Lawsuit Loan. A New Funding Product

Lawsuit Loans. No Risk Loans

A relatively new source of financing is now available for both individuals and business owners. It is called lawsuit financing, often referred to as lawsuit loans or lawsuit funding. But these are not loans because the money does not have to be paid back unless the case is won.

Lawsuit financing (loans) help clients who are having financial difficulties. Lawsuit funders do not require credit checks, monthly payments, notes, or any other security.

Frequently, claimants have missed work or lost their job and can no longer meet their rent or automobile payments. In the past, these claimants have needed to accept lesser settlement amounts due to pressing financial difficulties. Now, clients can sustain their personal lives and give the attorney the necessary time to achieve the full value of the case.

Often times, individual claimants and commercial litigants require financial loan assistance prior to settlement or judgment. Types of cases that qualify are:

- Personal Injury: Automobile Accidents, Any Type

- Malpractice: Medical-Legal, Accounting, Construction,

- Wrongful Termination

- Discrimination

- Harassment: Sexual/Rape, Any Type

-And much more

There are a handful of companies that provide lawsuit funding. For more information on these lawsuit loan companies please visit http://www.fredcoutts.com/indexlawsuit.htm. Each company provides funding that is specific to their criteria. All lawsuit funding companies will provide funding for personal injury lawsuits. But there are only a couple that will fund commercial and other non- personal injury lawsuit cases.

Rates will vary depending upon the risk. Lawsuit funding companies will generally finance up to 10-15% of the potential settlement value. For example, if the case has a potential value of $100,000, you can expect a funding offer of $10,000 to $15,000. Lawsuit funding companies carefully analyze the cases they choose to fund. They must like the lawyer as well as the potential settlement value.

Lawsuit funding is available in most states and can be a very beneficial source of funds.

For more information please contact the author Fred Coutts at http://www.fredcoutts.com/indexlawsuit.htm or phone at 888-942-6639.

Since 1980, Fred(CPA,CMA) has been crafting powerful cash flow solutions for businesses and individuals alike, from entreptreneurs to "Fortune 500" companies. He has built a solid foundation of financial and operational experience through many executive roles, including those as CFO and Controller. Fred is well versed and experienced in finance, accounting, and business operations.

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Placing A Value On Your Personal Injury Claim

Your Medical Doctor or Chiropractor has released you from treatment for your motor vehicle accident and enough time has passed so you’re about to position yourself to sit down with Adjuster Henry Hard-Nose. His employer is Rock Solid Insurance, the company who insures Fred Fuddle, the individual who plowed into your rear end, smashing you with a tremendous crash which was responsible for your injuries plus the “Pain and Suffering” you’ve had to endure.

To be adequately compensated for what you’ve gone through you must have accumulated what’s identified in the world of insurance claims as “Special Damages”. Those are your Medical bills, your Lost Wages plus every dollar paid out to help with your recovery. When building the value of a personal injury claim there are several key elements you should be aware of:

LIABILITY: In the vast majority of motor vehicle accidents it’s clear who was at fault. Assuming that Fuddle struck you a mighty blow in the rear end (rear-enders make up well over half of the motor vehicle accidents that take place in the United States each year) yours is a case that must be settled. (Final Statistics prove that in 83% of accident’s that took place in 2003 it’s clear who was at fault) !

The very doubtful liability case has little, if any, settlement value. If that’s the situation you should obtain the services of the local Legal Beagle who does a good job at that, Attorney I.M. Greedy. But, if you do, be very careful when you sign Greedy’s “Contingency Fee Agreement”. Read it closely. Don’t sign anything that will let him charge you one penny, other than his normal fee. Do not - - in any way whatsoever - - allow him to chisel any money from you, for his out-of-pocket expenses. All Greedy should be compensated for (if he’s successful at busting loose some bucks from Rock Solid) is his fee and that should be no more than the usual locally published accepted percentage of the total recovery.

TYPE OF INJURY: If there are severe injuries (which make up only ten to fifteen percent of all motor vehicle accidents) you should obtain the services of a lawyer. But, if you’ve had minor injuries like whiplash, bumps, bruises, sprains and/or strains (and it's clear you're not at fault) you can handle and settle the claim yourself.

TYPE OF PERSON YOU ARE: Rate yourself and be brutally honest. You’re most likely an average motor vehicle owner/driver, living a normal life. But, if you’ve spent some time behind bars, have a criminal record, or a history of character defects that often get your butt in a jam with the local cops (and this is well-known) you must take those facts into consideration when forming expectations regarding what your case is worth.

