Nathan Resnick and Julie Trepeck Harris of Resnick Law P.C. were recently recognized by SuperLawyers magazine for their superior legal skills.

Nathan Resnick Named as SuperLawyer 2019-2020

For the second year in a row, H. Nathan Resnick has been named one of the top attorneys in Michigan for his superior work in the area of business and complex commercial litigation, by SuperLawyers Magazine. This distinction is awarded to the top 5% of lawyers across the country, and it is reflective of Resnick’s substantial experience and dedication to helping clients succeed in business.  The SuperLawyers selection process considers peer nominations, evaluations, client reviews, pro bono work, experience, previous awards, and independent research to put forth a credible, comprehensive, and diverse listing of lawyers each year.  

Resnick’s legal career began in 1989 when he graduated from Wayne State University Law School. Resnick has gone on to earn the reputation as a “bulldog” among his fellow lawyers due to his stellar track record with jury trials and bench trials and Resnick’s refusal to back down from any case.

Attorney Julie Trepeck Harris Recognized as a SuperLawyer Rising Star 2019-2020

Julie Trepeck Harris has been recognized as a Rising Star in Michigan by SuperLawyers.  This recognition is a testament to Attorney Trepeck Harris’s skills in business and corporate law transactions, real estate and estate planning.  Ms. Trepeck Harris was previously recognized in Illinois as a Rising Star for four consecutive years in 2011 to 2014. 

The Rising Star acknowledgement is a selective and tedious process to recognize the top 2.5% of attorneys in each state under the age of 40 or who have been practicing law for less than 10 years.  The selection is based on nominations, evaluations, client reviews, pro bono work, experience, previous awards, and independent research.  

Attorney Trepeck Harris began her career in 2005 after graduating from Chicago-Kent College of Law. After managing her own practice in Chicago, she moved back to Michigan and joined Resnick Law P.C. in November 2016, where she now practices corporate law, real estate and leads the firm’s estate planning practice.  In addition to this award, Ms. Trepeck Harris was also recently recognized as a Top 100 Lawyer in 2018 and 2019 by the National Advocates. 

Resnick Law, P.C. is here to help its clients and provide them with the very best representation in various areas of practice.  If you need the assistance of an experienced lawyer, contact Resnick Law P.C. today by calling (248) 642-5400 or schedule a consultation online. 

The 35 felony charges filed against both Modify Loan Experts LLC and its owner allege that the company promised its clients that they would be assigned legal counsel to represent them to negotiate on their behalf with the mortgage companies. Schuette alleged this did not happen and many victims lost their homes as a result.

Other allegations include that the owner also operated a credit card debt management service and allegedly told clients he was putting their funds into an escrow account to use in making payments to negotiate their debt with credit card companies.

Schuette said the con artist put the victims’ money into a regular bank account and used that account like an ATM.

The teachable moment of this despicable violation of trust is, in the parlance of a former U.S. president’s description of working with the then Soviet Union: trust but verify. While the details of how these victims fell prey to a con artist are still unfolding, it’s likely that clients’ blind trust aided his abetting.

It goes without saying: know with whom you’re dealing with when it comes to any financial or legal matter. Reputable professionals will make sure you are provided all documentation outlining negotiations and are involved in the process.

• Don’t solely rely on words. Demand to see receipts, statements and other work product that your money is paying for.
• If something seems off, question it. If you don’t understand something, demand to have it explained again — and again, if necessary.

In addition to operating Modify Loan Experts, the owner operated under the company names Modify Debt Experts LLC, Experts LLC, Modify Credit Experts and DLC Group.

The AG’s office is urging anyone who thinks they’re a victim to file a complaint with his office.

If you need help or advice on this or other matters regarding finances, bankruptcy and more, call us at Resnick Law, 248.642.5400, or click here to contact us online.

Economic decisions have an impact on public health.

We certainly saw that in Flint. Local government (headed by an emergency manager, appointed by the governor) made a decision to change the source of the water, because the prices of the Detroit Water authority were perceived to be too high (and many residents of Flint were in arrears on their water bills).

The effects of this ill-fated decision are well-known. The water in the Flint River flowed through pipes that leached lead into the water. The health damage is still being evaluated, but at this point, many children still have elevated lead levels in their blood. Household water is being boiled, bottled water is still being distributed. And an investigation will try to determine where systems fell apart: locally, state-wide or nationally.

Perhaps you have heard of the Zika virus. This virus, transmitted by mosquito has no cure and has been afflicting thousands of South and Central Americans with flu-like symptoms. Tragically, Zika has hit pregnant women the hardest, causing microcephaly in their fetuses. Microcephaly literally means “small head” or “small brain” and causes malformations in the skull and pervasive developmental delays.

Some countries like El Salvador are encouraging their women not to even become pregnant until some sort of cure is found for the Zika virus.

Zika virus is not so far away. It’s in the United States: in the commonwealth of Puerto Rico, to be exact. Nineteen people have been hospitalized in Puerto Rico as of this writing for the virus. None of them were pregnant, luckily. However, just like in Flint, there are problems.

