Back in 2009 during the mortgage meltdown, President Barack Obama instituted a program to slow down the flood of home foreclosures. The goal of the Home Affordable Modification Program (HAMP) was to offer incentives to banks and mortgage lenders who were willing to modify mortgages of homeowners who were on the verge of losing their homes.
Preventing a Housing Market Disaster
The idea behind...Read More
With all the news surrounding Puerto Rico’s struggle to recover from Hurricane Maria, you’ve probably heard mention of this U.S. Territory’s financial struggles. During his recent visit, Donald Trump suggested that Puerto Rico’s massive debt should be wiped out. This news might leave some wondering how can a government could just have their debts wiped away. But what many don’t realize is that...Read More
The Brunner Test is the standard for approving the discharge of student loan debt for all courts of appeal except for the First and Eighth Circuits. But this standard has become obsolete with its stance on proving undue hardship. While it’s difficult to discharge student loan debt through bankruptcy, it isn’t impossible if you and your attorney can prove undue hardship.
Determining Undue...Read More
Today, too many families are just one serious illness or one lost paycheck away from financial disaster. It might start out small with a late mortgage payment, but late charges add up fast. The next thing you know you are missing payments and your mortgage company already has zeroed in on beginning foreclosure proceedings.
When to Start Thinking About Bankruptcy
Once you are two months behind...Read More
In 2016, the average college student graduated with $37,172 in loan debt. That’s almost 6 percent more than the previous year. This is not really a great way to start out, especially if you’re in an entry level job and unable to afford rent or any of the other basic necessities of so-called “adult-life.” It leaves many students struggling to make ends meet while making their...Read More
If you’re considering filing for bankruptcy, your bankruptcy lawyer will help you determine which type of bankruptcy would be best suited for your personal situation. For individuals filing bankruptcy, liquidation (chapter 7 bankruptcy) might be the best solution for them, while some might be better off with reorganization (chapter 13 bankruptcy).
What is Liquidation?
Choosing a Chapter 7...Read More
If you currently find yourself struggling with debt and are considering Chapter 13 Bankruptcy protection, you may want to hold off. While Chapter 13 may be right for you, looking into all possible avenues is important. A bankruptcy stays on your credit report for years and makes it difficult to secure additional lines of credit, so if at all possible, using another option is typically...Read More
The purpose of the bankruptcy means test is to determine if your income level is low enough for you to file for Chapter 7 debt relief, or if you can file a Chapter 13 bankruptcy with less than a five-year repayment plan. If your income is above the median family income, you may not be able to file a Chapter 7 bankruptcy.
Ideally, this law prevents people from skipping out on paying debts when...Read More
According to the United States Bankruptcy Court, more than 25,000 people filed for bankruptcy across Arizona in 2016 alone. Many people who choose bankruptcy, Chapter 7 or Chapter 13, make unnecessary mistakes or do not understand the process itself. Bankruptcy in Arizona does not need to be a confusing or frightening process, especially with the right bankruptcy lawyers on your side.
What is...Read More
Filing for bankruptcy is a difficult decision. Chances are, you haven’t considered it lightly. You likely want to get it over and done with, but far too many people approach chapter 7 or chapter 13 bankruptcy too hastily. Investing in an experienced bankruptcy attorney is a must. It can help you save more in the long run and assist in making the right decisions during financial recovery....Read More
When filing for bankruptcy, is filing single or with my spouse smarter?
If you are married and considering filing for bankruptcy, you need to stop what you’re doing and make an appointment with a bankruptcy attorney. The next decision you make will affect you, your spouse and the rest of your family. There is no universal right or wrong answer for whether you should file single or with...Read More
Filing for bankruptcy is a big decision that can change your life and set you on the path to financial success. However, just because you’re currently struggling with finances doesn’t mean bankruptcy is necessarily the answer. Here are several ways to decide whether bankruptcy is right for you. Always consult a bankruptcy attorney in Arizona before moving forward. An experienced...Read More