THE TYPE OF PERSON FRED FUDDLE IS: The better Fred Fuddle looks, or the better the "entity" “(Fuddle’s business or company, etc.) appears, the better for Rock Solid. But, if Fuddle is a known bookie or drug dealer, they’re in deep “stuff“. On the other hand, if Fuddle is a well-loved philanthropist, that can be a plus for Rock Solid Insurance. Or if the vehicle that struck you was a van driven by Pastor Frederick Fuddle, and the named insured is The Fuddle Camp For Lost Souls, that can be a plus for Rock Solid.

But, if the “entity” that hit you was a dilapidated junk pile on wheels operated by Fred “Goof-Ball” Fuddle, and the named insured is The Fuddle Rotted Cow Manure Corporation, that will obviously not be favorable for Rock Solid.

DAMAGES: There are “Medical Special Damage” Expenses, “Non-Medical Special Damages” Expenses, and/or your “Property Damage” Expenses.

MEDICAL SPECIAL DAMAGE EXPENSES: These typically include Cost of Ambulance, Emergency Room, Hospital and/or Clinic Charges, Chiropractor, and/or Dentist, Over-The-Counter Drugs and/or Prescription Medications, Laboratory Fees and Services, Diagnostic Tests: X-Rays and (CT) Scan, Prosthetic Appliances or Surgical Apparatus, (Cranes & Crutches), Physical Therapy, Registered and/or Practical Nurse Fees, Ace Bandages, Gauze and Tape, Heating Pads, Creams, Lotions, Ointments, Balms and Salves.

When it comes to listing your Medical Special Damage “expenses” don’t overlook one single dollar because, when it comes time to settle your claim, that dollar can increase the value of your payment for “Pain and Suffering” by a multiplier of four or even five! (Yes, that means a $20.00 bill can be worth $80.00 to $100.00 more ,in your pocket, from Rock Solid Insurance, at settlement time).

NON-MEDICAL SPECIAL DAMAGES: These typically include Lost Wages and Earnings, Lost Vacation time and/or Sick Leave, Travel Expenses (car rentals, public transportation, expenses incurred getting to and from your Chiropractor and/or hospital and/or physical therapy “treatment” of some sort) Household Help during disability and/or Child Care. Be sure to obtain written proof of such "Non Medical" Special Damages.

LOST WAGES: The income you lost, because you were unable to work, is an area where adjusters take terrible advantage of the typical claimant because they know so little about it.

Commissions and overtime can make a huge difference in your lost earnings. Be sure to get a letter from your employer, on their official letterhead, explaining that in detail. Or, if you’re self-employed, get this information stated on your accountants letterhead.

The time you miss from work (thus the money you may have lost) is calculated and this element constitutes what is known as “Lost Wages” or “Lost Time Verification”. In most situations you’re entitled to compensation for lost time and earnings, even if you have no actual loss of money! Such as, for example, when your salary is paid by your company insurance coverage, or by taking sick leave, or some similar arrangement.

Even if you’re salaried you should obtain a "Lost Earnings", or "Time Lost Verification", in writing on your employer’s letterhead.

IF YOU’RE SELF-EMPLOYED: To prove your lost earnings you’ll probably have to assemble some inside information for Hard-Nose. If you don’t like the idea of submitting private documents to him, in the privacy of your home or office, just think how you’d feel about producing them in the non-private environment of a courtroom. When a case goes to trial, and if you want to prove your damages so as to collect adequate compensation, that’s your only alternative.

TWO CRITICAL AREAS REGARDING LOST WAGES: Did the injury necessitate a change of job or employment at a lesser rate? Or, did the injury allow your going to work but only on a part-time basis? If the answer to either question is “Yes”, it would be wise to ask your employer to document these facts on their letterhead.

IT’S CRUCIAL FOR YOU TO KNOW: Even if you’ve been paid while out of work, you can still compute your time lost from work as “Lost Wages” .

PROPERTY DAMAGE EXPENSES: These typically include Motor Vehicle Repair, Damaged Clothing, Broken Glasses, cost of Substitute Car Rentals, Towing and Storage. Make copies of all bills relating to any of your property damage expenses. Keep the originals. Be sure to have these in your possession when you and Hard-Nose plunk yourselves down to "Talk Turkey". Photocopies are sufficient to give him.

YOUR AGE: Because of their obvious innocence, insurance claim accident victims, up to the age of 12, generally have excellent settlement results. Those in their teens, and into their late 50’s, fall into a fairly normal category because they’re generally considered to be at the height of their physical stamina. Those in their late 60’s, and over, usually fare extremely well; primarily due to the sympathy that’s often invoked, from a judge or jury, because of general attitudes regarding frailty and the elderly.

MOST IMPORTANT TO REMEMBER:The information Hard-Nose places into your file plays a major role in the ultimate value of your claim. Never underestimate the importance of his impressions and conclusions! Should, one day, your case ends up in front of a judge, or jury, what Hard-Nose feels, observes and then reports into your file at Rock Solid about you, his insured Fred Fuddle, and/or possible witnesses, etc., (in addition to the information you’ve documented for him) could have massive influence on the value of your claim - - especially if Fuddle is a loser and he’s absolutely in the wrong. At that point the only thing stalling a settlement is the amount of money it’s going cost to get rid of you.

