First, applicants must fill out and submit a Form I-526, also called the Petition by Alien Entrepreneur. In order to be approved, they must meet a number of requirements and provide supporting documentation for those requirements along with their form. These supporting documents must provide evidence that:
· An investment has been made in a new commercial business that is for profit. The business must have been established after Nov. 29, 1990, or restructured or expanded in such a way that a new enterprise was created or there was a 40-percent increase in net worth.
· The individual will be actively involved in managing the new business.
· The investment was either $500,000 (in areas that are rural or have high unemployment) or $1 million in total.
· The investment funds were obtained lawfully. This can be shown through foreign business registration records, tax returns, banking documents, and more.
· The business will create at least 10 full-time jobs for U.S. workers. This cannot include the individual themselves or their spouse, children, or other family members. This is usually shown through a comprehensive business plan that includes projected size and scope of the business.
· The business will create or preserve jobs of a previously troubled business, if applicable.
Once this form is approved, the investor must file a DS-230 (Application for Immigrant Visa and Alien Registration) to get their Visa. After two years, EB-5 investors are eligible to file a form I-829, a Petition by Entrepreneur to Remove Conditions. This form allows investors, as well as their derivative family members, to remove the "conditional" part of their residency status and become permanent residents of the United States.
Want to learn more or see if you qualify for an EB-5 investors visa? Call 800-770-0127 to speak to an immigration attorney at the Jeff Davis Law Firm today.
]]>In order to qualify for an EB-5 investor visa, an individual must invest in a business that:
· Is a commercial enterprise, meaning it is for profit. This can include sole proprietorships, partnerships, holding companies, joint ventures, corporations, or business trusts.
· Was established after Nov. 29 1990. If it was established before this date, it must be restructured, reorganized, or expanded so that a new enterprise has resulted.
· Creates at least 10 full-time jobs for U.S. workers within two years' time.
Additionally, the investment made by the individual must be at least $1 million, in most cases. In areas with high unemployment rates or particularly rural areas, the investment must be at least $500,000.
There is also an E-2 Investor Visa which, while it allows individuals to work in the U.S., it doesn't provide permanent residency as with the EB-5. With an E-2 visa, immigrants must invest at least $200,000 and are required to renew their visa every two years.
More Information on Investor Visas
If you're not sure if you qualify for an investor visa or need help determining which type of investor visa is right for you, contact the Jeff Davis Law Firm today. We can help with all of your visa, immigration, and residency needs. Call 800-770-0127 now!
]]>I-9 Audit Checklist
When it's time for your audit, you'll receive a notice of inspection, requesting copies of all employee I-9 forms. It's important you keep your staff's I-9 forms organized and stored in any easily accessible place, as you are required to submit these copies in just three days' time.
You should also make sure all I-9 forms are properly filled out and documented. Specifically, they must have:
· The employee's name, address, maiden name, and date of birth.
· Identification of the employee's citizenship and immigration status.
· An employee signature and date.
· One supporting document from list A included, or one from both lists B and C. List A documents can be a U.S. passport, a permanent resident card, a foreign passport, or an employment authorization card. List B documents are: U.S. driver's licenses, ID cards issued by federal, state, or local government agencies, school identification cards, voter registration cards, U.S. military cards or draft records, military dependent ID cards, Native American tribal documents, and Canadian driver's licenses. List C documents include U.S. birth certificates, social security cards, citizen ID cards, and Native American tribal documents.
· Your certification, as the individual's employer, that the form and supporting documents have all been examined and appear to be valid.
In addition to all I-9 forms, the Department of Immigration and Customs Enforcement (ICE) also may request a number of other items. Just in case, you should be prepared to provide the following documents during your audit:
· A list of all your current employees
· A list of all employees terminated in the last three years
· Copies of your payroll and bank records
· Copies of your business licenses
· Any social security no-match letters you have received
If problems are found during your audit, it could result in the termination of one or more of your employees, a steep fine (anywhere from $110 to $16,000 depending on the severity of the problem), and even jail time. Following this handy I-9 audit checklist will help ensure you're prepared and ready for any potential audit that may come your way.
When the I-9 Audit Checklist Isn't Enough
If you're not sure whether you meet all the requirements of our I-9 audit checklist, or you need help getting your documents in line for an upcoming audit, contact the Jeff Davis Law Firm today. Our team can help ensure your business is fully prepared. We'll look out for potential problems or issues, and we'll help you troubleshoot them before your audit begins. We can also help get your documentation in order and up to snuff before ICE comes calling. All in all, we'll help you be as prepared as possible, so you can have a quick, easy, and problem-free audit from start to finish.
