankruptcy. Now, several months later, it could prove to be almost prophetic. Back then, Skybus, ATA, Aloha and Frontier had filed for bankruptcy protection. Delta recently emerged from bankruptcy protection and announced that it was planning a merger with Northwest, and Alitalia was on the brink of bankruptcy. All in all, things weren't looking so good for the airlines.

Continue reading "Airlines Are No Longer Flying High" »

Bookmark and Share

April 28, 2008

TIB Financial Corp Showing Losses

As a consumer bankruptcy attorney in Southwest Florida, I hear about financial news as it happens. This is particularly true when it comes to creditors hitting hard times. Many of my clients keep me updated with creditor information like TIB Financial Corp. TIB bank and its affiliates finance cars and real estate. Their 2008 first quarter loss was $1.44 million dollars. This information alone is not so bad; however, when you combine it with the losses from the fourth quarter of 2007 of $6.49 million, then you start to see a problem. In the last 6 months, TIB Financial Corp. has lost almost $8 million.

Continue reading "TIB Financial Corp Showing Losses" »

Bookmark and Share

April 22, 2008

Are Bees Capitalizing On The Foreclosure Market?

Recently, an article was published by John Leland in the New York Times, American Album series about a local gentleman named B. Keith Councell, a fourth generation bee keeper. I applaud the writer, Mr. Leland, who submitted an excellent article on Mr. Councell, and his calling as the Southwest Florida Bee-man; however, there is also a subliminal message that is very troubling for those of us who live in Southwest Florida. The subliminal message is very simple, foreclosures are a huge problem for our community and that problem has to be dealt with now.

Continue reading "Are Bees Capitalizing On The Foreclosure Market?" »

Bookmark and Share

April 21, 2008

What is Jingle Mail?

As a Board Certified Consumer Bankruptcy Attorney, I am seeing bankruptcy clients each and every day who are surrendering their homes in the bankruptcy process. Some individuals are choosing not to file bankruptcy and are deciding to leave their homes. Right now, Southwest Florida is experiencing one of the highest foreclosure rates in the country. People are literally walking away from their homes each and every day. Port Charlotte, Cape Coral and Lehigh are experiencing higher rates of foreclosure than other areas of Florida. Each day I speak with the people who are suffering through this problem, and they all tell me the same thing. I am going to mail the keys to my mortgage company or servicer.

Continue reading "What is Jingle Mail?" »

Bookmark and Share

April 16, 2008

Foreclosures In Southwest Florida: It's A Community Problem

It seems that you cannot go anywhere today without hearing someone speaking about what is going on with the foreclosures in Southwest Florida. It's in the newspapers and on the minds of many people living in Southwest Florida. Most people in Southwest Florida will fall into one of three categories: First, there are the rich that will never have to worry about the foreclosure crisis, so we will leave them out of this. We will talk about them later when the stock market takes a dive, and then we can say, we told you so, but you were too busy attending wine auctions that you missed all of the economic indicators predicting a recession. Second, you have the middle class, which is our largest group. Many of these individuals are homeowners with mortgages on their primary residences, and they are feeling the pinch of the recession as their home values plummet. These are the people who have either lost their homes already, live in fear of losing their homes, or are renting somewhere else in an attempt to save their homes.

Continue reading "Foreclosures In Southwest Florida: It's A Community Problem" »

Bookmark and Share

April 8, 2008

Bankruptcy Filings Exceed 4000 A Day In March

Bankruptcy Filing Across the Nation achieved a milestone since the inception of BAPCPA (Bankruptcy Abuse Prevention and Consumer Protection Act) in October 2005. March filings were in excess of 90,000, and based upon a 21 working days in March, bankruptcy filings reached 4,300 per day.

Continue reading "Bankruptcy Filings Exceed 4000 A Day In March" »

Bookmark and Share

April 1, 2008

Senator Martinez Addresses The Florida Legislature About Foreclosure Problem

Yesterday, Florida Senator, Mel Martinez, addressed the Florida Legislature about several issues including the mortgage crisis. Senator Martinez stated in his newsletter that the problems Floridians face, like the environment and finances, are compounded by the national economy and the housing crisis. He made reference in the newsletter to initiative that are being implemented at the Federal Level to help the economy and the mortgage crisis. That's it. That's all it states in the newsletter. No kidding. What kind of message is that?

