It’s really incredible, but today interest rates on a 30-year fixed-rate mortgage fell below 3.0% and 15-year amortization mortgages fell to 2.75% or less.
Last week, the Small Business Administration agreed to disclose the business names and locations, number of employees and loan amounts for all Paycheck Protection Program (“PPP”) loans in excess of $150,000. The Administration released the information this morning at 10 a.m. CT. As a result, the loan for your small business may become public as part of the disclosure.
Even though your bank may treat loan information as confidential, in this case, the disclosure of information is directly from the SBA as part of the Freedom of Information Act outlined in the PPP instructions. For more information, please refer to the U.S. Department of the Treasury website.
If you need assistance with obtaining or forgiveness of a PPP loan, please contact Rebecca L. Simpson (513.797.2856).
Attorney Susan Browning
In Part One of our Bankruptcy Basics series, we discussed Ohio Chapter 7 Bankruptcy, which can be read at this link. In Part Two of our series, we discuss Ohio Chapter 13 Bankruptcy.
The previous blog provided information regarding chapter 7 bankruptcy. However, chapter 7 is not necessarily the right choice in every case. What do you do when you do not qualify for chapter 7 or you might lose an unprotected asset in chapter 7?
What is chapter 13 bankruptcy?
Chapter 13 is a payback of your debt over a period of time. The debtor submits a chapter 13 plan to pay creditors a percentage of their debt. A chapter 13 debtor must have regular income in order to make monthly payments to the trustee. The trustee then distributes the funds to the creditors as directed in the plan. There are three main reasons for filing a chapter 13 bankruptcy.
First, Chapter 13 bankruptcy is designed for debtors who make enough money to pay back a percentage of their debt. If your income exceeds the median income for your household size and your reasonable and necessary expenses do not offset that income, the court determines that the amount remaining, “disposable monthly income”, can be used to repay your creditors a percentage of your debt. This percentage can vary from 1% to 100% depending on each debtor’s circumstances. You must have a regular source of income to file chapter 13.
Second, Chapter 13 is a tool to discharge debt and keep assets you may otherwise lose in a chapter 7 because there is too much unprotected, “non-exempt”, value. In this case, over the length of your chapter 13 plan, you would pay back at least the value of what the unsecured creditors would have received in a chapter 7.
Third, there are some benefits a debtor can take advantage of in a chapter 13 that are not available in a chapter 7. If you are behind on your mortgage or car payment, you can avoid foreclosure or repossession by catching up the payments in the chapter 13. You may even be able to improve the terms of your car loan. In some cases, a debtor can get rid of a second mortgage if the value of the real estate is less than what is owed on the first mortgage. Chapter 13 debtors can catch up on debt payments that are not dischargeable such as taxes and domestic support obligations.
How long is a chapter 13?
Payments in a chapter 13 plan will last from three to five years depending on your income and/or the goal of your chapter 13 plan. If your income is below median income for your family size, you may be able to complete your Chapter 13 plan in 36 months. However, depending on what you are paying back in the Chapter 13, you may need up to 60 months to make the payments affordable. If your income is above median income for your household size, you will be required to make payments for 60 months.
What if something happens and I cannot make my monthly payment?
Inevitably there will be changes to your financial situation during the three to five years you are paying into the chapter 13 plan. During that time period, you must notify your attorney of any changes to your financial circumstances. If there have been changes that make it difficult to make payments, your attorney will attempt to modify your chapter 13 plan. These modifications must be approved by the chapter 13 trustee, creditors, and the bankruptcy court.
What happens at the end of my Chapter 13 plan?
After you have made all your required payments into your Chapter 13 plan, the remainder of your unsecured dischargeable debts are discharged. Your car loans that were being paid through the plan will be paid off, and if you made all required payments, you should be current on your mortgage. Non-dischargeable debts, such as student loans, will remain after the bankruptcy case is over.
If you are struggling financially and would like more information about bankruptcy, please contact Susan Browning, 513.943.6650 at the Finney Law Firm for a FREE CONSULTATION.
Despite laws requiring drivers to carry insurance, we have unfortunately seen a number of cases recently involving accidents caused by uninsured or underinsured motorists. Luckily, most car insurance policies can provide some relief in these circumstances.
When does a UIM claim come into play?
An uninsured driver scenario is fairly self-explanatory – the driver who causes the accident doesn’t have insurance and, thus, collecting on a claim against him or her may prove difficult, so you have to go through your own auto insurance policy for compensation. An example of an underinsured driver, on the other hand, may be a situation where you are in an accident caused by another driver, and your medical bills and lost wages total around $40,000.00; however, the at-fault driver only has policy limits of $10,000.00. Your own auto insurance policy may kick in to cover the difference, as well as additional damages for pain and suffering. Of note, many underinsured motorist policies have specific conditions – for example, coverage may only “kick in” if the at-fault driver’s coverage is below a certain threshold, regardless of whether that threshold adequately compensates the victim.
“My insurance company is not offering me as much as I think the claim is worth. . .”
Many people operate under the reasonable but, unfortunately, mistaken belief that because it is their own insurance company that is responsible for paying a UIM claim, they should have an easier time receiving fair compensation.
“But we pay them ‘good money’ each month in premiums, and they work for us. Shouldn’t they be willing to pay more to make us whole?”