For more information or to learn more about our I-9 audit checklist, call the Jeff Davis Law Firm today at 800-770-0127.
]]>Put simply, the DREAM Act is a proposed bill that, if enacted, would afford certain illegal immigrants an easier road to residency in the U.S. It was first brought before the United States Senate in 2001. While the DREAM Act has not become a federal law, at least 12 states have passed their own versions of the law over the last 10 years.
What is the Dream Act Law?
The DREAM Act, which stands for Development, Relief, and Education for Alien Minors, allows a select group of illegal aliens to have a clear cut path to permanent residency here in the U.S. Specifically, the law applies to aliens who came to the U.S. as minors, graduated from U.S. high schools, and have continued to live in the country for an extended period of time. Additionally, the individual must complete at least two years of higher education or enlist in (and be honorably discharged from) a branch of the U.S. military.
As of April 2013, 12 states have unique versions of the DREAM Act law on the books. These states include: Texas, Illinois, California, Nebraska, Utah, Kansas, New York, New Mexico, Wisconsin, Massachusetts, Washington, and Maryland.
Seeking Residency Under the Dream Act Law
Still wondering exactly what is the DREAM Act law? Considering seeking residency under the DREAM Act law that's in your state? Let an attorney at the Jeff Davis Law Firm help. Our team is well-versed in Dream Act requirements and can help you begin the process to become a legal United States resident. Call us at 800-770-0127 to get started today.
]]>A case in point is a cancer diagnosis and financial problems. And according to research published this week, people with cancer are twice as likely to file for bankruptcy as people who do not have cancer.
On one level, this finding is hardly surprising. Medical debt is well known to be one of the major causes of bankruptcy, both in the San Antonio area and across the country. But to see the correlation between the two events - cancer and bankruptcy - quantified in this way is still difficult.
]]> And yet forming a difficult thought can also be a way of moving forward. After all, bankruptcy is not the bogeyman. For many people, it is a viable way of gaining significant debt relief and a fresh financial start.The study on the connection between cancer diagnosis and bankruptcy was conducted at a cancer research center in Seattle. It has been published in a journal called Health Affairs.
Overall, the study found that the likelihood of filing for bankruptcy is more than 2.5 times higher for people with a cancer diagnosis than it is for other people. But the study also showed some interesting age differences among the patients in their survey sample. Younger people who were diagnosed with cancer were more likely to file for bankruptcy to resolve medical debt than older people.
The researchers attributed this to the debt-to-income ratios that are typical for people earlier in life. After all, it's hard to have much of a nest egg built up when you're raising children and trying to pay off student loans.
Source: "Cancer patients more than twice as likely to go bankrupt," CBS News, Ryan Jaslow, 5-16-13
]]>In order to qualify for deferred action, these DACA application requirements must be met:
· You must have entered the country before the age of 16.
· You must have been physically present in the United States on June 15, 2012, when the law was enacted.
· You must have been under the age of 31 as of June 15, 2012.
· You must have resided in the U.S. contiguously since June 15, 2007.
· You must have entered the U.S. without inspection, or your status must have expired by June 15, 2012.
· You must have graduated from a U.S. high school, have obtained your GED, or be enrolled in a program of higher education .
· You must not have been convicted of a felony, "significant" misdemeanor, or three misdemeanors total.
· You must not pose a threat to national security or public safety.
Once you have met these initial DACA application requirements, any removal action against you may be deferred for up to two years. You may then file to renew and begin to seek authorization to work in the U.S.
Did you come to the U.S. as a minor and are now looking for a pathway to work authorization? DACA may be your answer. Contact the Jeff Davis Law Firm at 800-770-0127 today to see if you meet all the DACA application requirements and to get started.
]]>As we have discussed before in this blog, bankruptcy can be a viable strategy for consumers in San Antonio and across the country who are struggling with credit card and other forms of debt. This is true of all age groups. And this includes people over 50, as we discussed in our February 21 post on boomers and credit card debt.
]]> The latest news about credit card usage is that it is going down nationally. From a peak of $1.022 trillion in July 2008, in the midst of the Recession, credit card indebtedness had fallen to $846 billion by March of this year. That is drop of more than 17.
