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Contact us at 530-242-1275 or bdavis@ShastaLaw.Net.
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How we work and the steps to helping you resolve your credit and debt issues.
By William O. Davis, Attorney at Law
First -- There are no cookie cutter solutions to your individual circumstances.
Second -- There are a number of basic steps, tasks, and alternatives that will improve your situation.
The following four steps to resolving financial problems are based upon what we have experienced in helping many people. In each individual case there are many variations on these themes that appear as we work through getting the facts, analyzing them, taking action, and dealing with others -- like banks, servicing companies and collections people. So, what can you do -- try out these four basic steps:
1. Identify the facts in your case. 3. Create your own personal plan.
2. Identify alternatives & solutions. 4. Put your plan in action and check for results.
1. Identify the facts in your case, stop collections calls, set goals, and deal with stresses in daily life. Get the facts down and a snapshot of your financial circumstances. Stop harassing collections calls. At the same time, step back and clarify future goals and take actions to reduce stresses and strains in daily life as best as possible. Most importantly, get the facts organized so that alternatives and solutions can be sought and identified.
NOTE RE: Collections Calls. Under Title 15 United States Code section 1692c(a)(2) (Section 805, Fair Debt Collections Practices Act) and California Civil Code section 1788.17 (The California Rosenthal Fair Debt Collection Practices Act) if you notify the collections agency or person that you have an attorney and they are dealing with your debt issues, giving them the attorney's name and phone number, then the collections people cannot keep contacting you. Also, you should notify them that they are not to call your employer or other persons, that all communications should be through or with your attorney or with your attorney's permission.
2. Identify Alternatives and Solutions, Get Inputs from Consultants as Needed to avoid unwanted consequences. Understand the alternatives that are available and begin formulating a personal plan. Common alternatives are loan modifications, forebearances, deeds in lieu of foreclosure, short sales, foreclosures, or sometimes legal actions to protect your home, assets, or rights. This second step includes, discussing issues with consulting realtors, accountants. attorneys, and others, including family and friends when appropriate. Often, issues like unwanted tax consequences, deficiencies or deficiency judgments, loss of personal assets, savings, or pensions and other resources can be avoided or mitigated by careful planning after gathering the necessary information.
3. Create a Final Working Plan, Contact Creditors and Collections People as Needed. Finalize a plan, and begin implementing your own personal plan to meet your own personal goals. Often this means contacting creditors and collections people to get a final resolution of what is going to happen and on what terms and when..
4. Put your plan in action, do follow ups and progress check ups as Needed. Follow through with initiating the plan and implementing it. Stop every so often and review how things are going, address any new questions or issues, and make sure your plan is both happening and working for you.
How things frequently happen and what to do when implementing the 4 steps:
1. Get the facts down on paper - get your records, receipts, pay stubs, bank statements, tax filings, and other documents. Review the facts and set goals, come up with a preliminary course of action and tasks. Use our forms as an aid in putting together your story and a snapshot of your financial situation. Click here to see the forms. Gathering this information is essential to preparing to talk with your own advisors or consultants, as well as communicating with your bank, loan servicing companies or collections agencies.
2. Stop collections calls and start taking care of getting some sleep, eating regularly and otherwise reducing stress in daily life. This often means notifying creditors and collectors you have legal counsel and may be considering bankruptcy. Tell debt collectors that they are not to call you at work. Take care of your health to the best of your ability. Review the factual materials with a free consultation with a bankruptcy attorney for a preliminary determination whether bankruptcy is an option, a necessity in your circumstances, or your best course of action. Evaluate whether you can keep your home, if so how to do it best and if not how to stay in it while you put together a plan to get to a new home and a new life.
3. Check on the timelines of a foreclosure if one is in process, or for negotiating a loan modification or short sale, if they look like viable options. This can include contacting collections agencies or loan servicing and lending agencies to find out what is possible. This is often best done with the help of a realtor or attorney or both. Your attorney and realtor will frequently take care of these items, often using information that you have provided to them, without cost or for a very low and reasonable fee geared to what you can afford.
4. Get necessary consultants in place and take actions to engage in dealing with any real estate or other major assets and debts, including any foreclosure, deed in lieu, short-sale, loan modification, refinance, etc.
5. Summarize your alternatives and solutions, decide what course or courses of action to take and set short term and long term tasks and goals. Make a plan, your own plan, to get to the ends and meet the goals you set for yourself.