Wills: “Show Your Family How Thankful You Are For Them”

Thanksgiving is just around the corner and here at the Law Firm of Gaines & Associates, P.C. we want to wish everyone a Happy Thanksgiving.

Thanksgiving is a time to reflect on all the wonderful people in your life. Our firm is so thankful for all our clientele and being able to use our legal services to make a difference in your lives.

One thing we like to remind everyone about this time of year is creating an estate plan for yourself and executing a will is one vital step in the estate planning process. Completing a will is one of the most important things you can do for your loved ones. It is generally a very easy and simple process that gives you the peace of mind that your loved ones, whom you are so thankful for, are going to be taken care of if you are no longer here with them.

A will is a document that legally declares your wishes about what happens to your property, and in some cases your minor children, after your death. A will ensures that family, friends, or charities receive your property according to your wishes. For parents with minor children, you can also name a guardian and conservator in your will to care for your child and manage property on his/her behalf in the event of your death. A will is for everyone regardless of how many assets you have or do not have. If you are reading this right now, you need a will! You cannot assume that your wishes will be carried out how you expect or that your assets will automatically pass on to the correct recipient.

If one passes without a will (which is called dying “intestate”) then the assets are distributed and children are cared for according to state laws. You do not want to leave this crucial matter up to a government that knows nothing about you or your family’s needs. Ensuring that the person you want receives your assets is only guaranteed by having a Last Will and Testament in place.

For this holiday season think about putting a will in place and be comforted by the peace of mind that you control what will happen with your possessions. Our firm’s estate planning services are very affordable and are personalized to your needs and desires.

If you have questions about wills and our other estate planning services please give our office a call at (678)-735-5487, and let Gaines & Associates help take care of the people you are thankful for this holiday season.

Truth about Loan Modifications

 

Loan modifications are when mortgage agreements are modified to help homeowners lower their monthly mortgage payments, and stay in their homes. At the Law Firm of Gaines & Associates, we work hard to keep our clients in their homes. We do not stop trying to obtain loan modifications from the banks on behalf of our clients.

In 2009 the U.S. government passed the Financial Stability Act and the Making Homes Affordable Program or HAMP emerged from this act. The HAMP program is set up to help millions of homeowners keep their homes and stay out of foreclosure by working with banks to lower homeowners mortgage payments.

 The HAMP program is still in effect, even though there were reports stating that the government is about to terminate the program. We encourage all homeowners who are struggling with making their monthly mortgage payments to inquire about loan modifications.

Obtaining a loan modification can be difficult on your own because it is time consuming. Loan servicing companies ask for multiple documents from the borrower, and if you do not have time to call the mortgage lender constantly, your loan modification can fall by the waste side.

Our office is more than familiar with the requirements for HAMP and we have successfully obtained over 200 loan modifications since 2009. If you are behind on your mortgage payments please give our office a call so we can assist you in making the right decisions. (678)-735-5487

Visit our website for information regarding loan modifications and assistance.

www.thegainesfirm.com

Holidays and Bankruptcy

   The holiday season is almost upon us and soon will come the new year. Everyone here at Gaines & Associates, P.C. would like to wish you a happy and safe holiday season.
   During the holiday season many potential clients like to put their personal debt issues to the side and just enjoy the time with their families, and rightfully so. Being with loved ones through the holidays can help many people become less stressed in areas such as debt.
   In January and February many people want to start fresh, and that includes wiping out their past debts. Our firm wants to inform you about some holiday credit card behaviors that can lead to some harmful affects on filing bankruptcy. The most notable pitfall is known as a "credit card binge." Credit card binging is when a person racks up large amounts of credit card purchases and then a few months later tries to discharge the debts with bankruptcy. This happens most around the holiday season due to many clients wanting their family members to have a "great" Christmas.
Credit card binging is addressed in the bankruptcy code Section 523(a)(2)(C) states that:

1.  consumer debts owed to a single creditor and aggregating more than $500 for luxury goods or services (luxury goods defined as goods or services reasonably not necessary for the support or maintenance of the debtor or a dependent of the debtor) incurred by an individual debtor on or within 90 days before the order for relief under this title are presumed to be nondischargeable; and
2. cash advances aggregating more than $750 that are extensions of consumer credit under an open end credit plan obtained by an individual debtor on or within 70 days before the order for relief under this title, are presumed to be non dischargeable.

    This holiday season be aware of your spending habits if you are considering filing bankruptcy in the new year. If you have more questions about this topic please call our office. One of our attorneys will be happy to answer any questions!

(678)-735-5487