5505 Oregon Avenue
Arbutus MD 21227
We believe that many mortgage companies, credit card companies, and other creditors unfairly change terms, hold payments until they are late, increase interest rates without cause, or because they falsely claim a late payment, and in other ways take unfair advantage of debtors. To wit.
To obtain a mortgage, debtors must sign contracts and dozens of pages of documents they have not read, and do not understand if they did try and read them. Over the years, more than a dozen Clients have told me that the interest rate on their mortgage was bumped up significantly just prior to settlement or that they were told they were in a fixed-rate mortgage, when, in fact at closing, they had signed papers putting them in an adjustable rate mortgage. Mysteriously, the measuring interest rate has increased over the past five years such that it is now unaffordable.
What truthful interest rate has INCREASED in the last 5 years? All the ones I know of are stuck at zero or near zero and have been that way since November, 2008. So, the rate they use for increases, must be rigged. Recently, the LIBOR rate in England was shown to be rigged by the bankers to support interest rate increases when no such increases were justified.
The lenders deny such tactics, however, are a dozen of my Clients lying to me? They do not know each other, yet they all say they were deceived. I believe them, not the mortgage lenders. And, the fixing of the interest rates from the LIBOR matter was well settled in the British investigation.
To obtain credit cards, debtors must sign "summaries" of contracts they were not given, without reading them. You can only obtain a copy of the complete contract by snail mail request, or perhaps on a website. If you had actually gotten a copy as I have, and read all 36 pages of the complete contract, you would discover that all of them that I have read contain a clause that says, "We reserve onto ourselves the sole right to increase or decrease your credit limit, increase your fees and your interest rate, with, or without good cause, at any time, for any reason, or for no reason at all." And, the credit card companies have increased zero and low initial credit card interest rates to 24% or more, for no reason at all, to millions of debtors.
When fees and interest rates rise, no one can afford to pay the principal, interest, late fees, over limit fees and other costs of the credit. Then, factor in unplanned, uninsured medical bills, family emergencies, or a job loss, and the payment task really becomes impossible.
For over five (5) years, credit card companies have paid zero percent (0%) interest on the money they borrow to lend to you, which is called the "Federal Funds Overnight Interest Rate". In January, 2001, Visa, MasterCard, American Express, Discover, Diner's Club, and Carte Blanche were huge and successful companies and they paid 7% or so for the money they borrowed and then loaned to you. That rate dropped to 1% for a year, and then rose to 4.5% in July, 2008. But in November 2008, the rate credit card companies pay to borrow money dropped to zero and hss stayed there since then.
In the last five years, have any credit card companies sent you a letter saying, "Our cost of doing business just dropped to 1/28th. of what it used to be, and we would like to pass some of those savings along to our loyal customers." No one I represent has ever received such a letter, and I believe none was ever sent. NOTE: If you did get such a letter, please send me a copy. That is an unfair and abusive use of their economic power, and we take a stand against such corporate profiteering by credit card companies against their customers.
If everyone that owed more credit card debt than they can pay filed for bankruptcy, it would be a powerful force for economic good. Today, if you make a minimum monthly credit card payment, your balance does not drop by much, and the money disappears into a bank. Banks are not lending money, so that payment is lost as far as economic activity is concerned. At the present time, there is about 2.5 Trillion dollars in credit card debt in this country. If 1/2 of those folks filed for bankruptcy, the discharge of their debts would transfer over a trillion dollars in wealth from banks to middle class people. The instant end to minimum monthly payments caused by the filing, would free up hundreds of millions of dollars in minimum monthly payments that would then be spent on pizzas, haircuts, movies, and new cars, which would result in a dramatic increase in economic activity. This approach is patriotic, and would harm no one but the banks.
That is why I continue practicing bankruptcy law, to level the playing field a bit. Our firm has been classified by the United States Congress as a Federal Debt Relief Agency, and we cheerfully help people file for debt relief under the Bankruptcy Code. Call today, feel better today.
Terrence M. Nolan has been licensed to practice Bankruptcy Law in the United States Bankruptcy Court for the Dirstrict of Maryland since 1986. We attend Continuing Legal Education classes, brown bag seminars, and other bankruptcy classes to keep our skills current. We will treat you with the courtesy and respect you deserve, and will not only assist your professionally, we offer first rate compassion and respect for you.
We are very personal and friendly. We believe that bankruptcy can lead to a fresh financial start that will change your life for the better. It is gratifying to see the good that a bankruptcy filing can do for most debtors.
I practice law with my Wife Patti Sue, a University of Delaware graduate, paralegal, and a great human being. She and I share Client contact, and she can ofter answer your questions faster and better than I.
We are located in Arbutus, the next town North of Elkridge on Route One, near UMBC. Our office features barrier free access, and plentiful free parking. Arbutus is a charming town, with an Ice Cream Cottage, nice restaurants, and friendly people. You will meet with an experienced bankruptcy attorney, who will spend time with you and answer your questions. An attorney will also be present at your Meeting of Creditors, as well as at the hearing on Plan Confirmation in Chapter 13 cases.
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