Continue reading "Senator Martinez Addresses The Florida Legislature About Foreclosure Problem" »

Bookmark and Share

March 20, 2008

CitiGroup Announces Plans to Lay Off 2000 Investment Banker

This post is submitted by Carmen Dellutri, Esq. of The Dellutri Law Group, P.A. Mr. Dellutri is a Board Certified Consumer Bankruptcy Attorney and is one of the founding members of the Bankruptcy Law Network, Mortgage Law Network, Debt Law Network and the Credit Law Network.

Citigroup just announced plans to fire approximately 2,000 investment bankers. This release comes just days after the Fed had to bail out Bear Stearns with billions of dollars in guarantees. What does this mean to you? me? and the future of this country?

Continue reading "CitiGroup Announces Plans to Lay Off 2000 Investment Banker" »

Bookmark and Share

March 17, 2008

To Consolidate or Not to Consolidate? That is the Question.

Yesterday, on a Sunday, the Fed cut the discount interest rate a quarter of a point and still the Asian markets tumbled this morning. The Fed also helped bail out Bear Stearns over the weekend and gave the green light for JP Morgan to buy out Bear Stearns for $2 a share. Bennie and the Feds were very busy this weekend. But what does this mean for the average guy on the street? Well, the interest rate cuts are good if you are in the market to borrow money or if you are looking to consolidate your debt?

Continue reading "To Consolidate or Not to Consolidate? That is the Question." »

Bookmark and Share

March 13, 2008

Bankruptcy Filings Up Again

This post was written by Carmen Dellutri, Esq. of The Dellutri Law Group, P.A. Carmen Dellutri is a Board Certified Consumer Bankruptcy Attorney and is one of the founding members of the Bankruptcy Law Network.

According to the American Bankruptcy Institute, bankruptcy filings rose again in February 2008. Consumers filed approximately 76,120 petitions for bankruptcy relief. This total was up from the 66,050 filed in January. Interestingly, Chapter 13 bankruptcies were over 36% of the filings.

Continue reading "Bankruptcy Filings Up Again" »

Bookmark and Share

March 11, 2008

Divorce, Joint Credit Cards And Bankruptcy

This post is published by Carmen Dellutri, Esq. of The Dellutri Law Group, P.A. and a founding member of the Bankruptcy Law Network, Debt Law Network, Credit Law Network and Mortgage Law Network.

Unfortunately, Divorce and Bankruptcy go hand in hand in today's society. The problems that are associated with divorce and credit cards are all too familiar to bankruptcy attorneys. Usually, the problems don't arise until one of the parties stops paying on the debts that they agreed to pay in the divorce. Then the collection calls start, and the person who shouldn't be responsible for the debt contacts my office.

Continue reading "Divorce, Joint Credit Cards And Bankruptcy" »

Bookmark and Share

March 11, 2008

Small Claims Court Are Being Overwhelmed By Collection Lawsuits

I just attended a hearing in small claims court for two of my clients. I haven't been in small claims court for a couple of months. However, it appears that the number of small claims court filings are growing exponentially. I spoke with the attorney who is repesenting the creditors as local counsel, and he told me that he is working 7 days a week trying to keep up with the number of lawsuits coming into his office. He said that he has never seen anything like this. He predicted that the volume of lawsuits would continue through 2009. He based this upon the volumes of debt being purchased at substantial discounts. All of this debt will need to be collected in some way, shape or form.

Continue reading "Small Claims Court Are Being Overwhelmed By Collection Lawsuits" »

Bookmark and Share

March 10, 2008

Consumer Bankruptcy Filings Rise in February

This post is written by Carmen Dellutri, Esq. of the Dellutri Law Group, P.A. Carmen Dellutri is a Board Certified Consumer Bankruptcy Attorney with offices in Port Charlotte, Fort Myers and Naples, Florida.