Puerto Rico is essentially bankrupt and is at the mercy of the federal government, who will not allow them to “declare bankruptcy” as a commonwealth. But the cost of eradicating Zika will be high. It will include spraying mosquitoes, and more importantly, getting rid of breeding areas.

Once again, the nexus of economics and health will be on the world stage, on American soil. How will we perform?

photo from districtdetroit.com

Detroit has infamously faced decades of blight, crime and financial turmoil. Recent developments have put the city back on track to prosperity and the city is scheduled to undergo major development projects over the next couple years. At the pinnacle of these development projects is the District Detroit, an entertainment district that will connect Midtown and Downtown Detroit along Woodward Avenue.

The District Detroit will develop a series of five neighborhoods, all centered around a major venue.  Each neighborhood is uniquely themed, and will offer a taste of Detroit city life that appeals to a person of any passion. These neighborhoods are:

• Columbia Street Neighborhood: neighborhood encapsulating the Fox Theatre and the Fillmore.
• Wildcat Corner Neighborhood: anchored by Comerica Park and Ford Field.
• Woodward Square Neighborhood: to be built around the new Red Wings Arena on Woodward Ave.
• Cass Park Village Neighborhood: a residential neighborhood, which furthers development between Cass Avenue and Woodward Avenue.
• Colombia Park Neighborhood: a new and modern neighborhood anchored by public greenery space.

The ultimate goal of District Detroit is to transform underutilized neighborhoods into positive, creative and energetic spaces for residents, workers and guests. This project will also have a hugely positive economic impact on the city of Detroit as well. Coupled with the new hockey arena development, District Detroit is expected to spur an initial economic impact of $1.8 billion, and create thousands of construction and permanent jobs.

The District Detroit is an exciting furtherance of Detroit’s growth.  We are excited to keep up with the development of District Detroit, and cannot wait to experience the District when it is complete. District Detroit and the new arena are scheduled to be complete by the summer of 2017.

To view the progress on District Detroit thus far, https://player.vimeo.com/video/138003869

For more information about District Detroit, click here:  http://www.districtdetroit.com

First, let’s start with determining the feasibility of your business idea. Begin by thoroughly assessing yourself and your business idea. Ask yourself the following:

• Why do you want to start this business?
• Why do you believe this business will work?
• What are the goals you hope to accomplish in starting this business?
• What financial goals are you seeking to achieve?
• What are your business’ potential strengths and weaknesses?
• Do you have the education and skills necessary to start a business in this industry?
• What will it take for you to balance your personal life and business demands?

An honest assessment of the above questions will help you think through the critical aspects of your readiness to start your you own business. Remember you must be personally and professionally prepared to start a successful business, in addition to being sufficiently capitalized.

After assessing your business idea, become familiar with the industry in which you want to start your business. Research your industry, market, customer base and competition. A business cannot be successful if there is not an industry or market to support it. Consider the following when conducting your research:

• What is your industry? This is the “big picture” of everything that is happening in the realm of your particular type of business. Determine whether this industry has seen an increase or decrease in sales, identify any alternative products in this industry, and investigate any recent trends in this industry. Information about your business’s industry can be found in a variety of places, including the news (local, national or global), online, at a local library, or in trade or industry-related journals. Consider scheduling appointments with business owners in complementary industries (not your competitors), such as suppliers or business owners who provide a similar service but target a different demographic. Use these meetings to help you assess if your idea is feasible.
• Who is in your potential market and customer base? The market for your business is the population of consumers and/or businesses that will buy your product or service. When researching market trends, determine how many people are buying your product or service, how often your product is sold, and if your product is sold to a certain demographic (age, gender, ethnicity). Important information about the market for your business can be found online, in federal statistics or censuses, or at your local library.
• Who is your competition? It is vital to understand and acknowledge your competition when starting a business. Identify who your competitors are, how they serve their customers, how successful their business is, what your competitors offer that you might not, and whether there are any potential future competitors that might emerge in the market. In order to research your competition, don’t be afraid to visit the competitors’ stores directly and check out their websites as well as social media postings. It is also important to go online and research reviews your competition has received.

Finally and perhaps most importantly, you need to conduct a startup cost analysis of your business.  Make sure the idea and business model of your dreams is one that you can afford. Ask yourself the following questions when analyzing the costs of your business:

• What are your land or building costs?
  • Are you purchasing a space or leasing? Will there be closing costs? Remodeling costs? Utility deposits? If you will be working from home, will you need to do any modifications of your home?
• What will your equipment costs be?
  • Do you need furniture or special fixtures for your business? Do you need to purchase computers or special software? What about purchasing a telephone or phone plan? How will you access sufficient internet capability and speed? Do you need signage for your business? Shipping and installation of equipment?
• How much will your marketing cost?
  • Do you need to pay a marketing or design consultant for your brand or logo? How much will it cost you to advertise your business? What about promotional items and activities including signage, stationery, catalogues, and flyers? How much will a new website cost and regular social presence on multiple platforms?
• What are your operating fees and expenses?
  • Most likely, you will need to hire a lawyer and an accountant to help you start your business. What will filing fees be to create your entity? What will it cost to procure any patents or trademarks necessary for your business? Do you need to purchase insurance (health, life, fire, liability, etc.)? Do you need to pay for any licenses or permits? Do you need a trade association membership? Will you need to outsource payroll or accounting?
• What are your personal living expenses?
  • Will there be moving expenses? Do you have a separate account for these funds?
• What is your current cash reserve and working capital?
  • What will your opening expenses be? How much will you have to pay in wages and salaries? Do you need to borrow or pay back any loans? What is your current amount of cash on hand?
• How are you going to get the funding you need?
  • Will you use funds from personal savings, home equity line of credit, credit cards, retirement plan, or current income? Do you need to apply for grants or loans? Are you planning on crowd funding (individual contributions) your business? Should you need to reach out to angel investors or venture capitalists?