And, should your file end up in the hands of the local defense attorney for Rock Solid Insurance, all the positive factors about you, your injury and liability, will cause him to gasp, “Hey, what's going on here? My legal fees will be higher than the few hundred more bucks this one can be dumped for.”

The bottom line: Your out-of-pocket expenses correctly recorded and presented, your injury information properly documented and your lost wages clearly established will seriously increase the dollar value of your personal injury claim.

QUESTION: How does Dan know this to be true? ANSWER: “Because for 38 years Dan was right there, where he saw and done that" !

Copyright (c) 2005 by Daniel G. Baldyga. All Rights Reserved

DISCLAIMER: The purpose of this "How To" Insurance Claim Article "PLACING A VALUE ON YOUR PERSONAL INJURY CLAIM" is to help people understand the motor vehicle accident claim process. Dan Baldyga does not make any guarantee of any kind whatsoever, NOR do they purport to engage in rendering any professional or legal service, NOR to substitute for a lawyer, an insurance adjuster, or claims consultant, or the like. Wherever such professional help is desired it is the INDIVIDUAL’S RESPONSIBILITY to obtain said services.

Dan Badlyga has had 3 "How To" Insurance Claim books published, the last being AUTO ACCIDENT PERSONAL INJURY INSURANCE CLAIM (How To Evaluate And Settle Your Loss) which can be found on the internet at http://www.caraccidentclaims.com or http://www.autoaccidentclaims.com.

This book explains, in simple language, "How To" handle your motor vehicle property damage and/or personal injury claim. It also contains BASE (The Baldyga Auto Accident Settlement Evaluation Formula). THE BASE FORMULA will explain how to determine the value of the "Pain and Suffering" you endured - - because of your motor vehicle accident injury!


Dan Baldyga spent over 3 decades within the area of Insurance Claims, as an Adjuster, Supervisor and then Manager. He was then promoted to Trial Assistant where he worked another 5 years on thousands of Insurance Claim case.

eMail: dbpaw@comcast.net
AUTO ACCIDENT PERSONAL INJURY INSURANCE CLAIM
(How To Evaluate And Settle Your Loss) - http://www.autoaccidentclaims.com

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Are Your Loan Officers Employees or Independent Contractors

Many mortgage lenders/brokers treat their loan officers (who are their salespersons) as independent contractors. Those loan officers are paid on a commission based on the successful funding of a loan. The mortgage lenders/brokers pay the loan officers either as each transaction closes or on a periodic basis. The amount paid to the loan officer contains no deduction for federal, state or local taxes. Frequently, the loan officer does not receive any benefits, such as company-paid health insurance or paid sick or vacation time. At the end of each year, the mortgage lenders/brokers issue IRS Form 1099s to their loan officers.

As a mortgage lender/broker, you cannot classify whether your loan officers are independent contractors or employees. That task has been given to the Internal Revenue Service, the U.S. Department of Labor, your state unemployment insurance agency, your state department of labor and your state workers compensation insurance agency. Although each agency has its own guidelines, typically the determination turns on the degree of control that the mortgage lender/broker exercises and the degree of independence that the loan officer enjoys. When the mortgage lender/broker has the right to dictate what will be done and how it will be done, then the loan officer is an employee. The government agencies look at facts concerning the behavioral control of the loan officer, the financial control of the loan officer and the relationship between the mortgage lender/broker and the loan officer. The Internal Revenue Service has a 20 factor test to determine whether an employer/employee relationship exists. Such factors include whether the loan officer has to comply with instructions, gets training from the mortgage lender/broker, works exclusively for the mortgage lender/broker, whether the loan officer can independently hire assistants, whether the loan officer has set hours of work, whether there is a continuing relationship, and whether regular reports must be given to a supervisor. The IRS seems to have a bias towards finding an employer-employee relationship. Even if the mortgage lender/broker has a written agreement with the loan officer classifying him/her as an independent contractor, that is not binding on any federal or state agency.

If you have been treating your loan officers as independent contractors, when in reality, they pass the 20 factor test as employees, what are the ramifications? If the Internal Revenue Service or Department of Labor find you have misclassified employees, they will require you to pay back withholding taxes plus interest, or they can assess fines that can bankrupt a company, or even file criminal charges against the owners. Once the IRS has come in, other federal and state agencies follow right behind them and assess their fines and penalties as well. If there is anything left, the loan officer can sue for unemployment compensation, retirement benefits, profit sharing, vacation pay, disability or any other benefit that he/she would have received as an employee. Many mortgage companies have gone out of business because they treated many of their loan officers as independent contractors and did not comply with wage-and-hour laws

How does the Internal Revenue Service or Department of Labor find out about you? Usually, a dismissed loan officer will file for unemployment benefits or a disgruntled loan officer will make a telephone call to the agency. And the agency will always follow up.

