Roughly 800,000 homeowners still enrolled in the government’s Home Affordable Modification Program (HAMP), will see their mortgage interest rates gradually rise starting in 2014. Thirty percent of those who qualified for relief have defaulted again. Unfortunately, although home prices have increased over the last two years, household incomes have remained flat, and many homeowners still owe more on their mortgages than their homes are worth. We want you to know that you may have additional options. If you find yourself owing more on your mortgage than your house is worth, are under or unemployed, or facing foreclosure, bankruptcy may be the appropriate option for you. By filing for chapter 7 bankruptcy, you can let go of an underwater home and prevent the mortgage lender from trying to collect against you by discharging your debt. If you are enrolled in the HAMP program and in danger of defaulting or perhaps facing…
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A question that often comes up when we speak with clients is how to tackle student loans when it comes to bankruptcy. Oftentimes, a young family is swimming in debt, a significant amount of which is in the form of student loans. A recent article in on CNN Money brought to light just how dire the student loan situation has become. According to the article, the average student loan debt of a person who graduated in May 2013 was $35,200. For many, this debt is manageable until they get married and now have two combined student loan payments, plus a mortgage, plus medical bills, etc. Student loans have their own set of requirements when it comes to bankruptcy. Loan companies are not going to easily forgive the debt of student loans. Below, you will find a few things to consider when trying to recover from the mounting debt of college…
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Michael Vick has paid off all but about $400,000 of the $20 million he originally owed to creditors according to TMZ.com. Vick has successfully been living on a reorganization plan for the past few years allowing him to live on an allowance which the majority of his lucrative $100 million contract went to paying off his debt.
*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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