If you want to work out a loan modification with your lender, the answer is simple: Don’t make your mortgage payment. Saying this out loud still makes me nervous, but more and more, homeowners tell me that their own mortgage company tells them they need to be behind in order to be considered for any [...]
January 2009
The bankruptcy means test could be a new source of pain for consumers as the recession deepens. The 2005 Congress tied everyone together in a community and, perversely, elected to punish consumers who live in the hardest-hit communities more. In a nutshell, BAPCPA dictates that consumers with average income over the prior six-months which is [...]
The “Helping Homeowners Save their Homes in Bankruptcy Act of 2009″, HR 200, sponsored by Representative Conyers (D-Mich) advanced in Congress yesterday. Â In a hearing which lasted almost four hours, members of the House committee considering the bill explained why it was so urgent. Â The congressmen particularly recognize that mortgage lenders don’t feel any reason [...]
If you are filing a bankruptcy case, you must declare all of your assets and all of your debts. You can’t decide “not to file bankruptcy on” a particular asset or a particular debt. Instead, you can try to exempt an asset or to reaffirm a particular debt. Discuss these issues with your attorney.
Divorce and bankruptcy often go hand in hand. What many people don’t realize is that filing for bankruptcy can make a divorce easier by eliminating the fights and concerns over paying debts that the individuals are not in a position to pay. Financial problems can contribute significantly to marital problems, so it isn’t surprising that [...]
It seems that everywhere you turn, a business that you are used to shopping with is closing it’s doors. Consumers may have products on order, or they might have some ongoing warranty obligations. North Carolina Attorney General Roy Cooper issued some practical guidelines for consumers facing the closing of businesses that they are dealing with.
