Crushing Debt

Recently, I posted a blog article titled "Your Attorney's Biggest Frustrations." That post flowed from an idea that I recorded, which became this episode. Why is it important to manage our clients' expectations? What can we do for clients, and what are we sometimes unable to do for clients?

Our goal is to eliminate our clients' financial bullies. It would be difficult to do that if we become another of those bullies! Therefore, clear communication and realistic client expectations are key. We've taken on work where we may have faced a legal or factual uphill battle because our client had clear goals and expectations. Conversely, we've declined work where we had a good chance at prevailing, because a "win" in court would have poorly translated to the "win" the client was seeking by hiring us.

What are some other thoughts you have about client expectations in managing the relationship between you and your lawyer? We would love to hear your comments.

You can also contact me at [email protected], or www.YesnerLaw.com.

In this week's episode, we interview Kerry Kott with Pure Elements Healing. The intent of the podcast is to provide information to help relieve people from their financial stresses and bullies. Pure Elements Healing helps to relieve every day stresses, and makes their clients feel safe and secure.

Pure Elements Healing offers a variety of stress relief services, including Acupunture, Facial Rejuvenation, Food Healing and Coaching, Essential Oils, Meditation, Yoga, Cupping (made famous at this year's Olympics), and Ear Seeds. Kerry can be reached at www.pureelementshealing.com.

If you have questions or feedback on the podcast, please leave a review or contact us at [email protected] or www.yesnerlaw.com.

In this week's episode of the podcast, we talk about different questions a debtor may receive from the bankruptcy trustee.

We've covered hundreds, maybe thousands, of these types of creditor meetings over our career and we're pretty comfortable that we've heard almost every question the trustee could ask.While the episode does not contain everything the trustee will ask, it does hit the major points.

This podcast tracks a blog post we wrote on the same topic: http://www.yesnerlaw.com/blog/2016/08/what-will-the-bankruptcy-trustee-ask.shtml

We would enjoy reading any comments or questions you have on this or any episode of the Podcast. You can reach me directly at [email protected], or visit the website at www.yesnerlaw.com.

In this week's episode of the podcast, we describe situations where someone who has filed bankruptcy in the past has to file again for the second or third time.

We previously posted a related blog describing how long someone has to wait between filing bankruptcies, assuming the previous bankruptcy was successfully discharged. You can find that blog here:

http://www.yesnerlaw.com/blog/2016/05/how-many-years-between-bankruptcy-filings.shtml

In this week's podcast, we discuss a couple of other related issues around the same topic.

If you enjoy this week's episode (or any previous episode) please review us and rate us on iTunes, Stitcher or your podcast player app. You can reach us at [email protected] or www.YesnerLaw.com.

In this week's episode of the podcast, we interview Sara Chiarilli, owner of Artful Conceptions, LLC. Sara is an interior designer, which means that she has a degree in interior design, versus an interior decorator who is someone without a degree who may have an eye for decorating (or maybe not).

What are some other differences between Interior Design and an interior decorator? What can Sara do in a Commercial Space as opposed to a Residential Space? How does Sara help with a room remodel? Find out in this week's episode!

Sara can be reached at her website: http://www.artfulconceptions.net/, or on her cell phone is 941-539-4322 if you have any questions.

If you have questions that you think would make a good future topic, please email me at [email protected] or www.YesnerLaw.com.

Episode 26 of a weekly podcast means we're half-way to one year's worth of episodes! We appreciate the support of our listeners!

In this episode, we answer a question from one of our listeners! Our listener, Tyler, bought property at a foreclosure sale of a junior lien (second mortgage, condo association, etc.). Now the first mortgage is foreclosing to take the house away from the investor. What can our investor/buyer do to protect himself?

Great question! Two answers:

1. Pay off the superior lien in full; or

2. Get the former homeowner's cooperation and negotiate a short pay off with the foreclosing lender.

One other option is to rent the house for as long as possible to recoup as much of the investment as possible, until the bank finally forecloses and takes the house away. If this is a solution then notice must be given to the tenant so that they are not surprised by a subsequent foreclosure sale.

