SBA Defaulted Loans

If you have an SBA loan and are in default and are facing an SBA liquidation or other adverse action you can find an SBA attorney here.

For general information about the SBA click here.


Casey Anthony Story For Sale In Bankruptcy

Noted non-murderer (just like OJ) Casey Anthony filed for Chapter 7 bankruptcy in January of 2013.  She listed nearly $800,000 in debt and is currently making no money.

Even though she lists no source of income, the Trustee thinks she has something of value and wants to auction it for the benefit of creditors…………her life story.  Exclusive rights to Anthony’s life story including her “version of the facts, her thoughts and impressions of whatever nature, in so far as these pertain to her childhood, the disappearance and death of her daughter…her subsequent arrest…” etc.

So far the reported offers have been $10,000 and $12,000.  Why so little?  This seemed to be a big case at the time.  It’s possible that in this 24 hour news cycle world there is no large demand for stories we know so much about.  Maybe the perception is that Anth0ny is guilty and no one wants to tell the life story of a child murderer even if she was acquitted. A 2011 poll voted Anthony the most hated person in America beating out such then-celebs as the Octomom and Paris Hilton and yes, even O.J. Simpson.

There does seem to be a good deal of Anthony’s story to tell: there were allegations of sexual abuse by Anthony’s father, George, which came up during the trial; what exactly happened and what was Anthony thinking during the  31 days between when her daughter, Caylee, went missing and when her disappearance was reported to the authorities; her time in jail and what her life has been like since being acquitted.

Then there is the question of whether the Trustee in the case even has the authority to sell her life story since, by all accounts, it has never been done before.  We’ll see if the court in the case allows the sale and if a sale occurs.  Anthony’s trustee and her attorneys brought the issue before federal bankruptcy Judge K. Rodney May in Tampa, Fla.,  on April 9, 2013, who decided he would make a decision 30 days from now on whether the worldwide exclusive rights to her life story can be auctioned off for cash.  One bidder reportedly wants to buy the rights so her story never gets told, the second wishes to use the rights for their entertainment value.

Contact the Zarcone Law Firm today at 619-800-3082 for a FREE no obligation consultation.


Doctors are just like you and me – broke

More and more doctors are finding it harder to keep their practices financially sound with some crumbling under cash problems and being pressed into bankruptcy. It’s a trend that’s multiplied recently.


Chapter 11 bankruptcy filings by physicians have increased recently, which was virtually unheard of for medical practices in the past.  And the bankruptcy trend is not coming from medical malpractice lawsuits as one may think. The weak economic times have killed some doctors’ revenue, as consumers cut back on trips to their physician and profitable optional procedures.

Doctors also blame reductions in insurance coverage expenses, changing rules, and the rising costs of negligence insurance coverage, medication and other company requirements for making it more complicated to keep their methods profitable.

As insurance payouts and other revenue streams have slowed, doctors’ fixed overhead remains the same or continues to increase, such as with insurance premiums.  So despite the fact that we think all doctors (and lawyers too!) and swimming in money, the continued poor economic times continue to affect all walks of life in unprecedented ways.

If you are in a financial bind, please contact us here or at 619-800-3082 to discuss your options.

The Zarcone Law Firm


Intro to Bankruptcy

Download our Intro to Bankruptcy Powerpoint presentation – click on the link below.


Intro to BK Video Zarcone Law Firm



Student Debt Continues to Pile Up

The number of student loans held by subprime borrowers is rising, and more of those loans are going bad, the latest signs that a weak job market and rising debt loads are hurting recent college grads.

In all, 33% of all subprime student loans in repayment were 90 days or more past due in March 2012, up from 24% in 2007, according to a Wednesday report by TransUnion LLC.

TransUnion discovered that 33% of the almost $900 billion in outstanding student loans was held by subprime borrowers as of March 2012, up from 31% in 2007.  Subprime borrowers are the least credit worthy.

Another study, released by Fitch Ratings warned that the difference between college costs and amounts students can borrow under the federal student-loan program will continue to enlarge.