After analyzing your business idea, researching the industry and determining your personal and professional financial fitness, you should be able to determine if you have a feasible business idea.  Be honest and detailed in your analysis.

Remember that there are a multitude of legal requirements for starting a business and protecting your ideas. You need experienced attorneys who can handle the many transactional needs of a start-up business.

Much of the information above was gathered from the Michigan Economic Development Corporation and the Michigan Small Business Development Corporation (www.SBDCMichigan.org).

The 154 page bill proposes to close Washington, D.C.-based Fannie Mae and McLean, Va.-based Freddie Mac but retains a continuing government role to back mortgage lending and support consumer mortgage lending in the United States. According to the latest draft of the bill, Fannie Mae and Freddie Mac would be liquidated within 5 years and replaced by a Federal Mortgage Insurance Corp. to continue existing efforts to build a guidelines and lending programs able to help small lenders support single and multifamily loan guarantees.

If you are having difficulty with your mortgage lender, whether they are insured through Fannie Mae, Freddie Mac or and independent lender, contact the attorneys at Resnick & Moss, P.C. to help you make the right choices and achieve the best outcomes.   If you think that you may be facing foreclosure, or you have more than one mortgage on your home and cannot make your payments, please do not hesitate to call, Resnick & Moss, P.C.  (248) 642-5400 for a free telephone consultation.

Under the settlement with Bank of America, service members whose homes were unlawfully foreclosed between 2006 and 2010 will receive a minimum of $116,785.00 plus any equity lost and interest.   These same service members who are receiving payment under this settlement may also receive an additional payment under another settlement between Bank of America and the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System this additional settlement will bring the total amount received by eligible service members to $125,000.00.  Under the second settlement, Saxon Mortgage Services Inc. will pay over $2.5 million to 19 service members whose homes were unlawfully foreclosed upon between 2006 and 2010.   Each service member will receive a minimum of $130,555.56, plus compensation for any equity lost with interest.

Finally, it appears that someone is looking into and getting payments for people whose homes were lost due to sloppy and unlawful foreclosure procedures.   The SCRA provides critical additional consumer and other protections to the men and women serving our nation in the military.  For more information on the Justice Department’s work to enforce service members’ rights, please visit www.servicemembers.gov.  The Justice Department suggests that consumers contact their loan servicer to request a loan modification or to refinance under the national mortgage settlement.   The contact information for the five largest services are:

•Ally/GMAC:800-766-4622

•Bank of America:877-488-7814 (Available M-F 7 a.m. – 9 p.m. CT and Saturdays 8 a.m. – 5 p.m. CT)

•Citi:866-272-4749

•JPMorgan Chase:866-372-6901

•Wells Fargo: 800-288-3212(Available M-F 7 a.m. – 7 p.m. CT)

Part 2:  Thursday November 15, 2012, 6pm-8pm – Financial Consideration and Becoming Your Own Advocate

Location:  30400 Telegraph Rd., Suite 101, Bingham Farms, MI 48025

To register for the seminar contact Andrea Redman at: 248-334-1284 ext 389 or aredman@haven-oakland.org

Not only does divorce or separation exact an emotional toll on the couple and their children, but all too often there are drastic financial problems and issues that arise as well.  The financial issues include the division of property and assets, the sale or transfer of the marital home, alimony and support, as well as the assumption of certain marital debt.

Not surprisingly, when a couple separates, the finances of one or both parties can be greatly impacted.  All too often, a bankruptcy filing for one or both of the spouses can be just around the corner.   The bankruptcy laws have a tremendous potential impact on a divorcing/separating couple and their subsequent financial well-being.

For the second year in a row, attorney Brian Rookard will be giving a pro bono (i.e. – free) presentation at HAVEN (www.haven-oakland.org) on the financial problems and bankruptcy implications that arise out of a divorce or separation.   Brian will be making the presentation for Part 2 of the seminar.

HAVEN provides assistance and guidance to battered and sexually assaulted women.  Resnick Law, P.C. has been a proud supporter of HAVEN and is excited to be back at HAVEN for this wonderful opportunity to help empower women by providing them with the knowledge they need to guide them through a difficult period in their lives.

The attorneys of Resnick Law are very active in the Metro-Detroit community.  Follow the blog to learn about upcoming speaking engagements and community service opportunities.

Please “like” us on facebook or follow us on twitter, @resnickmoss.