Debtor on the Loan, But Not The Owner?

Here is a link to a recent article on 713training.com.

http://www.713training.com/blog/debtor-on-loan-but-not-the-owner/

In the article we answer a students question that they sent in an E-mail.  If you ever have questions please feel free to call or E-mail, we’re happy to answer any  questions that you may have.

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Liens and Bankruptcy Training

Check out this Bankruptcy Training article about Liens on Schedule D of the Bankruptcy Petition.

http://www.713training.com/pages/Articles.html

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Chapter 7 or Chapter 13 Bankruptcy?

At 713Training.com we often get asked questions about determining if a client should file a chapter 7 or a chapter 13 bankruptcy.  From our experience we have concluded that there are many factors that may effect what chapter a client qualifies for and which one would suite them best.

Income, assets, and type of debt play a big part in this determination.  In many cases you may find pertinent financial information used in determining if a client should file a  chapter 7 or chapter 13 bankruptcy. You will be much more valuable for the attorney if you are able to make correct observations and report these findings to the attorney.

Below is a list to help  determine what chapter to file.

Chapter 7 is commonly used when:
You have little property except for the basic necessities like furniture and clothing.
You have little or no money left after paying basic expenses each month—or you’re not even meeting basic expenses.
Advantages of Chapter 7:
  •  
Most unsecured debts can be discharged (completely eliminated)
The process moves quickly—you may receive your discharge in just a few months
Creditors can’t contact you while the automatic stay is in effect—or after debts are discharged.
Who can file under Chapter 7?
Debtors who have qualified under the ‘means test’ and completed a required pre-filing session with a credit counselor may file for Chapter 7 bankruptcy protection.
Chapter 13 is commonly used when:
You have significant equity in a home or other property and you want to keep it.
You have regular income and can pay your living expenses, but you can’t keep up the scheduled payments on your debts.
Advantages of Chapter 13:
You can keep most of your property while spreading out time to pay past due accounts
You’ll have 3-5 years to catch up delinquent accounts according to a schedule that you and the bankruptcy trustee have agreed is workable for you.
You’ll make one monthly payment to the bankruptcy trustee for distribution—you’ll have no direct contact with creditors during the protection period of 3-5 years.
Co-signers may be protected
Who can file under Chapter 13?
Any individual debtor whose unsecured debts are below $360,475 and whose secured debts are less than $1,081,400.

his list is just a quick overview of some of the most common reasons for choosing which chapter to file for. At 713training.com we have all the training materials and personal support that you will need to prepare the best petitions possible.  Properly trained V.B.A.’s will bring extra value to any law firm and their clients, thus resulting in more business for the V.B.A.  Let’s make sure that we are all properly trained and able to get our clients the correct help they need.

-The 713 Training Team
www.713Training.com
1-800-535-9984

 

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Foreclosure and Bankruptcy

As a VBA you will find that there will be a good percentage of your clients who will be behind in their mortgage payments and facing foreclosure, filing bankruptcy can often benefit your clients. In many cases, filing Chapter 7 bankruptcy can delay the foreclosure by a number of months.  Many people are able to save their home by filing a Chapter 13 bankruptcy.

To get more training on Loan Modification:
http://www.713training.com/categories/Loan-Modification-Training/

To get personal training on Loan Modification or any topic related to being a VBA:
http://www.713training.com/categories/Personal-Training/

What is Foreclosure?

Foreclosure normally begins after a homeowner gets behind on mortgage payments. The lender begins the legal process of selling the home at auction in order to get payment for the loan. The process involves several steps, starting with notification to the homeowner.

This doesn’t happen overnight.  A lender usually won’t begin the foreclosure process until you are the home owner is several payments behind, often three or four. That gives you time to try some alternate measures, a short sale, a loan forbearance, or a deed in lieu of foreclosure.

If you’ve already tried and failed with these measures, it’s now a good time to consider bankruptcy as a possibility for avoiding or stalling foreclosure. Here are some ways that filing for bankruptcy can help the client. Taken  from training at 713training.com

The Automatic Stay: Delaying Foreclosure

When you file either a Chapter 7 or Chapter 13 bankruptcy, the court automatically issues an order (called the order for relief) that includes a wonderful thing known as the “automatic stay.” The automatic stay makes your creditors to cease their collection activities immediately, no excuses. If your home is scheduled for a foreclosure sale, the sale will be legally postponed while the bankruptcy is pending–typically for three to four months. However, there are two exceptions to this general rule.

Motion to lift the stay. If the lender obtains the bankruptcy court’s permission to proceed with the sale (by filing a “motion to lift the stay”), you may not get the full three to four months. But even then, the bankruptcy will typically postpone the sale by at least two months, or even more if the lender is slow in pursuing the motion to lift the automatic stay.

