Bankruptcy is simply a tool that can help people get out of unsustainable debts. Although bankruptcy can bring serious consequences to your credit score, it is likely that your credit would already be low by that point. Here are answers to four important questions from a Philadelphia bankruptcy attorney.
Bankruptcies in several districts have come down dramatically. In North West Ohio they’re down 29%. Read Here. In South Central Texas, they’re down nearly one third. Bloomberg reports that business bankruptcies are down 22% Nationwide. . One analyst attributes the decline in business bankruptcies in part to low interest rates.
Lawyer Convicted of Hiding Bankruptcy Asset for Girlfriend Despite Defense Claim He’s Not a ‘Moron’ – News – ABA Journal
Here’s a helpful link to a chart of statutes of limitations for 3rd party claims.
Diminished value for damaged real estate: A recent ruling by the Georgia Supreme Court that garnered little attention deals with insurance compensation for damaged real estate. The court ruled that a property owner is entitled to a “…
Here’s a big development in the area of diminished value law. A unanimous Georgia Supreme court held that property insurers have to pay diminished value damages to their policyholders when real estate is damaged. Georgia has been a leader to some degree in the area of diminished value claims. In Georgia, unlike most other states, an auto policyholder can make a claim against his own insurer for lost value of a vehicle after it has been in an accident. Most other states only allow a claim for lost value against the party who caused the accident.
Back to the Acura MDX diminution of value case. I finally got through to the adjuster. She stubbornly refused to raise her offer and asked if I had an appraisal by a certified appraiser. This is an important point. She did not know that a certified appraisal is not necessary for a lot of diminished value or property damage claims. If you have a sale or a trade-in, that is proof of value just as much as a certified appraisal.
This week’s case holds a lesson for everyone. It involves my client, an owner of a 2012 Land Rover with 2000 miles on it. He was traveling on a suburban road within the speed limit when another car going in the opposite direction tried to make a left hand turn in front of him. Unfortunately, the other car was a late model Corvette and it was totaled. The Corvette took full responsibility. My client did what many of my clients do. He had it towed, fixed and then went to have an estimate done, to see how much he could get if he traded it in for a new one.
Here’s a new diminished value case that just came in and it’s troubling because there may be no good solution. The owner is a woman who has a 2012 Acura. She took it to a car wash, and got out so the attendant could drive it into the car wash. After the attendant got the front tire into the track that pushes the car through the car wash, he got out and the car lurched forward into the car in front, damaging her front bumper. He probably forgot to put in neutral.
Sorry for the long absence. I was away for a long vacation and got very backed up. Unfortunately, the delay did not help the Acura MDX claim. The adjuster just sent me for a second time what she sent before, namely, her company’s breakdown of how they calculate diminished value claims, and a claim form to fill out to accept their low offer.