The title of this podcast, "Lien Priority" comes from the system of determining which lien is first in line. What allows the first mortgage to foreclose even after the second mortgage or homeowner's association has foreclosed? Why can the second mortgage or other junior lien foreclose without naming the first mortgage in its foreclosure action? Why do none of these include the County Property Tax Collector in their foreclosure actions? The answer is based on the concept of lien priority.

The great Benjamin Franklin is famous for saying, "An ounce of prevention is worth a pound of cure." That is likely the best advice in this situation in that foreclosure sales are "buyer beware." Therefore, doing your due diligence BEFORE buying the property could prevent issues or losses like the one described by our listener.

We appreciate the question and have more that we'll be answering in future podcasts, and on the blog (http://www.yesnerlaw.com/blog). Of course, we would enjoy answering more of our listener's questions, so please email those to [email protected].

This week, we interview Kelly Jenkins, who helps with merchant services - in other words, credit card processing. Kelly sells the technology and point of sales systems (POS) for companies that want to take credit card payment (Yesner Law does take credit card payments, FYI).

Kelly has had many different experiences in her career, including being a sales associate for personal training, her merchant services business, and her Hidden Kitty Litter Box business, which can be found in the link below:

https://www.etsy.com/listing/293066791/hidden-kitty-litter-box

Kelly has a great story about how she got her job in Merchant Services, and using her sales skills to create two careers - merchant services and direct product sales. Kelly's hidden litter box business was designed to solve a problem that Kelly had related to her pet cats, and provides decorative furniture to cat owners to hide the litter box, and the smell created by the litter boxes.

If you have questions that you think would make a great podcast, please email me at [email protected], or visit the website at www.yesnerlaw.com.

In this week's episode of the Yesner Law Podcast, I discuss the Mortgage Debt Relief Act ("MDRA"). This law provides that forgiveness of debt income, or phantom income, related to the foreclosure or short sale of a primary residence is non-taxable if the loan deficit that is waived is related to a loan used to buy or make improvements to the house.

When you complete a short sale or lose a house to foreclosure, the bank may choose to waive the deficit - the difference between the amount owed on the loan and the value of the house. The IRS sees that as a benefit (a debt that is due but does not have to be repaid). The bank reports this by issuing IRS Form 1099-C. Many people misunderstand that the MDRA only excludes the income, the MDRA says nothing about the issuance of the Form 1099-C. What I explain to clients is that they need to file the form 1099-C with their return, AND file the proper forms to show the IRS the deficiency is excluded as income. Of course, the mechanics of how to do that fall within income tax guidelines and so we refer to a CPA or Tax Attorney at that point.

The MDRA is set to expire on December 31, 2016. It is our guess that the law might not be extended into 2017, but that may also be reliant upon the outcome of our upcoming presidential election. Stay posted to our website (www.yesnerlaw.com) or email me at [email protected] for details on the MDRA as they develop.

In this episode, we interview Kathryn (Katie) Davis with AFLAC. Oftentimes clients come to us because of a major medical issue that drains their funds. If the medical incident is severe, it may create a shortfall in the budget causing the mortgage, credit card bills and other debts to fall behind. Plus, hospital and doctor bills are often a major factor causing people to file for bankruptcy. AFLAC provides short term relief. Katie and I discuss the advantages of AFLAC, why someone may want to purchase AFLAC, and how AFLAC will provide some relief when a major (or accidental) medical procedure is necessary.

Katie can be reached by email at [email protected].

If you have questions for Yesner Law, please contact us at [email protected], or visit the website at www.yesnerlaw.com.

Welcome back to another episode of the podcast. We try to keep each episode to a maximum of 10 - 12 minutes and last week's topic was too big to squeeze into one episode, and we will likely devote more episodes in the future.

In Part 1, we discussed those investors who want to flip properties to create cash. In this episode we discuss real estate investor strategies for those clients who want to buy and sell contracts. We also talk about strategies to buy and hold property, to build wealth.

If you are a real estate investor with questions, please contact us at [email protected], or visit the website at www.yesnerlaw.com.