Many are surprised to learn that really isn’t the case.
We often hear complaints that the insurance company is offering an insultingly low settlement figure. It is not uncommon for our clients to have already received an offer before they reach out to us, and they do so because aren’t satisfied with the initial offer.
We can help make sure you submit an appropriate demand amount, provide all of the supporting documentation for your insurance company to make a reasonable and informed settlement offer, and frame your claim in a way that makes sense for the assigned adjuster, all in order to maximize your recovery.
. . . And if they still don’t offer a reasonable settlement figure?
Insurance companies are bound by a duty of good faith in investigating and evaluating first-party claims like UIM claims. If your insurance company unreasonably denies your claim, refuses to make a timely investigation and offer (i.e., drags their feet), or offers you an unreasonably low figure relative to your damages after exhausting all negotiations, you may have an additional claim for bad faith. If successful in bringing that claim, you may also be entitled to punitive damages, court costs, and/or attorneys’ fees, in addition to your recovery on the underlying accident claim.
We are here to help…
I often hear of car accident victims being afraid to involve an attorney for fear that their legal fees may “eat into” any settlement they may receive. While this is certainly a valid concern, working with counsel frequently has the opposite effect, ultimately. This is because we can often increase the “net” to you by framing your claim in a way that maximizes recovery and, possibly, getting your subrogation liens reduced where appropriate. We make it a priority to never take a case unless we believe we can “create value” for the client. Please feel free to reach out to me at (513) 943-5673 or casey@finneylawfirm.isoc.net if you’d like to set up a free consultation. I am also offering remote consultations to during this time to honor COVID-19 health concerns.
Back in February, I wrote on the Ohio Dog Bite Statute (R.C. 955.28) and debunked many of the myths surrounding liability for such claims. You can read that entry here. Recently, our litigation team was able to achieve a settlement for our client, through a dog owner’s/homeowners’ insurance policy, of more than 12 times our client’s economic damages.*
Under Ohio law, dog owners/keepers/harborers are strictly liable when their dog injures another person (with very few, limited exceptions), even if it is the dog’s first incident – i.e., there is no “one free bite.” However, in instances where the dog has demonstrated aggressive tendencies previously, a victim may also be entitled to additional, punitive damages under common law. As responsible pet owners (and as the owner/lover of two extremely sweet, but large German Shepherds myself), it is our obligation to make sure that we understand and acknowledge our dogs’ temperaments and propensities, both for the safety of others and for our own economic interests.
The consequences of a dog attack can be severe and long-lasting for the victim, both from a physical and financial perspective, as well as mentally, and even for those victims who love dogs or may even have a dog of their own.
If you have been injured by a dog and would like to discuss your options, please feel free to contact me at (513) 943-5673 or casey@finneylawfirm.isoc.net, and I would be happy to discuss the matter with you at no charge. I am also offering remote consultations to during this time to honor COVID-19 health concerns.
*Case values are dependent upon the unique circumstances surrounding each case and do not necessarily predict the value of any other case.
The Associated Press yesterday has a good article on what we are seeing: A steep decline in values and transactional activity for commercial real estate.
Read more here.
Last night, Finney Law Firm amended their Complaint against Dr. Amy Acton and Lance Himes to add the Bucyrus Bratwurst Festival as an additional Plaintiff in the action.
The Amended Complaint is here and below.
[scribd id=466805041 key=key-oMh92tY2wR1VLUSCU7Xh mode=scroll]
I am especially proud of the drafting, mostly by Curt Hartman, in today’s Reply Brief on the Motion for Preliminary Injunction in our case to open Ohio Music Festivals: Bellwether Music Festival, LLC, et al, v. Dr. Amy Acton, et al. Even for non-attorneys, it is a great explanation of our constitutional rights to Free Speech and Equal Protection under the First and Fourteenth Amendments to the Constitution.
Read the brief here and below.
[scribd id=466727693 key=key-uPlL1v2HNuWQknf2eXmx mode=scroll]
Friday, Finney Law Firm and The 1851 Center for Constitutional Law filed suit in Warren County, Ohio to fully open Ohio day cares. Under orders from Ohio Department of Health Director Lance Himes day cares are operating at only partial capacity and under draconian rules. Judge Timothy Tepe has been assigned to the case.
You may read the Complaint here and below.
The release from the 1851 Center is here.
The suit follows decisions obtained by these same attorneys in Rock House Fitness (Judge Eugene Lucci, Lake County) and Kalahari Resorts (Erie County, Judge Binette) finding that Dr. Amy Acton’s orders shuttering Ohio businesses was illegal and unconstitutional.
For more information, contact Chris Finney (513.720.2996).
[scribd id=466722054 key=key-tfj0ycvvYeX3nSisdrIe mode=scroll]
Today, the State of Ohio and Dr. Amy Acton appealed the decision of Judge Eugene Lucci of Lake County Common Pleas Court in Rock House Fitness, Inc., et al v. Dr. Amy Acton, Director of the Ohio Department of Health, et al.
That was a ground-breaking decision ruling that Dr. Acton and Governor DeWine do not have the legal authority to close gyms in Ohio under Dr. Acton’s statutory powers.
Read the Notice of Appeal here and below.
Read Judge Lucci’s decision here.
[scribd id=466274286 key=key-clzZROP3IlPIdxk1HLQp mode=scroll]