You should also be aware that the agency that approved your lender/broker license considers the loan officers to be employees because you have responsibility for their actions. Although some states do not require that the loan officers be W-2 employees, they will not care how you classify the loan officer who is in regulatory hot water. The Banking Departments are concerned that your company supervises the people operating under the auspices of your license. This requires that you supervise the activities of your loan officers regardless of whether you pay them as employees or as independent contractors. After all, you are responsible for any violations of the mortgage lender/broker law, rules and policies committed by anyone, including a loan originator, operating under your license. Therefore, it's in your best interests to supervise them.

This Article is designed to be of general interest. The specific information discussed may not apply to you. Before acting on any matter contained herein, you should consult with your personal legal and accounting adviser.

Robin M. Gronsky has been practicing law since 1982. She is admitted to practice in New York, New Jersey and Florida.

As a former general counsel of a national mortgage lender, Ms. Gronsky is experienced in corporate matters, mortgage licensing on a nationwide basis, and all facets of real estate transactions.

Ms. Gronsky graduated magna cum laude from the State University of New York at Buffalo and received her J.D. from Boston University School of Law.

Ms. Gronsky's practice is geared to maintain personal contact with her clients and develop a close-working professional relationship over a long period of time. This helps assure that her clients' work will be performed by the lawyer they have chosen.

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Medical Malpractice: 10 Reasons Why Most Victims Won't Recover a Dime

Despite popular opinion about the “skyrocketing” increase in malpractice suits and awards, the number of suits has not increased since 1996, and in most cases, plaintiffs receive nothing. There are a variety of reasons why patients do not recover any compensation for injuries suffered while receiving medical care. Most of these issues stem from general misconceptions about medical malpractice. It is important for potential malpractice victims to understand these issues while seeking counsel to represent their case.

1. Patients don’t know they are victims of medical malpractice.

Studies show that roughly 2.9 to 3.7 percent of admitted hospital patients suffer some sort of preventable injury as a result of medical management (i.e., not from the original medical condition). Even more management-related injuries occur outside of the hospital. These injuries are a result of a physician /administrator’s affirmative mistake, or that person’s failure to act in a particular situation. Types of mistakes include errors in diagnosis, use of automated materials, and inappropriate delay of treatment.

However, one of the most common errors occurs with administering medication. The Massachusetts State Board of Registration in Pharmacy estimates that in Massachusetts alone 2.4 million prescriptions are filled improperly each year, the majority of which involve providing the wrong strength drug, or the wrong drug altogether. Each layer of communication introduces another opportunity for error. Improper diagnoses and negligent supervision of trainees are other common errors, and both have led to disastrous results in many cases. Up to 98,000 patients are killed each year as a result of preventable medical errors, the eighth leading cause of death in the U.S., yet only 10,000 cases of malpractice are filed each year. In the vast majority of cases, however, the fact that a poor medical outcome was caused by malpractice is hidden from the patient.

2. No autopsy was ever performed.

Remember that we must prove both carelessness on the part of the doctor or hospital and that the carelessness resulted in death or injury. In a medical malpractice case that results in death, it is extremely difficult to prove that the death occurred because of the malpractice without an autopsy. This is because there are so many reasons why a person might have died, but we must prove that at least one of the reasons for the death was the negligence of the doctor or hospital.

3. A physician’s poor bedside manner does not constitute negligence.

In the vast majority of cases, even egregiously poor bedside manner cannot be considered in determining whether a physician was legally negligent in providing treatment. We have reviewed many cases where arrogant doctors provided care and the patient was injured. It just doesn’t matter legally that the doctor was a jerk. We must prove, with expert medical opinion that the treatment departed from good and accepted medical care, and not bad bedside manners, that caused injury.

4. The patient suffered no significant damages.

As we noted above, the legal system is not set up to handle small medical malpractice cases. We decline hundreds of cases a year where it appears that the doctor was careless but the resulting injury is not significant. A pharmacist may incorrectly fill your prescription, and you might get sick for a few days. If you have a good recovery, however, you probably don’t have the basis for a case. That’s because the costs of pursuing the case will be greater than the expected recovery. Our Court system may not be perfect, but it does act as a filter to keep out all but the most serious cases of medical malpractice.

5. The physician or hospital’s mismanagement did not necessarily cause the injury suffered.

As discussed earlier, it is very difficult to prove that medical wrongdoing was the reason why the patient suffered the injury that he or she received. The insurance companies have many standard defenses including, for example, that (1)The injury was an unforeseeable consequence of the initial condition/injury, (2)The injury was due to the patient’s non-compliance with prior medical advice, (3)The risk of the patient’s particular injury was a known, recognized, acceptable risk (acceptable to whom?), (4)Some other party was responsible for causing the injury, or (5)The injury was caused by a previous illness or disease.

