Comments on: Keeping a financial focus when your world is crowded… http://www.financialhack.com/2009/02/03/10500_keeping-a-financial-focus-when-your-world-is-crowded%e2%80%a6.html Digging my way out of debt Thu, 27 Aug 2009 22:47:53 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: mikey http://www.financialhack.com/2009/02/03/10500_keeping-a-financial-focus-when-your-world-is-crowded%e2%80%a6.html/comment-page-1#comment-12828 mikey Thu, 05 Feb 2009 14:10:20 +0000 http://www.financialhack.com/?p=500#comment-12828 that nicole chick scares me. i'd call her if it gets ugly... that nicole chick scares me. i’d call her if it gets ugly…

]]> By: Rebekah http://www.financialhack.com/2009/02/03/10500_keeping-a-financial-focus-when-your-world-is-crowded%e2%80%a6.html/comment-page-1#comment-12817 Rebekah Wed, 04 Feb 2009 01:51:26 +0000 http://www.financialhack.com/?p=500#comment-12817 Michelle - Thanks! Jay - The lawsuit is pretty serious. It's for several hundred thousand. I'd like to not have a lawyer but it's necessary. Dan - Yep, $200 an hour is about right. It hurts! Joan - You are so close! It's something just like that. Michelle – Thanks!

Jay – The lawsuit is pretty serious. It’s for several hundred thousand. I’d like to not have a lawyer but it’s necessary.

Dan – Yep, $200 an hour is about right. It hurts!

Joan – You are so close! It’s something just like that.

]]> By: Nicole http://www.financialhack.com/2009/02/03/10500_keeping-a-financial-focus-when-your-world-is-crowded%e2%80%a6.html/comment-page-1#comment-12816 Nicole Wed, 04 Feb 2009 00:21:25 +0000 http://www.financialhack.com/?p=500#comment-12816 Hey, I know people:) Hey, I know people:)

]]> By: Pev http://www.financialhack.com/2009/02/03/10500_keeping-a-financial-focus-when-your-world-is-crowded%e2%80%a6.html/comment-page-1#comment-12814 Pev Tue, 03 Feb 2009 18:28:00 +0000 http://www.financialhack.com/?p=500#comment-12814 I'm sorry to hear that. I hope everything will get resolve soon. I’m sorry to hear that. I hope everything will get resolve soon.

]]> By: Monkey Mama http://www.financialhack.com/2009/02/03/10500_keeping-a-financial-focus-when-your-world-is-crowded%e2%80%a6.html/comment-page-1#comment-12813 Monkey Mama Tue, 03 Feb 2009 18:17:53 +0000 http://www.financialhack.com/?p=500#comment-12813 My relative just went through this. The experience did take FOREVER but it turned out pretty well and not too expensive (well, could have been worse). I feel glad to have the name of a top notch attorney now. I know who to call in a similar case, for sure. The name of a good lawyer is invaluable. Everyone in the family has since purchased umbrella insurance to cover out butts, as well. Our parents have both been through things that could have been very financially devastating. SO it's hard to take much for granted in this sue happy world. My relative just went through this. The experience did take FOREVER but it turned out pretty well and not too expensive (well, could have been worse). I feel glad to have the name of a top notch attorney now. I know who to call in a similar case, for sure. The name of a good lawyer is invaluable.

Everyone in the family has since purchased umbrella insurance to cover out butts, as well.

Our parents have both been through things that could have been very financially devastating. SO it’s hard to take much for granted in this sue happy world.

]]> By: Joan http://www.financialhack.com/2009/02/03/10500_keeping-a-financial-focus-when-your-world-is-crowded%e2%80%a6.html/comment-page-1#comment-12812 Joan Tue, 03 Feb 2009 18:07:38 +0000 http://www.financialhack.com/?p=500#comment-12812 Sounds as if someone fell on your steps, believes that your deck was built without a permit and is hampering their enjoyment of their own yard, thinks that improper drainage from your property is ruining theirs, thinks your oak tree dropped twigs into their pool filter and broke it, claims the sun reflecting off your living room window caused them to drive their car into a fire hydrant, that your house is blocking their view of the lake, or one of any other million things people might sue a home owner over. Sounds as if someone fell on your steps, believes that your deck was built without a permit and is hampering their enjoyment of their own yard, thinks that improper drainage from your property is ruining theirs, thinks your oak tree dropped twigs into their pool filter and broke it, claims the sun reflecting off your living room window caused them to drive their car into a fire hydrant, that your house is blocking their view of the lake, or one of any other million things people might sue a home owner over.