In the five years through last March, the segment of all student loans that were 90 days or more delinquent rose to 11.4% from 8.8%, while the average student-loan balance per borrower increased 30% to $23,829.

Another study, released by credit-score provider Fair Isaac Corp., found that roughly 26 million consumers had two or more open student loans on their credit report in October 2012, up from about 12 million in 2005. A majority of bank risk managers expect student-loan delinquencies to continue to rise.

Repaying debt has become more difficult in part because loan balances have grown and the interest rates on federal loans have increased as a result of a shift from variable-rate to fixed-rate loans. Most federal loans now carry interest rates of 6.8% or 7.9%, versus a rate of 2.875% on federal Stafford loans in May 2005.

If you are in default on your student loans, contact the Zarcone Law Firm for a FREE consultation.

619-800-3082 or alex@financialfreshstart.org.


a new program for college loan affordability

A new federal program should make it easier for some recent college graduates to keep their student-loan payments manageable.

The new program, known as the “Pay as You Earn Repayment Plan,” allows eligible borrowers greatly lower their monthly loan payments and qualify for loan forgiveness quicker than previously.


If your debt exceeds your annual income, the new program will probably work for you.  The new program comes at a time when rising student-loan obligations—amid a still poor job market—have weighed greatly on many borrowers.

Typically, federal student loans must be repaid within 10 years. At current interest rates, that can work out to a monthly payment of roughly $300 for a borrower with $26,000 in debt.

Pay as You Earn, by contrast, limits student-loan payments to 10% of “discretionary income” as defined by government formulas. Borrowers who make regular payments could have the remaining unpaid amounts forgiven after 20 years.

In some situations, borrowers with low incomes could be required to make a zero-dollar payment and would still be considered current on their loan. Monthly payments can increase or decrease each year based on the borrower’s income and family size.

The new program is more generous than the Obama administration’s Income-Based Repayment Plan, or IBR, launched in 2009. IBR caps loan payments at 15% of discretionary income, and borrowers can have unpaid amounts forgiven after 25 years.

Under both programs, borrowers with public-service jobs may qualify for loan forgiveness after just 10 years.

Pay as You Earn is available only to borrowers with federal direct student loans, but other borrowers can consolidate existing federal student loans into a direct loan to take advantage of the program, provided they meet other requirements.

To be eligible for the program, borrowers must have obtained their first federal student loan after Sept. 30, 2007, and received at least one federal student loan after Sept. 30, 2011. Borrowers also must meet eligibility cutoffs based on the size of their debt, their discretionary income and family size.

The new program isn’t for everyone. Since the loan is repaid over a longer time period, some borrowers could wind up paying more interest than they might have otherwise.

To remain in the program, borrowers also must provide their loan servicer with updated information about their income and family size each year.

Under current federal rules, many borrowers could face a tax bill on the amount of debt that is forgiven. Debt forgiven under the public-service loan-forgiveness program is currently tax-free.

If you are being crushed by college loans, please contact the Zarcone Law Firm at 619-800-3082 for a FREE consultation.


Student Loan Debt: False-Certification Discharge

Borrowers are entitled to a loan discharge if they received at least part of an FFEL or Direct loan after January 1, 1986 and if their eligibility to borrow was falsely certified by the school.  The discharge does not apply to Perkins loans, but students should be able to raise the school’s misconduct as a defense to loan repayment because the school is the original lender.

The Department of Education recognizes four bases for a false-certification discharge:

  • The school falsifies a non-high-school graduate’s ability to benefit from the program;
  • The school enrolls a student unable to meet minimum state employment requirements for the job for which the student is being training;
  • The school forges or alters the student loan note or check endorsements;
  • The borrower is a victim of identity theft.

If you believe that your student loans should be discharged, please contact the Zarcone Law Firm for a FREE consultation at 619-800-3082.

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The content found on the financialfreshstart Blog is not legal advice and is purely for informational purposes. The Zarcone Law Firm does not guarantee the accuracy, integrity or quality of submissions. The information provided by the bloggers on this site may not represent the opinions of the Zarcone Law Firm or its affiliates. The information contained herein is not a substitute for the advice of an attorney.

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