To be sure, this is not an age of total austerity, either in Texas or nationally. Some types of borrowing, particularly for student loans and car loans, have been going up in recent months.
But significant financial pressures still continue for many families. It isn’t only that unemployment remains high. Even for many people who are working, finances remain tight.
Tax law changes at the beginning of the year contributed to this trend. As part of the resolution of the so-called Fiscal Cliff crisis, federal payroll tax cuts ended. And this has affected after-tax income across the board.
Even the fact that student loans are up contains a potential downside. In many cases, people go to school to improve their chances in an otherwise poor job market. But if the schooling does not lead to a good job, it can present problems with student loan debt.
Source: "Consumers cut back on credit card use in March,” USA Today, 5-7-13
]]>If you're a citizen or permanent resident of the United States, and you'd like a family member in another country to immigrate here to join you, you must first file a petition for alien relative, known as an I-130 form. This form enables you to claim eligible relatives; once it is filed and approved, your family members will be able to seek an immigrant visa and make their move to the U.S. Not sure how to petition a relative for an immigrant visa? Follow our helpful guide below.
How to Petition a Relative for an Immigrant Visa
Petitioning a relative is the first step in your family member's immigration to the United States. This petition is filed with the U.S. Citizenship and Immigration Services (USCIS) division of the Department of Homeland Security, and essentially establishes you as the sponsor of your relative. If you're petitioning on behalf of a sibling or parent in another country, you must be at least 21 years old. For other types of relatives, including spouses, there is no minimum age requirement. As a sponsor, you also must have a primary residence in the U.S.
The first step in petitioning a relative is to fill out the I-130 form, which can be found on the USCIS website. After it has been completed, you will need to remit the $420 filing fee. The USCIS will then approve the petition and send it on to the National Visa Center, where it will be assigned an official case number. Then your relative will be sent the appropriate application forms, and they will need to work with their local U.S. Consulate office to begin the Visa application process.
Every Case is Different
Unfortunately, just because you've filed the petition doesn't mean your family member will be able to enter the country anytime soon. The process for acquiring a visa varies greatly from case to case; one of the biggest factors that can affect the speed and efficiency of receiving a visa is the person's relation to you.
Relatives are put into certain categories based on how they are related to the U.S. resident submitting the petition. Unmarried adult children of U.S. citizens are considered a first-preference immigrant, spouses and minor children are second-preference, married adult children are third-preference, and siblings are considered fourth-preference. Only a set number of individuals can be granted immigrant status in each preference category a year. Thus, your relative's wait time could vary greatly depending on the preference category they fall into.
For minor children or spouses, the wait time is typically about four years. For children who are over the age of 21 (and unmarried) the wait is usually seven. Siblings may have to wait as long as 11 years before their visa is approved, and married adult children on average experience a 10-year wait.
Getting Help
Still not quite sure how to petition a relative for an immigrant visa or need advice on what steps to take next? We can help. The Jeff Davis Law Firm has expertise in all aspects of immigration law. Whether it's assisting you in filing and submitting your initial petition or guiding you through the ins and outs of the immigration process itself, we can help with all of your family's immigration needs.
Additionally, our team speaks Spanish fluently. Call us at 800-770-0127 to speak to an attorney at the Jeff Davis Law Firm and begin learning how to petition a relative for an immigration visa today.
]]>Federal courts have not agreed on how this question should be settled. This issue affects people in the San Antonio area and across the country in cases where someone is trying to protect from creditors the proceeds they have inherited from a retirement account.
]]> The most recent court ruling on the question came last week. The Seventh Circuit Court of Appeals held that such proceeds are not exempt assets and can therefore be reached by bankruptcy creditors. But other federal courts have reached the opposite conclusion.Analytically, the important question is the status of the proceeds of a 401(k), IRA or other retirement account when it passes through inheritance. If the status is considered to be cash, then the argument for allowing creditors to reach it becomes stronger.
From a public policy standpoint, however, it is hard to see how allowing creditors to reach inherited retirement accounts can be beneficial. After all, it is in society’s interest to encourage people to save for retirement. Indeed, that is surely the rationale for allowing the bankruptcy law exemption for retirement accounts in the first place.
To be sure, that rationale is not as strong when someone withdraws money from the account or does not invest it again for retirement after inheriting it.