Medical malpractice claims must show that the doctor’s substandard care, more likely than not, was a substantial factor in causing injury.

6. The injured patient has not retained an experienced attorney.

The world of medical malpractice claims is a world unto its’ own. It has its’ own special rules and laws. We believe that it is imperative that an experienced medical malpractice attorney or an attorney that is ‘teaming up with’ an experienced malpractice attorney represent you.

7. The statute of limitations has expired.

This is the time a person has to start a lawsuit. The time limit is very different for a city, state or municipal hospital than it is for a private hospital or doctor. One reason that you should consult an experienced medical malpractice attorney early is to determine when the statute of limitations expires in your case! DON’T LET YOUR TIME RUN OUT without knowing your legal options!

8. Jurors have been biased by the insurance industry.

The insurance industry has spent millions of dollars funding research to suggest that there is a widespread problem with respect to medical malpractice suits. These studies claim that excessive verdicts are causing malpractice insurers to raise their premiums, forcing physicians out of the medical profession. It has been proven that increased medical malpractice premiums have nothing to do with lawsuit verdicts! Even the American Insurance Association has said that lawmakers who enact “tort reform” should not expect insurance rates to drop! Jurors who hear the insurance company propaganda then award less of a verdict than they would normally have deemed appropriate. Unfortunately, after the verdict is reduced on appeal, malpractice victims often receive less than is necessary to pay their medical bills for treating the subsequent injury that was caused by the malpractice. Even your doctor probably believes that by capping, or reducing damage awards, this will cure all that is ill with the legal system.

Nothing is further from the truth. The medical malpractice insurance companies are in business to make money. Not to pay out money. The more they pay out in claims, the less profit they and their shareholders take home. I have always asserted that if the doctors wanted satisfaction in reducing their inflated premiums, they should look no further than their own malpractice insurance companies. By demanding rate reductions and by threatening to obtain coverage elsewhere, the insurance companies have to realize that their rates must be re-evaluated. Also troubling is why physicians have not banded together to open competing insurance companies in order to obtain reduced rates.

9. The injured patient is unable to hire good qualified medical experts.

You cannot win a malpractice case without a medical expert. A good expert who is willing to testify can be hard to find. It is becoming increasingly difficult to find doctors who are willing to stand up for what is right and to right a wrong. It takes time and money to find the best experts for your case. This is one area where insurance companies have an advantage. If they have a case that is particularly bad for their doctor, they may show the case to many experts before they find one to support the defense (or concoct a defense). They can afford to hire many experts. Most plaintiffs cannot afford to have ten experts look at their case in order to determine which expert will work ‘best’ for them.

Increasingly, doctor’s professional groups are now attempting to bring claims against doctors who testify against other doctors. These claims seek to revoke the doctor’s board certification or punish the expert doctor for testifying for a patient. This has happened recently in the field of neurosurgery and obstetrics and gynecology. The potential threat of professional repercussions for testifying on behalf of a patient will significantly inhibit many doctors from helping injured victims in seeking justice and proper compensation.

10. Juries like doctors.

Folks sitting on juries rely on doctors when they’re sick. They trust their doctor. Their family uses the doctor. The doctor has trained for many years to learn their specialty. How can the doctor be faulted for something that would have happened even if good care were rendered? Fighting a malpractice case is an uphill battle. But, with proper information, the right facts, the right experts and an experienced attorney, you stand a much better chance of knowing the risks of taking your case to trial.

Gerry Oginski is an experienced medical malpractice and personal injury trial attorney and practices exclusively in the State of New York. He has tirelessly represented injured victims in all types of medical malpractice and injury cases in the last 16 years. As a solo practitioner he is able to devote 100% of his time to each individual client. A client is never a file number in his office.

Take a look at Gerry's website http://www.oginski-law.com and read his free special reports on malpractice and accident law. Read actual testimony of real doctors in medical malpractice cases. Learn answers to your legal questions. We have 139 questions and answers to the most interesting legal questions. Read about his success stories. Read the latest injury and malpractice news. I guarantee there's something of interest to you on this site. http://www.oginski-law.com

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What is Power of Attorney?

Power of Attorney is a legal document where one person authorizes another to act on his/her behalf. It allows that authorized person to manage business and/or financial affairs when one person is no longer able to do so. It may be required due to illness, overseas travel or mental incapacity.

Why is it important to organise a Power of Attorney? Should you be considered incompetent to deal with your finances - you need somebody else to be authorised to deal with your affairs. A Power of Attorney document allows you to choose the person, with defined authority and limits if desired, the power to protect, or re-arrange, your assets.