Foreclosure notice already filed. Unfortunately, bankruptcy’s automatic stay won’t stop the clock on the advance notice that most states require before a foreclosure sale can be held (or a motion to lift the stay can be filed). For example, before selling a home in California , a lender has to give the owner at least three months’ notice. If you receive a three-month notice of default, and then file for bankruptcy after two months have passed, the three-month period would elapse after you’d been in bankruptcy for only one month. At that time the lender could file a motion to lift the stay and ask the court for permission to schedule the foreclosure sale.

How Chapter 13 Bankruptcy Can Help

Many people will do whatever they can to stay in their home for the indefinite future. If that describes you, and you’re behind on your mortgage payments with no feasible way to get current, the only way to keep your home is to file a Chapter 13 bankruptcy.

How Chapter 13 works. Chapter 13 bankruptcy lets you pay off the “arrearage” (late unpaid payments) over the length of a repayment plan you propose either a three or five year plan But you’ll need enough income to at least meet your current mortgage payment at the same time you’re paying off the arrearage. Assuming you make all the required payments up to the end of the repayment plan, you’ll avoid foreclosure and keep your home.

2nd and 3rd mortgage payments. Chapter 13 may also help you eliminate the payments on your second or third mortgage. That’s because, if your first mortgage is secured by the entire value of your home (which is possible if the home has dropped in value), you may no longer have any equity with which to secure the later mortgages. That allows the Chapter 13 court to “strip off” the second and third mortgages and re-categorize them as unsecured debts –which, under Chapter 13, takes last priority and often does not have to be paid back at all.

For more information or to see how our unique training can help you simply visit our website 713Training.com or call us Toll Free and we will gladly answer any questions that you have.

Sincerely,

-The 713 Training Team
www.713Training.com
1-800-535-9984

 

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Perks of Working from Home

The percentage of employees who are now working from home or another remote location is steadily increasing.  Now that you are working from home as a Virtual Bankruptcy Assistant you can see firsthand some of the perks of working from home.  Some of the perks of working as a Virtual Bankruptcy Assistant from home are – the cost savings, job satisfaction, and greater productivity.

One of the biggest benefits of working as a Virtual Bankruptcy Assistant is that you can do your job wherever and whenever you want.  You save on gasoline, and it eliminates commuting time.  You can make your hours and can find time to get things done, even if it’s in the middle of the night.  I think that by working from home you are able to concentrate more completely on the job at hand, without the many workplace distractions.

A Stanford University study  found that people who work from home are more productive than those that don’t.  Of 13,000 employees conducted over nine months shows that those working from home are 12% more efficient than their office-bound counterparts. The study also finds a 50% increase in satisfaction among those working at home.

With all the perks of saving time and money, plus greater productivity and job satisfaction working from home is the way to go!

What are your favorite perks of working from home?

Sincerely,
-The 713 Training Team
www.713Training.com
1-800-535-9984

Join our LinkedIn group: www.linkedin.com/companies/713training.com-llc
Follow us on Facebook:www.facebook.com/pages/713Trainingcom/112903945407672

Disclaimer: We at 713Training.com are not attorneys; any information provided by 713 Training should not be considered legal advice. The information in this article, and any other materials provided by 713 Training, whether delivered verbally, written or via any other means, including electronic/digital delivery and storage, is for training purposes only, and is intended for individuals who work under the direction of a licensed attorney.

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How to Setup a Virtual Office

Now that you have been certified as a Virtual Bankruptcy Assistant it’s time to setup your virtual office.   Even though you may be physically located a great distance away from your clients you still need to maintain the appearance of constant availability.  Here are some tips from http://www.713training.com on how to setup an efficient virtual office.

Location:  If you have decided to use your home address to set up your virtual office, make sure you designate a specific area in your home where you can run your Virtual Bankruptcy Assistant business.   In order to allow for the proper home office tax deductions you will want to be sure to designate a specific area or room in your home as your virtual office.

Phone:  Organize a separate phone line when you set up your Virtual Bankruptcy Assistant business.  You will also need a phone system that is cloud based.  This will allow you the option of creating multiple numbers or the ability to use toll-free numbers.  Google Voice and Ring Central are two great options that both allow you to use toll-free 800 numbers and fax numbers.   They are cloud based systems that allow you to use mobile phones, computers and VoIP to send and receive calls.  You will also want to make sure that you have a good smart phone that will work alongside your cloud based phone system.  Any good smart phone will work!