In the month of February2008, consumers across the nation filed over 76,000 bankruptcies. This is a staggering number, and the United States has not seen a number like this since before the BAPCPA. As you will recall, BAPCPA is the name of the new bankruptcy law which is now over 2 years old. The interesting part of this story is that the number of bankruptcy filings was up over 15% from January. That means over 10,000 more cases were filed in February. This may be a sign of things to come in the future.

Continue reading "Consumer Bankruptcy Filings Rise in February" »

Bookmark and Share

February 19, 2008

Bankruptcy For Medical Bills May Be On The Horizon

This blog is written by Carmen Dellutri, Esq., Board Certified Consumer Bankruptcy Attorney and a founding member of the Dellutri Law Group, P.A. and the Bankruptcy Law Network.

On January 28, 2008, the House of Representatives introduced a new piece of legislation called the Medical Bankruptcy Fairness Act. I am in the process of writing a series of blogs on this topic for the Bankruptcy Law Network You can view a copy of Part I. On the one hand, I am glad that individuals who are suffering under the immense pressure of medical bills that they cannot pay will get some added relief. However, the lawyer in me is skeptical. After reading the bill one time, it contains some gaping holes that will need to be filled prior to becoming law.

Continue reading "Bankruptcy For Medical Bills May Be On The Horizon" »

Bookmark and Share

February 4, 2008

New Foreclosure Record Set For January 2008 In Lee County, Florida

January 2008 was the beginning of the new year for most people in Southwest Florida, and for of our other citizens, it was more bad news of the same old variety. In January 2008, 1,833 foreclosure lawsuits were filed in Lee County. This is a very depressing statistic. Lee County had approximately10,700 foreclosure lawsuits filed in 2007. In 2006, the number was approximately 3, 920. The increase is dramatic, but understandable. Unless you have been living under a rock for the past 36 months, you know what happened in the Lee County real estate market.

Continue reading "New Foreclosure Record Set For January 2008 In Lee County, Florida" »

Bookmark and Share

January 31, 2008

Nationwide Foreclosures Soar - 765 a day in Florida

The best business in 2007 was the foreclosure business. Foreclosures were up 75% last year nationwide. Nationwide, at least 1% of all households were in some type of foreclosure. According to the 2007 United States Foreclosure Market Report, there were 2,203,295 mortgage foreclosures filed in the United States. Foreclosure mills (law firms that process foreclosures) and their attorneys were working overtime trying to keep up with the demand. Not many other businesses can say that their business was up 75% over the year before.

Continue reading "Nationwide Foreclosures Soar - 765 a day in Florida" »

Bookmark and Share

January 26, 2008

Bankruptcy Filings Surged in 2007 And Will Continue in 2008 by Bankruptcy Attorney Carmen Dellutri

This post is published by Carmen Dellutri, Esq. Board Certified Consumer Bankruptcy Attorney.

You may recall that bankruptcy filings surged in 2005 prior to the bankruptcy laws being changed. As expected, 2006 was a relatively slow year in the bankruptcy world when it came to new filings; however, each and every bankruptcy attorney truly committed to his or her practice knew what was going to happen in the future.

Continue reading "Bankruptcy Filings Surged in 2007 And Will Continue in 2008 by Bankruptcy Attorney Carmen Dellutri" »

Bookmark and Share

December 20, 2007

Harvard Professor Calling For New Bankruptcy Bill And Tax Cuts to Stop Deep Recession

Many of you may be wondering why I put a blog with Deep Recession in the title in the good news category. Well actually, to me, it is good news because the depth of the liquidity problem that this country is facing is finally coming to light. If I were to say something similar it wouldn't be news worthy. However, when a Harvard Professor, who was a former Treasury Secretary, mentions the words Deep Recession, it is newsworthy, until the next celebrity takes steroids or becomes pregnant or something else news-worthy.