The person named in a Power of Attorney to act on your behalf is referred to as your "agent" or "attorney-in-fact." With a valid Power of Attorney, your agent can take any action permitted in the document. Often your agent must present the actual document to invoke the power.

If you do not have a Power of Attorney and become unable to manage your personal or business affairs, it may become necessary for a court to appoint one or more people to act on your behalf. Usually referred to as guardians, conservators, or committees. If a court proceeding is required then you may not have the ability to choose the person who will act for you.

By executing a Power of Attorney for Finances (also referred to as a Durable Power of Attorney for Finances) you can decide who you want to make decisions about your legal and financial matters. You can be very specific about what actions you are authorizing your partner (or agent) to make, including which accounts he/she has access to and the types of decisions he/she can make.

A Power of Attorney for Health Care allows decisions to be made specifically on what kind of treatment the person wants, based on their medical condition.

A Living Will in some ways duplicates the information in the Power of Attorney for Health Care. It is a separate document that lets your family members know what type of care you do or do not want to receive should you become terminally ill or comatosed. It can also cover situations in which a person may survive but is not capable of making their own medical decisions.

It can be a directive stating that there is to be no heroic measures to keep the person alive when there is no realistic prospect of any meaningful recovery.

An Enduring Power of Attorney is a legal document authorizing a named person or people to act on your behalf. Subject to certain conditions it continues in force until death.

Guardianship is a legal relationship whereby a probate court gives a person (the guardian) the power to make personal decisions for another (the ward). A family member or a friend can initiate the proceedings by filing a petition in the probate court where the person lives. A medical examination by a licensed doctor may be necessary to establish the person's condition. A court of law will then determine whether that person is unable to meet the essential requirements for his/her health and safety.

As long as you are alive you have the power to revoke the Power of Attorney. To do this you must contact your attorney-in-fact to advise that the Power of Attorney has been revoked.

You can also specify a date that the Power of Attorney will expire.

A Power of Attorney is also important for unmarried couples, who live together, when a partner becomes incapacitated and unable to make decisions. When this occurs the law usually assigns the incapacitated person's next of kin as the decision maker. With a Power of Attorney, unmarried couples can give their partners the power to make decisions.

Gay Redmile is the webmaster of several finance and investment sites. Having recently been named as Power of Attorney for her father - she realised how important it was for people to be aware of the implications of not having one in place. For further information and the latest news and articles visit her site at http://www.powerofattorneyhome.com

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How Identity Theft Occurs

In the course of a busy day, you may write a cheque at the grocery shop, charge theatre tickets, rent a car, post your tax returns, change service providers for your cell phone, or apply for a credit card. Chances are you don't give these everyday transactions a second thought. But an identity thief does. Identity theft is a serious crime. People whose identities have been stolen can spend months or years and thousands of dollars cleaning up the mess the thieves have made of a good name and credit record. In the meantime, victims of identity theft may lose job opportunities, be refused loans for housing or cars, and even get arrested for crimes they didn't commit. Despite your best efforts to manage the flow of your personal information or to keep it to yourself, skilled identity thieves may use a variety of methods to gain access to your data.

How identity thieves get your personal information:

• They may get information from businesses or other institutions by:

o stealing records or information while they're on the job

o bribing an employee who has access to these records

o hacking these records

o conning information out of employees

• They may steal your mail, including bank and credit card statements, credit card offers, new cheque books or tax information.

• They may rummage through your rubbish bins, the rubbish bins of businesses, or even public rubbish dumps.

• They may steal your credit or debit card numbers by capturing the information in a data storage device in a practice known as "skimming." They may swipe your card for an actual purchase, or attach the device to an ATM machine where you may enter or swipe your card.

• They may steal your wallet or purse.

• They may complete a "change of address form" to divert your mail to another location.

• They may steal personal information they find in your home.

• They may steal personal information from you through email or phone by posing as legitimate companies and claiming that you have a problem with your account.

How identity thieves use your personal information:

• They may call your credit card issuer to change the billing address on your credit card account. The imposter then runs up charges on your account. Because your bills are being sent to a different address, it may be some time before you realise there's a problem.

• They may open new credit card accounts in your name. When they use the credit cards and don't pay the bills, the overdue accounts are reported on your credit report.

• They may establish phone or wireless service in your name.

• They may open a bank account in your name and write bad cheques on that account.

• They may issue counterfeit cheques or credit or debit cards, or authorize electronic transfers in your name, and drain your bank account.

• They may buy a car by taking out a car loan in your name.

• They may get identification such as a driver's license issued with their picture, in your name.

• They may get a job or file fraudulent tax returns in your name.

You may freely reprint this article provided the author's biography remains intact:

John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.