Document Storage:  Whether you are one person working and need the ability to work from many different platforms or working with a team in different locations you will want to set up your virtual office with document storage.  We recommend Google Docs for docs, spreadsheets, presentations, etc…  For project files we use DropBox. 

Furniture:  When shopping for office furniture you don’t only want to consider desk space, but also areas for filing papers and storing supplies.  You don’t want to clutter your desktop, you will want to make sure to also include a desk organizer or filing system.  You will also want to gather all the necessary tools to ensure your Virtual Bankruptcy Assistant business success and efficiency, such as printer, fax machine, scanner, copier and shredder.

Now that you have taken the plunge into self-employment as a Virtual Bankruptcy Assistant don’t let anything hold you back.  Set up your virtual office and get busy earning income for yourself!

Sincerely,

-The 713 Training Team

www.713Training.com

1-800-535-9984

Join our LinkedIn group: www.linkedin.com/companies/713training.com-llc

Follow us on Facebook:www.facebook.com/pages/713Trainingcom/112903945407672

Disclaimer: We at 713Training.com are not attorneys; any information provided by 713 Training should not be considered legal advice. The information in this article, and any other materials provided by 713 Training, whether delivered verbally, written or via any other means, including electronic/digital delivery and storage, is for training purposes only, and is intended for individuals who work under the direction of a licensed attorney.

 

 

 

 

 

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Summer Discount

We hope you are enjoying the weather and that business is going great. We have been busy at 713Training and are updating and adding several new training products for the Summer. Both chapter 7 and chapter 13 bankruptcy filings continue to be high and now is a great time to get started as a VBA or to brush up on your skills.

To help you accomplish your goals we are offering 20% off your next purchase from www.713Training.com for the next 30 days. Simply enter the following code when checking  out to get the discount.

Code: SUMMER2014

A few product ideas to help you get started:

Training Packages:  http://www.713training.com/categories/Training-Packages/

Personal Training: http://www.713training.com/categories/Personal-Training/

Website for your VBA Business: http://www.713training.com/vba-websites/

If you have any questions about training offered by 713Training or about becoming a VBA call or email us and we will gladly assist you.

Sincerely,

-The 713 Training Team
www.713Training.com
1-800-535-9984

Join our LinkedIn group: www.linkedin.com/companies/713training.com-llc
Follow us on Facebook:www.facebook.com/pages/713Trainingcom/112903945407672

Disclaimer: We at 713Training.com are not attorneys; any information provided by 713 Training should not be considered legal advice. The information in this article, and any other materials provided by 713 Training, whether delivered verbally, written or via any other means, including electronic/digital delivery and storage, is for training purposes only, and is intended for individuals who work under the direction of a licensed attorney.

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One-On-One Training

Do you want one-on-one time with a virtual bankruptcy assistant expert who can teach you how to better prepare petitions, run your business, and market your services? You are not alone! We frequently receive calls and emails from VBAs wanting personalized training with a real expert in a one-on-one learning environment.

You can get this personalized training with a private consultation from the experts at 713Training.com, the developers of the virtual bankruptcy assistant industry. Back in 2001 when we developed the virtual bankruptcy assistant field we made a lot of mistakes; which is the best way to learn. Now, we will work with you by sharing our mistakes and successes, showing you what truly works and what you should avoid.

Not only will we share marketing advice, but also this is an opportunity to get expert training in preparing petitions and running a successful virtual bankruptcy assistant business.

How The Process Works:

After your payment is processed you will receive a link to download an Appointment Form. Fill it out and email it back to info@713Training.com so we can immediately schedule your training session around your schedule. We will contact you by phone and confirm the dates and location in order to make the necessary plans for your training.

You can do your one-on-one training in either Utah, Colorado or Tennessee. You can also choose to do a one, two or three day training session.

You let us know what you want to focus on in your training session and we tailor the training for you!

Some of the topics you may want to have included in your training session are; chapter 7 petition preparation, chapter 13 petition preparation, mastering the means test, marketing to attorneys, setting up your VBA business etc…

This powerful training will help you accelerate your business to the fast lane of success!!  Sign Up for Your One-On-One Training Today!

http://www.713training.com/categories/Personal-Training/

Sincerely,

-The 713 Training Team
1-800-535-9984
www.713Training.com

Disclaimer: We at 713Training.com are not attorneys; any information provided by 713 Training should not be considered legal advice. The information in this article, and any other materials provided by 713 Training, whether delivered verbally, written or via any other means, including electronic/digital delivery and storage, is for training purposes only, and is intended for individuals who work under the direction of a licensed attorney.

