Seasons Greetings & Happy New Year from John Hargrave & Associates

Seasons Greetings and Happy New Year!

2015 Christmas Story – TIME – John W. Hargrave


By: John W. Hargrave


Imagine there is a bank that credits your account each morning with $86,400. It carries over no balance from day to day. Every evening the bank deletes whatever part of the balance you failed to use during the day. What would you do? Draw out every cent, of course!

Each of us has such a bank. Its name is TIME. Every morning, it credits you with 86,400 seconds. Every night it writes off, as lost, whatever of this you have failed to invest to good purpose. It carries over no balance. It allows no overdraft. Each day it opens a new account for you. Each night it burns the remains of the day.

If you fail to use the day’s deposits, the loss is yours. There is no going back. There is no drawing against “tomorrow”. You must live in the present on today’s deposits. Invest it so as to get from it the utmost in health, happiness, and success! The clock is running. Make the most of today.

To realize the value of ONE YEAR, ask a student who failed a grade. To realize the value of ONE MONTH, ask a mother who gave birth to a premature baby. To realize the value of ONE HOUR, ask the lovers who are waiting to meet. To realize the value of ONE-SECOND, ask a person who just avoided an accident.

Treasure every moment that you have! And treasure it more because you shared it with someone special, special enough to spend your time. Remember the time waits for no one. Yesterday is history. Tomorrow is mystery. Today is a gift. That’s why it’s called the present!

Is Atlantic City The Next Big Municipal Bankruptcy?

Is Atlantic City The Next Big Municipal Bankruptcy?Two prominent Wall Street rating firms recently downgraded Atlantic City to near-junk status, after Gov. Chris Christie appointed an emergency management team to handle the finances of America’s Favorite Playground.

Last month, both Moody’s and Standard & Poor’s rating services dropped Atlantic City’s credit rating several notches, from BB to BBB+. The downgrade makes it more difficult for Atlantic City to borrow money, as it tries to stave off bankruptcy. An S&P analyst called the management team a “draconian” action that “has a greater likelihood of being detrimental to bondholders.” Moody’s said that Gov. Christie’s action may have ramifications for other financially-challenged New Jersey cities, including Newark and Patterson.

Four of Atlantic City’s 12 major casinos have closed in the last year, leaving the city with a greatly reduced tax base and nearly $400 million of debt.

Handling Bankruptcy

Atlantic City may hold a common misconception about bankruptcy, which goes back to the days of seemingly endless “Monopoly” games played out on the kitchen table, the living room floor, or a folding card table in the den. As you moved your racecar, iron, thimble, or battleship around the board, the worst thing you could do was file bankruptcy. That was the end of the game, and there was no hope of recovery.

Fortunately, the real thing works a bit differently. For one thing, a house on James Place may cost a little more than $50. More to the point, Chapter 7 Bankruptcy gives you a fresh start. Imagine that you have to take the red plastic hotel off of Pacific Avenue, but you keep the card face up and are soon able to start building it back up again. That, in a nutshell, is bankruptcy.

If you have more debt than you can pay, you can take the Atlantic City approach, and try to keep your head above water for a few more months and hope that things get better somehow. Or, you can take control of the situation and reach out to a Chapter 7 Bankruptcy attorney in Barrington. The experience may be somewhat uncomfortable in the short term, but you’ll be back at the financial starting line is as little as a few months, with little or no unsecured debt, more manageable secured debts, and a much brighter financial outlook.

Contact John Hargrave and Associates

We have provided comprehensive counsel to individuals in and around Barrington, New Jersey, since 1977. To schedule a free initial consultation, contact our office by e-mail or call us at 856-547-6500.

Two Billion Dollars In Relief Headed To Homeowners

In December 2013 the Federal Consumer Protection Bureau, District of Columbia, and 49 of 50 states reached an agreement with Ocwen Loan Servicing that requires Ocwen to provide $2.1 billion in relief to struggling homeowners. The agreement is still subject to approval by the courts.

Who is Ocwen Loan Servicing? Ocwen Loan Servicing is a loan servicer. Many people might say that their loan servicer is “the mortgage company” because they make their payments to the loan servicer and the loan servicer deals with all other issues of the loan (including defaults and foreclosures). However a loan servicer usually does not actually own the underlying loan – rather the owner of the loan (often Fannie Mae or Freddie Mac) has hired the loan servicer to “service” the loan.

What is unique about this deal is that it requires Ocwen to provide $2.1 billion of relief to homeowners. That $2.1 billion in relief isn’t money that comes out of the pockets of Ocwen, but comes from Ocwen’s clients – the owners of the mortgage loans. However, if Ocwen doesn’t get the $2.1 billion in relief out to homeowners within three years, Ocwen will need to pay a cash penalty for the amount of relief they didn’t get out to homeowners – from its own money!

Of this $2.1 billion, $2 billion must be provided in the form of principal reduction in the loans. This means that some portion of the amount owed must be forgiven. So what does this mean? It means that Ocwen finally has a compelling reason to work with homeowners to get their loans modified and provide relief to struggling homeowners.

Contact John Hargrave & Associates

We have provided comprehensive counsel to individuals in and around Barrington, New Jersey, since 1977. To schedule a free initial consultation, contact our office by e-mail or call us at 856-547-6500.

Welcome to Hargrave & Associates

At the law firm of John Hargrave and Associates, we are bankruptcy lawyers who understand that going through bankruptcy is one of the scariest things a person can do in their entire life. We also know that most people go on to achieve their greatest successes after filing for Chapter 7 or Chapter 13 bankruptcy protection.

Mr. Hargrave is an experienced bankruptcy trustee, having supervised more than 15,000 bankruptcies for New Jersey bankruptcy courts. This is in addition to his debt-relief work on behalf of his clients.

His trustee experience works for our clients because it gives Mr. Hargrave the ability to understand the world from both the perspective of the bankruptcy court and of the person who is going through bankruptcy. Thus, he can anticipate and proactively avoid problems that other attorneys without this viewpoint might not see.

Find out how a debt-relief attorney at the law firm of John Hargrave and Associates, in Barrington, NJ, can help you get back on the path to financial freedom. Call 856-547-6500 to schedule a free consultation