Gadda Don

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Gadda Law Offices, P.C. provides a truly personal legal service. Whether it is relief from crushing debt or defense of a lawsuit that has been filed against you, you can rest assured that your attorney will represent your interests and no one elses. Mr. Gadda has practiced law in the Treasure Valley for more than fourteen years and will put his experience to work for you. The purpose of this blog is to keep the reader up to date on new trends and issues in law as it is practiced in Idaho.
Recently, because of the economic downturn Mr. Gadda has been specializing in debt relief and in particular Chapter 7 bankruptcies. Whether it is crushing credit card debt, financial crisess due to medical emergency, lost employment or business reverses a Chapter 7 bankruptcy can be your opportunity for a fresh start and the beginning of the future you deserve.

The internet has no shortage of debt relief schemes. Many of them are scams and the debtor ends up even further behind the eight ball. Always beware of any debt relief program that begins with you making a hefty payment up front or one that guarantees to relieve you of debt. What is too good to be true probably is not true. There are things you can do though. At www.frugaldad.com there is a simple and effective list of steps you can take to improve your debt situation short of filing for bankruptcy. They are:

The following is the text of the Senate's oversight committee's report on the foreclosure crisis that came out yesterday. The best case scenario is a repetition of the banks recent clams. The worst case scenario bears reading. While, the report is somewhat limited in its scope it bears reading. Don Gadda (11/17/10)
Congressional Oversight Panel Examines "Robo-Signed" Foreclosures and Other Mortgage Irregularities

It is time to try and put all of the news regarding upside down homes, foreclosures, modifications that never happen and investor plight and unemployment into some kind of perspective. For most of us, lawyers and lay persons alike, this seems like a crisis that is spinning from out of nowhere taking with it much of recovery recently vaunted by the media. For all of us a home is generally our most important investment. It is more than just an investment. It is our security - our shelter. To a large extent our homes define who we are and how we feel about ourselves, both individually and as a nation.

In browsing the web the other day I came across a posting by Carmen Dellutri, entitled, "Bankruptcy Is Not Failure Its Financial Planning" What it has to say cannot be repeated enough times and I doubt that there is a bankruptcy lawyer in America who has not had the same thoughts:

It was reported in the L.A. Times this morning that the bailout of Fannie Mae and Freddie Mac could reach as much as 363 BILLION dollars of taxpayer money. This figure is based on the worst of three proposed scenarios for the economy and assumes a "deeper second recession". Jim Puzzanghera- LA times 10/21/10 At the beginning of the current recession Freddie Mac and Fannie Mae were quasi governmental entities. Now you (the taxpayer) own approximately 79% of Freddie and Fannie. Dont be to thrilled.

It was reported in the Wall Street Journal this morning that the Banks are trying to go on the offensive on the foreclosure scandal. Bank of America , after ceasing all foreclosure in 50 states has concluded that any errors are merely technical and not systemic. They have restarted foreclosure proceedings against home owners in 23 states. Other banks are falling in line and making similar pronouncements. At the same time the investigation begun (just barely) by the attorney generals of all 50 states is going forward and the banks word is difficult to take at face value.

In a recent posting on the internet entitled, Charting the Foreclosure Crisis's Far-Reaching Consequences,by CHARLES HUGH SMITH which was set out more fully in DailyFinance: http://srph.it/a9s9b7 Mr. Hughs explains sets out 10 important developments in the developing foreclosure mess. They are:

With the number of homeowners who are upside down on their home mortgages more and more people have thrown the dice and decided to just abandon their homes where they owe more to their lender than their home is worth. Until recently this was a fairly straightforward question. In Idaho if you just quit making payments and abandoned your home the lender could either institute judicial proceedings for foreclosure or (if your purchase was on a note and deed of trust) the lender could begin the process of a non judicial sale.

With the number of homeowners who are upside down on their home mortgages (they owe more than their home is worth) these days this is a common question. Prior to the current mess where lenders and servicers of mortgages are so backed up that it can take two years sometimes even to just begin foreclosure proceedings the answer to this question was relatively straight forward.