Begos & Horgan LLP
From The Firm — Press Release
Legal and Financial Advisors Form Alliance to Help Businesses and Consumers Solve Credit Problems
WESTPORT, CT., Mar. 13, 2008 — As credit problems spread from sub-prime mortgage loans to all sectors of the economy, two firms have formed an alliance to help both businesses and consumers deal with their increasing financial burdens. The two firms, Begos Horgan & Brown LLP and Omni Solo, Inc., will provide comprehensive legal assistance and financial planning services to business and consumer borrowers who are experiencing credit difficulties.
The two firms have a long history of working together to help companies and individuals in debt. Begos Horgan & Brown is a law firm that has prosecuted predatory lending disputes and represented both borrowers and lenders in mortgage foreclosures. Omni Solo is a consulting firm specializing in restructuring consumer and business debt.
"We were concerned that there are a lot of people out there offering 'quick fixes' and promising to make people's debt problems go away. It's not that simple, and those one-size-fits-all credit counselors can often do more harm than good," says Atty. Patrick Begos, a founding member and partner of Begos Horgan & Brown. "Together, our firms will provide realistic resolutions to debt problems. We will aggressively find and pursue legal claims to minimize or eliminate debts, but we won't promise outcomes that we can't deliver. Too many people find themselves in worse trouble by listening to 'advisors' who make unrealistic promises. How can someone solve a person's credit problems without first taking the time to understand his unique situation? We'll help clients find the best solution to their debt problem that is possible."
"These kinds of problems need a team approach," points out Joseph L.A. Tesoriere, a founder and the president of Omni Solo. "To successfully deal with credit problems, you need a combination of financial and legal help. Because of our different backgrounds and experience we approach these problems with diverse mindsets and skills. Often there are legal solutions that a financial person can't pursue, just as there are sometimes financial solutions that a lawyer will not know about. This alliance brings both specialties to bear on a complex problem. Together we can give people better outcomes than if they worked with one or the other specialty alone." Atty. Begos concurs, saying: "Looking at a complex problem from different angles almost always produces a better result."
There have always been people who had problems with debt, but the current credit crunch is hitting a different group of people. "Many people who haven't defaulted on a debt in their lives are experiencing problems," points out Atty. Begos. "They are well-established, often with well-paying jobs, but the glut of credit opportunities during the past decade enticed them into taking on more debt than they could handle. They borrowed against the ever-increasing equity in their homes to supplement their incomes or to fund investments. It may have been a reasonable decision when housing prices were escalating, but given the real estate downturn, they may not have any equity left. And the credit crunch means that they might not be able to borrow any more even if they have more equity. Despite this, the cash needs that caused the borrowing in the first place have not changed. They're left between a rock and a hard place."
Who are the people this alliance expects to help? Financial consultant Joe Tesoriere gives a few examples. "People who have been using home equity loans to supplement your income will most likely need our help. Also, those who have taken out multiple home equity loans or have been taking money out of their homes to invest in the stock market. Since the stock market's in a slump as well these people are probably caught in a financial bind."
For more information about the alliance and its work helping businesses and consumers deal with financial burdens contact Patrick Begos at
(203) 226-9990 or pwb@begoshorgan.com or Joseph Tesoriere at (203) 226-5800 or jlat@omnisolo.com.
About Begos Horgan & Brown LLP
Begos Horgan & Brown is a full-service law firm representing businesses and individuals. They engage in sophisticated business, financial and insurance related litigation, trials and appeals in all courts, state and federal, in New York and Connecticut as well as arbitrations. Their practice areas include general commercial and corporate disputes, securities litigation, debtor/creditor disputes, insurance coverage disputes, real estate litigation, employment-related litigation, real estate purchase and sales, trusts and estates and divorce. They have offices in Bronxville, NY and Westport, CT. For more information see www.begoshorgan.com.
About Omni Solo Inc.
Omni Solo Inc. is a business advisory firm in strategic planning. Since 1976 their advisors have been serving as financial and operational consultants to owners of small and medium size businesses. The firm analyzes, qualifies and finalizes all aspects of financial and business needs. Their office is in Westport. For more information see www.omnisolo.com.
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