Continue reading "Harvard Professor Calling For New Bankruptcy Bill And Tax Cuts to Stop Deep Recession" »

Bookmark and Share

December 18, 2007

Bankruptcy And Florida: Foreclosures are Thru the Roof

According to a recent report by Foreclosure.com, Florida is at the top of the statistical ladder when it comes to foreclosure cases for the month of November. Obviously, this is not good news for the people of Southwest Florida. Unless you have been living under a rock for the past year, the economy down here is terrible, and it seems to be getting worse on a daily basis. I know the word recession is an unpopular term in the mainstream media, but I think we are in a recession and very close to a depression.

Continue reading "Bankruptcy And Florida: Foreclosures are Thru the Roof" »

Bookmark and Share

December 12, 2007

Bankruptcy In Florida: New Bankruptcy Legislation Is Gaining Momentum

Yesterday, the Democrats in the House of Representatives supporting legislation that would reform the bankruptcy laws were glad that a Republican decided to sign onto the legislation. Republican Rep. Steve Chabot from Ohio comes from a state that has been hit hard by the subprime meltdown. (I still do not see anyone from Florida stepping up to the plate on this issue) The Democrats hope that this will open the doors for more Republicans to sign onto the legislation. In a nutshell, the legislation will allow people with recent exotic mortgages in bankruptcy to reformulate their mortgages on their primary residences, something that they are prohibited from doing at this time. Bankruptcy Judges would be allowed to cram down the value of the homes and extend the terms of repayment to a maximum of thirty (30) years. I wrote more about this at: www.bankruptcylawnetwork.com

Continue reading "Bankruptcy In Florida: New Bankruptcy Legislation Is Gaining Momentum" »

Bookmark and Share

December 3, 2007

Jury Awards $2.9 million for credit report violations

The Fair Credit Reporting Act (FCRA) is a federal law which is supposed to regulate the credit reporting industry. The FCRA is supposed to keep control over users of reports and the furnishers of the information provided. For many Americans, their credit history can mean the difference between paying hundreds or thousands, or even hundreds of thousands of dollars in interest over their lives. In my opinion, the average American does not even know what is contained in their credit files until they apply for credit, and by then, it is probably too late to do any meaningful repair work.

Continue reading "Jury Awards $2.9 million for credit report violations" »

Bookmark and Share

November 12, 2007

Discharged Debt Is Big Business in Florida

As a Consumer Bankruptcy Attorney, I speak to potential bankruptcy clients on a daily basis. I also speak with past bankruptcy client who are experiencing problems with debts that were included in their bankruptcy cases. The post-discharge collection of discharged debts has become big business. I have written extensively on this topic for http://www.bankruptcylawnetwork.com before this blog came into existence.

Continue reading "Discharged Debt Is Big Business in Florida" »

Bookmark and Share

November 7, 2007

Congress May Change The Bankruptcy Laws

As we all know, the Bankruptcy Laws were dramatically changed by Congress in October of 2005. Congress changed the Bankruptcy Laws due to an unfounded belief that debtors were taking advantage of the Bankruptcy Laws and Bankruptcy Attorneys were making it too easy for people to file bankruptcy. As we now know, Congress was wrong. The change in the Bankruptcy Laws did not change the way people spend their money. The change in the Bankruptcy Laws only made it more expensive to file for Bankruptcy. Now both houses of Congress are considering bills which would put more power into the hands of the Bankruptcy Judges. Under this new legislation, Bankruptcy Judges would be allowed to re-write mortgages on primary residences.

Continue reading "Congress May Change The Bankruptcy Laws" »

Bookmark and Share

November 7, 2007

Florida Bankruptcy Judge Receives Award

Southwest Florida Bankruptcy Judge, Alexander L. Paskay, has received the Lawrence P. King Award for Excellence in the field of Bankruptcy. The award was presented to Judge Paskay at the National Conference of Bankruptcy Judges, which took place in Orlando, Florida in October. The award was presented by the Commercial Law League of America. The award is presented to recognize a person who exemplifies scholarship, judicial administration, or legislative activity in the field of bankruptcy.

Continue reading "Florida Bankruptcy Judge Receives Award" »

Bookmark and Share