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New Bankruptcy Law Will Not Protect You from Identity Theft

Recently passed by Congress with overwhelming support, the oddly-named Bankruptcy Abuse Prevention and Consumer Protection Act was designed to eliminate “bankruptcy of convenience.” The perceived problem is that many compulsive gamblers, shoppers and drug users often run up huge debts on easily available credit cards with no intention of paying their bills. A relatively easy bankruptcy filing through Chapter 7 of the Federal bankruptcy code wipes all the debts clean and gives the debtor a fresh start. Studies would suggest that most people who file for bankruptcy are actually suffering from sudden illness, job loss or some other catastrophic event, but the law was passed just the same, and debtors will now have to repay at least a portion of their problem debt when the new law takes place in October, 2005.

A provision of the new law that was not well publicized is the fact that the law applies to any debt, including debt which has been incurred through theft of the debtor’s identity. If someone steals your credit card, or driver’s license, or both, and runs up a huge amount of debt by posing as you, then you will be held responsible for the debt. Identity theft has become an increasingly large problem in the last few years, but the new legislation should make everyone aware of the problem associated with identity theft. While a determined thief can probably steal anything, a few simple steps can make it harder for someone to steal your identity.:


Shred your documents. There are plenty of thieves that will sort through trash, looking for credit card receipts, bills and any document that has your signature. If you are throwing away financial documents, shred them first. Shredders can be found at any office supply store for a reasonable price.


Don’t give out your Social Security number to anyone unless it is absolutely necessary. Congress originally intended that the Social Security number not be used as a national identity number, but over the years it has become just that. If someone with whom you are doing business asks you for your number, inquire as to whether it is absolutely necessary that they have it. Providing the number may not be required. A thief can obtain a lot of information about you if they have your Social Security number. Guard it carefully.


Don’t carry more credit cards with you than is necessary. It’s rarely necessary to carry 20 credit cards in your purse or wallet. Go through them and see if you can’t keep a few in a secure place at home.


Check your credit report once a year and look for suspicious entries. It typically takes nearly a year for someone to find out that their identity has been stolen. Look out for loans or large purchases that you don’t remember making.


Never give out personal financial information, especially credit card numbers, to someone that you don’t know on the telephone.


A few simple steps, practiced regularly, can protect you from identity theft. More importantly, these steps can protect you from having to repay thousands of dollars of debt that some thief might run up in your name. Your identity is your most valuable asset. Protect it carefully.

©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and StructuredSettlementHelp.com, a site devoted to information regarding structured settlements.

Article Source: http://EzineArticles.com/?expert=Charles_Essmeier

New Bankruptcy Law Will Not Protect You from Identity Theft

Recently passed by Congress with overwhelming support, the oddly-named Bankruptcy Abuse Prevention and Consumer Protection Act was designed to eliminate “bankruptcy of convenience.” The perceived problem is that many compulsive gamblers, shoppers and drug users often run up huge debts on easily available credit cards with no intention of paying their bills. A relatively easy bankruptcy filing through Chapter 7 of the Federal bankruptcy code wipes all the debts clean and gives the debtor a fresh start. Studies would suggest that most people who file for bankruptcy are actually suffering from sudden illness, job loss or some other catastrophic event, but the law was passed just the same, and debtors will now have to repay at least a portion of their problem debt when the new law takes place in October, 2005.

A provision of the new law that was not well publicized is the fact that the law applies to any debt, including debt which has been incurred through theft of the debtor’s identity. If someone steals your credit card, or driver’s license, or both, and runs up a huge amount of debt by posing as you, then you will be held responsible for the debt. Identity theft has become an increasingly large problem in the last few years, but the new legislation should make everyone aware of the problem associated with identity theft. While a determined thief can probably steal anything, a few simple steps can make it harder for someone to steal your identity.:


Shred your documents. There are plenty of thieves that will sort through trash, looking for credit card receipts, bills and any document that has your signature. If you are throwing away financial documents, shred them first. Shredders can be found at any office supply store for a reasonable price.


Don’t give out your Social Security number to anyone unless it is absolutely necessary. Congress originally intended that the Social Security number not be used as a national identity number, but over the years it has become just that. If someone with whom you are doing business asks you for your number, inquire as to whether it is absolutely necessary that they have it. Providing the number may not be required. A thief can obtain a lot of information about you if they have your Social Security number. Guard it carefully.


Don’t carry more credit cards with you than is necessary. It’s rarely necessary to carry 20 credit cards in your purse or wallet. Go through them and see if you can’t keep a few in a secure place at home.


Check your credit report once a year and look for suspicious entries. It typically takes nearly a year for someone to find out that their identity has been stolen. Look out for loans or large purchases that you don’t remember making.


Never give out personal financial information, especially credit card numbers, to someone that you don’t know on the telephone.