In any case, the issue in cases of this type is the same regardless of the type of consumer bankruptcy involved. Regardless of whether it’s a Chapter 7, Chapter 11 or Chapter 13, the question of whether creditors can reach the proceeds of inherited retirement accounts in a bankruptcy depends on how those accounts are characterized.
Please visit our page on consumer bankruptcy.
Source: Source: “In circuit split, court says inherited IRS fair game in bankruptcy,” Thomson Reuters News & Insight,” Nick Brown, 4-24-13
]]>In the San Antonio area and nationwide, foreclosure has affected an almost unimaginable number of homeowners since the real estate crisis triggered the Great Recession. Some of them have made strategic decisions to file for bankruptcy, seeking to keep their homes that way.
]]> Across the country, millions of people were wrongly foreclosed upon. The banks and their loan servicers failed to comply with numerous legal requirements. Famously, in the so-called "robo-signing" scandal, they used bogus paperwork or no paperwork at all.The banks also charged improper fees and engaged in the dubious practice of "dual tracking." Using this practice, they often accepted modified mortgage payments for awhile from homeowners suffering from job loss or other financial problems. But then the banks double-crossed the homeowners by continuing to pursue foreclosure anyway.
State attorneys got together and sued the banks over these wrongful foreclosure practices. The federal government joined in, and in February 2012 five of the nation's biggest banks agreed to a $25 billion settlement.
About a year later, a total of 13 mortgage companies agreed to a separate settlement. This one was in the amount of $9.3 billion, and it was supposed to provide $3.6 billion in compensation to about 4.2 million homeowners who were wrongly foreclosed upon. The payment will range from $300 to $125,000.
Last week, the first round of payments went out to homeowners. But here's the rub: some of the checks bounced. The private contractor chosen by the federal government to distribute the money apparently failed to transfer enough money into the appropriate bank accounts to cover them.
Source: New York Times, "Mortgage Relief Checks Go Out, Only to Bounce," Jessica Silver-Greenberg and Ben Protess, April 17, 2013.
Please visit our page on home foreclosure.
]]>In the San Antonio area and throughout the nation, the pressure to pay can be relentless. It often comes right away from hospital gatekeepers who are reluctant to even grant admission without a guarantee of payment. And it comes later from debt collectors seeking to squeeze those payments out of you.
]]> Sometimes people who are desperate to pay for desperately needed medical care take out payday loans. In theory, this is a type of short-term loan that provides enough money to cover immediate expenses. The borrower usually signs a post-dated check, which the payday lender then cashes on the borrower's next payday.Yes, such loans can give you quick cash in hand. But the amount of interest and fees you will likely encounter will quickly make the cost of that loan escalate. For many people, payday loans become a slide down into even deeper debt.
The payday loan industry is notorious for piling on fees for those who are unable to pay. Last year, the amount of fees imposed on Texas families on these loans is estimated was more than $1 billion.
Given how payday debt can boomerang on you, it makes sense to look for another way to move forward. Keep in mind, when facing challenges with medical debt, that bankruptcy can be an effective debt relief strategy. Whether to pursue a Chapter 7 or a Chapter 13 bankruptcy will depend on your particular circumstances. But that is something you can discuss with your bankruptcy attorney.
Source: "Commentary: State should regulate predatory loan practices," Houston Chronicle, 4-12-13
Please visit our page on consumer bankruptcy.
]]>The points we made in our December 5 post about the benefits of bankruptcy as a form of genuine debt relief remain valid. Today, we will explain how foreclosure procedures can be quite different, depending on which state you live in.
Texas, in particular, is different from many other states. In fact, the foreclosure process in Texas is considered to be the shortest in the country.
]]> around the country on length of the foreclosure period. The results showed that the time period for completing a foreclosure was shortest in Texas. It was an average of 159 days, compared to 166 days in Virginia, the next speediest state.This is very fast compared to the national average. According to RealtyTrac, the U.S. average is 477 days - about three times as long as in Texas.
The foreclosure period begins when foreclosure proceedings are initiated by the lender. It ends when the property in question is sold at auction. The sale could be to the lender who holds the mortgage or to a third party.
It's true that the overall number of foreclosures in the U.S. is down considerably from post-Recession peaks. But there are still a lot of people who are underwater on their mortgages. And there are still plenty of foreclosures in the pipeline, both in the San Antonio area and nationally.
