The following questions and answers were submitted to 713Training.Com either at a teleconference or by email during this past week. The answers are provided by Victoria Ring who is not an attorney. Therefore, the information provided in this material is for training purposes only and no whole or part should be regarded as legal advice.
QUESTION
I have been following your question and answer series and I now have a question. Can you explain the difference between adequate protection payments and post petition payments and when they would apply in a chapter 13?
Theoretically, adequate protection is supposed to protect the creditors depreciating interest prior to Plan confirmation, but what are the post petition payments protecting, or is this something for the Trustees?
I am thinking that post petition payments would be payments that would be made after the filing, but not sure how or why it works.
ANSWER
Adequate protection is normally INSURANCE. For example, the lienholder needs for the debtor to maintain insurance on the asset in case something should happen to it while it is in the debtors possession. This adequately protects the lienholder.
Post petition payments are payments made by the debtor prior to confirmation of the Chapter 13 Plan. Debtors should start making payments PRIOR to their 341 Meeting and continue making their Chapter 13 payments to the Trustee according to their Plan. The Trustee will hold these funds until Plan confirmation, at which time; they are released to the creditors and paid according to the Plan.
As far as the motor vehicle being worth LESS than what is owed on it. If the debtor has been paying on the debt for more than 2.5 years, he or she is automatically eligible for a cram down. This will save your debtors money.
QUESTION
Do you have a couple of quality low cost websites for legal services advertising? I desire to construct an interactive attorney site. I have viewed WordPress.
ANSWER
I just developed the new Attorney Marketing Links site at:
http://www.713attorney.com/links/attorneymarketing.html
To answer your question; I have been very successful in building 9 online businesses. The way I accomplished that is from doing the job myself. 99.9% of all internet marketing I do for my company is free. It just takes time. No other legal service is going to do the job with YOUR company in mind. Other companies only think of their own pocketbook and I do not trust them to work in the best interest of my company.
Besides, why do you need to market your law firm for very long anyway? All you need to do is market until you have the level of clientele you desire, and then stop. If you provide a good service and your clients like you and your staff, the majority of your future business will come from satisfied clients giving your law firm praises by word of mouth advertising. No legal services advertising company can provide you with that level of quality in marketing.
QUESTION
Are you planning to schedule training seminars in Chicago, Illinois in 2010? I am sure there are interested parties in Chicago, other than myself who would attend. I have ordered my training materials already, but I could greatly benefit from live training.
ANSWER
I receive many requests from people all over the U.S. asking me when I plan to be in their area. Please understand that I have been traveling and training at seminars since 1992 (18 years). I wish I could travel like I used to, but when I leave to do a seminar, my own workload gets behind. Plus, with the progression of age and diabetes, I need to curtail my traveling from the massive amount I have done in the past.
That is why I have developed a wide range of training options for you. I can train you privately at your computer, or you can come to Colorado for personalized training. Flying is cheaper than buying gasoline these days anyway. For more information, check out these links:
Online Training at Your Computer
http://www.713training.com/shop/cart.php?m=product_detail&p=96
Bankruptcy Petition Review Training
http://www.713training.com/shop/cart.php?m=product_detail&p=86
Personal Training in Colorado
http://www.713training.com/shop/cart.php?m=product_detail&p=98
SPECIALS OF THE WEEK
Complete Bankruptcy Kit (Both Chapter 7 and Chapter 13 Training Materials)
http://www.713training.com/shop/cart.php?m=product_detail&p=59
Chapter 13 Training Workbook
http://www.713training.com/shop/cart.php?m=product_detail&p=80
4 Years of Bankruptcy Training via Teleconferences
http://www.713training.com/shop/cart.php?m=product_detail&p=116
How to Conduct Online Deed and Records Searches
http://www.713training.com/shop/cart.php?m=product_detail&p=102
