To ensure that the voices of consumer debtors and their attorneys are heard in the halls of Congress, the Judiciary and other arenas affecting consumer debtors; and to help consumer bankruptcy attorneys represent their clients more effectively.

Bottom line, attending NACBA conventions provide a wealth of education and keep attorneys up to date on the latest in bankruptcy law – which is a must if you are going to provide the best protection for your clients. Multiple vendors also attend the conference, educating us on the latest available debt counseling programs and a host of other items designed to help consumers before, during, and after bankruptcy.  I’ll be blogging about some of the gems pulled from this conference a little later, so stay tuned! In the meantime, here are some pictures from the convention this past weekend…and yes – I’m the one in the toe shoes speaking with a good friend of mine, Mississippi NACBA State Chair, attorney Pat Sheehan.

Department of Banking & Consumer Finance - 1.800.844.2499

Consumer Protection Division of the Office of the Attorney General - 1.800.281.4418

To avoid future financial problems, do the following:

• Create a budget.
• Cut all unnecessary expenses.
• Prioritize your debts (pay more expensive interest rate debts first).
• Call your creditors and ask to waive late fees, reduce the interest rate, and/or work with you to establish a repayment plan that will work for you.
• Set aside a small amount per paycheck to build up an emergency fund.

Mississippi law allows a lender to charge no more than $21.95 for every $100 dollars borrowed.  It is illegal to renew, extend or rollover your payday loan by just paying the fee. The payday loan must be completely paid in full before you can enter into another payday loan transaction.  

The more payday loans you have outstanding, the harder it will be to pay them off completely.

If your check is deposited and returned unpaid, the lender may charge you only 1 NSF fee and only if it was disclosed in the agreement.  If the court awards a judgment to the lender against you as a result of your returned check, the lender may recover court costs, attorney’s fees as well as any court awarded fees.

For more information regarding payday loan rules and regulations, go to the Mississippi Department of Banking and Consumer Finance website.

The lender will require you to sign an agreement disclosing the amount of money you have requested, the Annual Percentage Rate (APR) as well as other related information.  The lender will also require you to give them a personal check with an amount that reflects the loan plus the fee.  The agreement may authorize the lender to automatically withdraw the funds from your bank account.  You may redeem the check on or before the due date, which can be up to 30 days, if not, your check may be deposited or the loan amount will be automatically withdrawn from your account on the due date.

Warning:  You are responsible for evaluating whether a payday loan is right for you. Payday loans are not intended to meet your long-term financial needs.  The long-term use of payday loans may cause severe financial hardship.

We won in 2011 and are attempting to repeat our win in the 2012 Pink the Town contest here in Jackson, MS.  This contest is a part of the Susan G Komen Race for the Cure 5K held annually downtown.  We have 7 team members running tomorrow – its a cause near and dear to us.  Drop by and see the office – decorations will be up through the race tomorrow (4/14/12).  The winner of the contest will be announced tomorrow right after the race. Wish us luck!

Attorney Frank Coxwell joins the show to tell the truth behind bankruptcy. Does it ruin your credit and life or save it? Which chapter should you file? Who should you consult?

I had the priviledge of being invited as a guest to the Mississippi Public Broadcasting (MPB) show - Money Talks – on April 3, 2012.  We spent an hour discussing bankruptcy and taking calls/emails from listeners. I highly recommend this show for anyone interested in the topic of finances.  Save this link to their home page as a favorite – you’ll gain a lot of very useful information and you’ll enjoy the hosts!   Thank you Kevin, Chris, and Nancy!  Hope to join you again soon.  

Money Talks focuses on personal finance as it applies to Mississippians. In any given week, we’ll talk about anything from preparing your taxes to saving for college or investing in the stock market. Chris Burford, financial education specialist for Consumer Credit Counseling and Nancy Lottridge-Anderson, Assistant Professor of Finance at Mississippi College, President of New Perspectives, Inc. and author of Tough Talk for Tough Times, join Kevin Farrell in the studio to answer your personal finance questions about family budgeting, retirement savings, Social Security, investments, debt management and more. Email the show at anytime at money@mpbonline.org. Money Talks airs Tuesday mornings at 9 on MPB Think Radio. 

Frank w/host Kevin Farrell

Frank live on Money Talks

I want to thank Fox 40 AM again for having me on their show!

“Who Owns your Home? Mortgage Securitization in Mississippi” will be a 2 class session

April 5 & April 12 from 6:00pm – 8:00pm. Millsaps Tuition Cost: $40.00 per person.

I will present an overview of today’s home mortgage loans. You will learn about the note, deed of trust, mortgage securitization, and modification programs.  You will also discover who really owns your loan and why your mortgage company would rather foreclose than continue to accept your monthly payments.

“The Truth About Bankruptcy” will be 1 class session

April 14 from 10:00am – Noon.  Millsaps Tuition Cost: $25.00 per person.

Bankruptcy is one of the most powerful sets of consumer protection laws in this country.  You have heard all the myths about bankruptcy and now you can hear the truth.  This course will cover the various types of bankruptcy with emphasis on Chapter 7 and Chapter 13. We will review the advantages of each type.

Why am I doing this? I have practiced law in Jackson, helping Mississippians for over 33 years. I have limited my practice to consumer protection matters, consumer bankruptcy & foreclosure defense.  I am a frequent speaker at seminars for attorneys on bankruptcy & mortgage issues and feel that offering education to the public on the protection available to them in these areas was very much needed. I am a firm believer that knowledge is power.