Source: "Texas has shortest foreclosure process in the U.S.," San Antonio Business Journal, Tricia Lynn Silva, 4-11-13
Please visit our page on home foreclosure.
]]>The 2005 law did add a few additional hoops to jump through. Overall, though, bankruptcy remains a very useful strategy in for many people seeking meaningful debt relief. In the San Antonio area and across the country, the number of bankruptcy filings continues to reflect this fact.
]]> One of the additional hoops added in 2005 concerned audits of consumer bankruptcy filings. The law authorizes bankruptcy trustees to randomly select for auditing one personal bankruptcy case out of every 250 in each respective federal district. The legislation also allowed trustees to initiate audits in cases involving highly unusual income or expenditures.The audits were to be performed not by court officials, but independent examiners. They were supposed to look for fraud, such as debtors trying to conceal assets from the court. Documents to be examined were to include tax returns, bank statements, and paychecks, as well as other information.
So the audit program went into effect, to mixed reviews. Financial services companies generally considered it to be an important check on bankruptcy fraud. But bankruptcy attorneys pointed out that the audits often dragged out the bankruptcy process. And it was not always clear what the definition of "material misstatement" used in the audits referred to.
Last month, the audit game abruptly changed. The U.S. Trustee Program, which administers the audits, announced that is suspending them indefinitely. The program is run by the U.S. Justice Department, which like all federal agencies is under intense financial pressure from across-the-board budget cuts.
Source: "Bankruptcy Watchdogs Suspend Debtor Audits," The Wall Street Journal, Jacqueline Patank, 4-1-13
To learn more about our practice, please visit our page on consumer bankruptcy.
]]>Many of our clients are interested in debt consolidation, but are not quite sure what it is. We thought it might be a good idea to write a post that outlines the general contours of this process.
]]> Debt consolidation refers to a process in which your outstanding balances are rolled into one loan. That way, instead of owing, say, 12 different creditors, you only owe one. In some (but not all) cases, debtors can achieve a slightly more favorable interest rate or more manageable monthly payment through debt consolidation.We would like to make it clear that debt consolidation does not erase any debts. All the money you owed before you consolidated is still owed; it is simply owed to another party.
Now, debt consolidation might be a good idea for people who have spread themselves too thin and cannot quite keep up with all the people to whom they owe money but can still make their payments.
It is not as good of an idea for people who having difficulty making payments at all. Although some people can obtain some kind of financial advantage through debt consolidation, it is not always enough to make the difference between treading water and going under. For people who are really having difficulty making ends meet month after month, bankruptcy may be a better choice.
We hope this post has given you a good, general understanding of what debt consolidation is and, just as importantly, what it is not. Because each person's financial landscape is different, whether debt consolidation makes sense for you isn't something you can determine from just a blog post. For advice and insight, you might consider speaking with an attorney who helps people in your situation.
Source: KLTV, "Eight facts about debt consolidation," Andrew Housser, March 25, 2013
Well, the truth is that so-called zero-interest credit card balance transfer offers must be scrutinized carefully. Debtors in the San Antonio or anywhere else in the U.S. can only add to their problems with debt if they don't read the fine print on those offers.
]]> Keep in mind, too, that if credit card debt becomes unmanageable, bankruptcy may be a good way to obtain meaningful debt relief. Whether you use Chapter 7, Chapter 13 or even some other form of bankruptcy filing depends on your individual circumstances. But it is worth knowing that credit card debt is one of the types of debt that bankruptcy can help you tackle.So what about those zero-balance transfer offers for credit cards? Some people say that if a card issuer lets you transfer a car loan to a no-interest credit card, you can save substantially on interest payments. You will also essentially be trading secured debt (a loan with the vehicle as collateral) for unsecured credit card debt.
This strategy, if successful, would also give you title to the vehicle sooner. And that could help you keep the car from being repossessed if you run into challenges with making your car payments.
The problem, however, is that it is very easy to fail to pay off the credit card before the zero-interest period expires. The zero-interest period usually only lasts a year. Even if the no-interest period lasts 18 months, the date at which interest will kick in can sneak up on consumers.
And if you are one of those consumers and have failed to pay off the balance, you'll be hit with double-digit interest on that balance.
Source: "The Risks of Transferring a Car Loan to a Credit Card," The New York Times, Ann Carrns, 3-18-13
To learn more about our practice, please visit our page on consumer bankruptcy.
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