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What about disaster?

May 30th, 2011 Scott Wantland Posted in Uncategorized No Comments »

Earlier this year I went to an island that had been blown up by a volcano. The island’s big city had been buried by lava, mud, and debris. I have to assume everyone involved lost everything.

When people use bankruptcy to get rid of a car they don’t want or house they can’t afford, I always get asked, “when can I drop the insurance?”. My advice- don’t drop the insurance until the item is gone.

Insurance can keep you from needing to file bankruptcy. Without insurance, a burnt down house can mean life’s saving gone. A stolen car can result in millions of dollars of liability.

Most folks I talk to need bankruptcy. Keeping and paying for good insurance can keep you from needing to talk to me.

Be wise- be insured.

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When too late isn’t

May 2nd, 2011 Scott Wantland Posted in Bankruptcy, Chapter 13, Chapter 7, Foreclosures, Mortgage, Taxes, Uncategorized No Comments »

Someone today asked me if it was “too late to file bankruptcy” to save a house.

Generally, it’s too late if the foreclosure sale has occurred. If a lawsuit has been filed, it’s not too late. It a sale date has been set, it’s not too late. If a collection agent tells you it’s too late- it isn’t.

There’s reasons to file as soon as possible. Filing a bankruptcy stops the foreclosure process. It halts collection calls and dirty letters. A chapter 13 begins the repayment process.  Property taxes potentially are halted from becoming liens.  The sooner you file the sooner you get peace of mind, make the calls stop, and the frest start stops.

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Insurance

April 25th, 2011 Scott Wantland Posted in Uncategorized No Comments »

I meet with people every week that have suffered some sort of tragedy. Too often they don’t have insurance, enough insurance, or the person that should have had insurance didn’t. To add insult to injury, they’re hurt AND now broke. If someone hits you, totals your car, and does not have insurance, you’re left holding the bag. Most folks I know can’t just write a check and get a new car.

Be sure to have underinsured motorists insurance on your cars. If you have a motorcycle, get PIP (or have GOOD health insurance. Invest in health insurance. Get flood insurance on your home. If you’re not sure what coverage is a good idea- ask your lawyer for suggestions.

I’m not saying EVERY insurance is a good idea. Typically, I don’t recommend WHOLE life insurance (term is a must), credit life insurance, credit protection coverage, extended warranties…

To quote ole Dimwitty- be wise, be insured.

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The attorneys of Wantland Law in Shepherdsville, Kentucky, advise and represent individuals and families in bankruptcy cases and debtor-creditor negotiations in Bullitt County, Nelson County, Spencer County, Hardin County, Okolona, Jefferson County, Louisville, and such communities as Mount Washington, Brooks, Lebanon Junction, Bardstown, Taylorsville, Elizabethtown, Radcliff and Fort Knox.

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