A few simple steps, practiced regularly, can protect you from identity theft. More importantly, these steps can protect you from having to repay thousands of dollars of debt that some thief might run up in your name. Your identity is your most valuable asset. Protect it carefully.

©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and StructuredSettlementHelp.com, a site devoted to information regarding structured settlements.

Article Source: http://EzineArticles.com/?expert=Charles_Essmeier

40 Million People Hacked - YOU as Identity Theft Victim

Saturday, MasterCard blamed a vendor of ALL credit card providers called CardSystems Solutions, Inc., a third-party processor of payment card data, as the source of loss of 40 million consumers credit card information.

As is pointed out by several newspaper and web articles over the last few weeks, each recapping long lists of financial information data breaches, something's gotta give before we entirely lose trust in financial institutions, data brokers and credit bureaus. How much privacy loss can we take without acting?

These types of data loss were very likely common and have very probably been going on for a very long time. The difference is that now, THEY ARE REQUIRED BY LAW TO DISCLOSE THOSE LOSSES - not just in California, but in many states. National disclosure laws on data security breaches are being considered in Congress.

I suggest that these breaches of data security all came to light due to the California law requiring disclosure from companies suffering hacking loss or leaks or social engineering or crooked employees or organized crime rings posing as "legitimate" customers. All of the above have been given as reasons for security lapses or poor security policies.

About three years ago, a friend told me his paycheck deposit to Bank of America went missing from account records after he took his check to the bank on Friday. By Monday, Bank of America was in the news claiming a computer glitch had disappeared the entire day's deposits. I mumbled to myself, "I'll bet that was a hack and that hacker just made a huge offshore banking deposit with B of A depositors' money."

But we didn't find out why it happened in that particular case because there was no disclosure law in place at the time. Now we have disclosure laws that mandate notice of security breaches. Now suddenly - huge financial services hacks and devious criminal social engineering outfits posing as legitimate customers and apparently "innocent" losses by transport companies of backup tapes begin to come to light.

This spate of data loss incidents is proof of the need for corporate "sunshine laws" that make public notice mandatory of those data losses that threaten customer information.

Who is going to lose here - the public, the corporations, the criminals, or the government? I'd prefer that the bad guys get the shaft and take down crooked company insiders that either facilitate data loss by underfunding security and encryption or participate in data theft or loss in any form - even if that participation is security negligence.

Financial companies and data brokers have been covering up the losses and keeping quiet about hacks so as not to worry or frighten their customers. But that practice is essentially ended now that they must notify the public and disclose those losses instead of hushing them up.

Keeping the breaches hidden from public view is bad practice as it maintains the status quo. Disclosure will facilitate internal corporate lockdowns on the data and all access to it. Disclosure will educate the public to the lack of security and danger to the sensitive information we all provide rather casually and routinely to businesses.

As the following link to a silicon.com story suggests, we cannot take much more of this lack of regard to privacy and must lock down financially sensitive data securely and must begin to hold data brokers, bureaus and handlers VERY accountable.

Insist to your elected representatives that your financial data be locked down, encrypted and guarded by those entrusted with storing, transporting and using it. Since our financial, medical and legal lives are increasingly being housed in digital form and transmitted between data centers of multiple handlers - we need to know it is secure. We also need to know when that security has been breached and our data compromised or lost.

Thieves are becoming more aware of the ease with which they can find and access financial data. Hacking is not the source of the greatest losses.

Organized crime has easily found their way into our financial records by simply paying for it by posing as "legitimate" business customers of information brokers such as ChoicePoint and Lexis/Nexis. Any business can buy financial and credit information from those information bureaus and credit reporting agencies by meeting rather lax requirements for "need to know" that data.

As long as it is possible to purchase our sensitive data from brokers and bureaus, organized crime will "legitimately" buy it from those sources, then ruin our credit by selling that information at a higher price in identity theft schemes.

Since disclosure laws have come into effect, those breaches have been made public, credit cards cancelled before losses can occur and credit reports monitored to watch for suspicious activity. The bad guys activities are squelched because we are made aware of the possibility our information has been compromised.

Not all blame can go to financial institutions and data brokers. Protect your own private data by protecting your computer records at home, in the office, on your laptop and in your PDA by using basic keyword security and locking down files. Use built in encryption on your operating system and your home network to keep data secure. Then be certain to clear that sensitive data off the computer when you sell it or throw it away.

Data security is something we all need to take seriously and the corporate breaches are dramatic illustrations of how important it has become to build digital fortresses around our critical financial, legal and medical information.


Mike Banks Valentine is a privacy advocate and blogs about privacy issues at PrivacyNotes.com You can read more about identity theft issues at: Publish101

Contact MikeValentine for Search Engine Optimization http://www.seoptimism.com

Article Source: http://EzineArticles.com/?expert=Mike_Valentine