]]> By: Dan Massicotte http://www.financialhack.com/2009/02/03/10500_keeping-a-financial-focus-when-your-world-is-crowded%e2%80%a6.html/comment-page-1#comment-12808 Dan Massicotte Tue, 03 Feb 2009 15:57:12 +0000 http://www.financialhack.com/?p=500#comment-12808 Wow, are legal fees as expensive in your area as they are here in Canada? It's something like $200/hr here. Eeek. Wow, are legal fees as expensive in your area as they are here in Canada? It’s something like $200/hr here. Eeek.

]]> By: Jay Gatsby http://www.financialhack.com/2009/02/03/10500_keeping-a-financial-focus-when-your-world-is-crowded%e2%80%a6.html/comment-page-1#comment-12807 Jay Gatsby Tue, 03 Feb 2009 14:55:05 +0000 http://www.financialhack.com/?p=500#comment-12807 I've been sued for various things I didn't do either. Being sued is a "cost of doing business", even if you're not in business. It takes nothing but a bare-bones complaint, a filing fee and service of the complaint on the defendant (often by mail) to sue someone. You don't always have to hire a lawyer to oppose a case, but it helps significantly if you have one. Some lawsuits can even be resolved by a strongly-worded letter by your attorney. If not, you simply counterclaim against the plaintiff for as much or more than the plaintiff is asking from you. Leverage is a wonderful thing, even if you don't think you'll actually win your counterclaim. I consider legal fees to be a part of any emergency fund. Make sure when the lawsuit is over and your lawyer has been paid that you replenish your emergency fund. In today's economy, you should have an emergency fund of at least a year, if not two years. The more assets you have (i.e. a deeper pocket for a lawyer to target) the more money you should have in your emergency fund. To keep costs down, I recommend that everyone get to know a few lawyers socially. One should be a trusts & estates lawyer, another should be a criminal lawyer (yes, an oxymoron), and the third should be a civil litigator. Depending on what you do for a living, you may be able to barter your professional services for a break on a lawyer's legal fees. For example, if you're a network administrator and your lawyer's firm has an outdated computer network on the verge of collapse, you might offer to perform all of the upgrading labor for free (with the lawyer buying the equipment). Even if you don't have something to offer, your network of friends and family members might be able to provide some valuable service. I’ve been sued for various things I didn’t do either. Being sued is a “cost of doing business”, even if you’re not in business. It takes nothing but a bare-bones complaint, a filing fee and service of the complaint on the defendant (often by mail) to sue someone. You don’t always have to hire a lawyer to oppose a case, but it helps significantly if you have one. Some lawsuits can even be resolved by a strongly-worded letter by your attorney. If not, you simply counterclaim against the plaintiff for as much or more than the plaintiff is asking from you. Leverage is a wonderful thing, even if you don’t think you’ll actually win your counterclaim.

I consider legal fees to be a part of any emergency fund. Make sure when the lawsuit is over and your lawyer has been paid that you replenish your emergency fund. In today’s economy, you should have an emergency fund of at least a year, if not two years. The more assets you have (i.e. a deeper pocket for a lawyer to target) the more money you should have in your emergency fund.

To keep costs down, I recommend that everyone get to know a few lawyers socially. One should be a trusts & estates lawyer, another should be a criminal lawyer (yes, an oxymoron), and the third should be a civil litigator. Depending on what you do for a living, you may be able to barter your professional services for a break on a lawyer’s legal fees. For example, if you’re a network administrator and your lawyer’s firm has an outdated computer network on the verge of collapse, you might offer to perform all of the upgrading labor for free (with the lawyer buying the equipment). Even if you don’t have something to offer, your network of friends and family members might be able to provide some valuable service.

]]> By: Michelle http://www.financialhack.com/2009/02/03/10500_keeping-a-financial-focus-when-your-world-is-crowded%e2%80%a6.html/comment-page-1#comment-12806 Michelle Tue, 03 Feb 2009 14:39:35 +0000 http://www.financialhack.com/?p=500#comment-12806 Uff - you're in my thoughts. Sometimes during my debt journey I get very defeated by some of the things that derail my progress (root canals, the fact I'll owe the IRS, my car insurance ...), but keep the faith. And remember - someday this will all be over and you'll be a stronger person because of it. Good luck! Uff – you’re in my thoughts. Sometimes during my debt journey I get very defeated by some of the things that derail my progress (root canals, the fact I’ll owe the IRS, my car insurance …), but keep the faith. And remember – someday this will all be over and you’ll be a stronger person because of it.

Good luck!

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