Many Americans recently filed a tax return only to discover their refund was not what they had expected — or worse. Others might have prepared the documents only to seek an extension due to an unplanned need to pay. Now, the realization sets in that financial hardships remain or might have worsened. Right now, foreclosures are increasing following all of the relief and moratoriums, while adjustable-rate mortgages are going up. The restart of student loan debt repayment continues to loom. Individuals seeing renewed or increased difficulty meeting debt obligations need to know bankruptcy can help provide a path forward. Attorneys at Sader Law Firm regularly help keep individuals and families in a residence, stop calls from creditors and develop a plan to meet the specific needs of their situation. However, those considering bankruptcy should keep a few things in mind: While most types of personal obligations can be discharged through…
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Lawsuits are scary, especially when you are being sued by a company you are unfamiliar with that alleges you have defaulted on a student loan and owe thousands of dollars in principal, interest, penalties, attorney’s fees and costs. Many times, the amount claimed is much higher than your original student loan balance. To make things worse, the company suing you has an attorney which puts you at a distinct disadvantage. To avoid entry of a default judgment against you, the key in such a situation is to have a plan of action that calls for you to organize, evaluate, and appear. Organize – Pull copies of your loan documents, including your original promissory note, your payment records, and all correspondence between you and the lender or its servicer, including any notice you may have received regarding the transfer or sale of your promissory note from one lender or entity to…
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By STEVEN LONG Many people seeking the relief afforded by bankruptcy want to file a Chapter 7 bankruptcy. I have heard initial disappointment from some in discovering that they do not actually qualify for a Chapter 7. They filed too recently, their income is too high to qualify or because they had property that they wanted to keep. In truth, Chapter 13 bankruptcy is not a compromise. It is often the case that everything Chapter 7 can do, Chapter 13 can do better. Power 1: Saving the House If an individual is behind on mortgage payments, a Chapter 7 bankruptcy is a bad solution for that problem. A Chapter 7 can cancel a foreclosure sale but does effectively nothing to bring the account current. What is often seen as a strength of Chapter 7 is its weakness here – Chapter 7 cases are brief. As is the protection they afford….
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*Credit card payments will not be accepted for bankruptcy cases, unless pre-approved by The Sader Law Firm. If you have a question about a credit card payment, please call our Office Manager at (816) 561 1818.
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