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Best way to Bill Attorneys

One of the questions we frequently get asked by VBAs at www.713Training.com is- What is the best way to bill Attorneys that we are preparing petitions for?  In the past we would bill attorneys twice a month and just wait for the attorney send us a check however, technology has changed and there are several new and easy ways to bill attorneys.  Below are a few of the fast and easy ways to bill attorneys.

Chase Quick Pay- You can send and receive money to and from anyone using their email address or mobile number.  As long as both of you have a U.S. bank account and at least one of you has a Chase checking account.  https://www.chase.com/online-banking/quickpay

Paypal:  Is an e-commerce business that allows payments and money transfers to be made over the internet.  Another great alternative to paying with traditional paper methods such as checks and money orders.  https://www.paypal.com/home

Dwolla:  Is a payment network that allows any business or person to send, request and accept money.  Just 25 cents per transaction or free for transactions $10 or less.  A cheaper and faster way to send or receive money.  https://www.dwolla.com/

Intuit Payment Network:  Get paid for 50 cents- no setup, monthly or cancellation fees!  Payments deposited directly into your bank account. By using the payment network you can accept online payments eliminating the need to wait for the mail, drive to the bank to cash a check, or print and pay to send an invoice. Your time is money!  https://ipn.intuit.com/

Venmo – Free service that allows you to transfer money form bank account to bank account for free regardless of the bank.  You can also build a Venmo balance that you can transfer and even transfer money via a Debit Card for Free.  Additionally you can transfer money via a credit card for a small fee.  https://venmo.com/

There are plenty of online payment systems out there!  Make sure to choose one that’s in line with your business objectives. These are all great options however, most of the 713Training Team is currently using either Chase Quick Pay or Venmo is their VBA Businesses.  Was your favorite online payment solution included in the list? If so, tell us what you like about it?

If you have any questions about any of these services or about our training products feel free to call us or visit our website  www.713Training.com

Also don’t forget about the upcoming seminar on May 2nd and 3rd
http://www.713training.com/categories/Seminars/

Sincerely,

-The 713 Training Team
www.713Training.com
1-800-535-9984

Join our LinkedIn group: www.linkedin.com/companies/713training.com-llc

Follow us on Facebook:www.facebook.com/pages/713Trainingcom/112903945407672

 

Disclaimer: We at 713Training.com are not attorneys; any information provided by 713 Training should not be considered legal advice.  The information in this article, and any other materials provided by 713 Training, whether delivered verbally, written or via any other means, including electronic/digital delivery and storage, is for training purposes only, and is intended for individuals who work under the direction of a licensed attorney.

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The 5 most common credit mistakes to avoid after bankruptcy

After bankruptcy there is a rebuilding period of your finances.  Here are some things to keep in mind going forward to help the process. 

Overcharging is the primary cause of credit problems.  However there are some other common credit mistakes that can work against you financially.

1.   Not valuing your credit
Good credit is a valuable commodity in today’s economy.  Bad credit, including a bad credit record, late payments, etc., can create a negatie financial profile that can surface when you have a legitimate need to borrow.  Buying a home is a necessary use of credit that few people can avoid.  Abusing short-term credit obligations, or over-extending through short-term debt, can cause a mortgage lender to reject your application for a home mortgage.

2.   Allowing a need for status to overrule common sense.
Most credit card companies now offer a “status” card, targeted to the consumer’s desire to have the very best of everything.  Status cards often have higher credit limits, more frills and the highest annual fees—from $75- $100.  Avoid paying extra for status.  The basic card from the same company offers the same basic features and a much lower annual cost.

3.   Raising credit card limits
If you use credit cards, avoid raising your limit.  An increased limit is merely an increased temptation to buy.  Many companies notify you that they are raising your limit.  Take such notices as a warning signal.  If you’re such a good customer that the card company wants to give you more credit, chances are you’ve been using your credit card for more than emergencies!  To refuse an increase simply call or write the card company and say. “thanks, but no thanks!”

 4.   Not monitoring your credit
You must know where you stand.  Lenders get a snapshot of your debt repayment history with your credit report and it is important for you to know what they are seeing.  You can review your credit report once a year for free.

 5.   Not knowing your interest rate and fees
Fees vary widely among cards.  Always make sure you know what the rate and annual fees are before you accept the card.  If you have existing cards, check the rate you’re paying and if it’s high, shop for a card with a lower rate.

These common mistakes could cost you hundreds or thousands of dollars—dollars you could instead be using to build financial security

We want to thank Michael Claiborne for contributing this article.  Michael is a VBA who also has extensive background with credit repair.
http://vbasupportservices.com/

Also don’t forget the upcoming seminar on May 2nd and 3rd in Denver Colorado.  If you have any questions make sure to call or email us.  Seminar Link:
http://www.713training.com/categories/Seminars/

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