Glossary of Credit Terms 2-percent rule A rule of thumb to see if refinancing a mortgage loan is a good financial decision. The rule says you should refinance if you can lower the interest rate on the loan by at least 2 percentage points (for example, to 7% percent from 9%). However, factors such as…
STEPS IN A BANKRUPCY CASE Mandatory Credit Counseling You must obtain a certificate from an approved credit counseling agency before you can file your case. It is expected that this can be done over the internet and will likely cost approximately $35- 45. A copy of any payment plan devised by the counseling service must…
Beware of the ten day rule If you get pulled over for something, and if you mention to the police officer that the address on your driver’s license is NOT your current address, you might get another ticket you didn’t expect. The reason for this is that New York State law (Article 19 section 509-8) requires…
Suppose a NY driver receives a ticket and it results in points against their license. I’ve heard police officers, lawyers, prosecutors, and even judges say that the defensive driving class can be taken to “offset” four points. Web sites offering the class say things like: “reduces up to 4 points on your license.” Therefore, many…
Convert a Chapter 13 to a Chapter 7 A chapter 13 client (currently in a payment plan with a confirmed case) has had a significant revenue loss due to the virus. They told me they wanted to apply for a SBA loan under the CARES act. However, in reading through the application guidelines, these loans…
Section Subsection Combined Description of Violation for VTL Sections 207 5 207 5 Misuse / unlawful disposal of uniform traffic summons Periodic Inspection of Motor Vehicles – Article 5 306 (b) 306 (b) Uninspected MV 306 (e) 306 (e) Issue or use fake or counterfeit inspection certificate Financial Security – Article 6, 7, 8 318 7 318…
Traffic Ticket Courts in the State of New York. In NY, there are 62 counties. Each county is listed below in Alphabetical order. The courts within each county are also listed alphabetically within each county listed below. If you need assistance with a traffic ticket in any of these counties, contact the law firm for…
Glossary of Traffic Ticket Terms AFFIDAVIT – A signed document, which is notarized, that is submitted to the court as your position on a matter. See Letter of Authorization. ALIVE AT 25 – This is a class that some courts will allow you to take to get fines or points reduced. Also see diversion program….
How to file a bankruptcy book. This book discusses the “nuts and bolts” of getting a bankruptcy petition completed with or without an attorney. I previously published a book titled: “Should I file a bankruptcy?” That book was written specifically for the person CONSIDERING filing for a bankruptcy. That book was designed to be an aid…
