Foreclosures are rising daily, as people become less able to keep up with the economic downturn. Many families are at risk every day of losing the houses they worked so hard to make into homes. A little known area of bankruptcy can stop these foreclosures from happening.
A chapter 13 bankruptcy filing is a process that can stop foreclosure proceedings and enable homeowners time to catch up on past mortgage payments. Under a chapter 13 bankruptcy, the process will stop as long as the homeowners can make the current payments while the bankruptcy proceedings are occurring. Chapter 13 can also enable other debts to be rolled into the plan, allowing payments to be made over the course of the agreement.
Chapter 13 bankruptcy may be considered a type of debt consolidation. Typical repayment plans through chapter 13 bankruptcy last between three to five years. The range is based on income level, not on amount of debt being filed. The process of a chapter 13 bankruptcy can be confusing.
First, the bankruptcy petition is filed&. After the filing, the debtor is issued a stay and all potential legal action from creditors is halted. The plan for repayment is usually filed with the petition, but may be filed up to 2 weeks after the initial filing. A meeting between debtor and creditors are held and a plan for repayment is agreed upon. The case then goes to the bankruptcy court where a judge determines if all parties are satisfied and that the plan is within the bankruptcy code standards. Within one month of the plan being filed, the repayments begin. Once all repayment is complete, the debts are discharged.
The similarities between chapter 13 and traditional chapter 7 bankruptcy lie with the paperwork. There are many forms and documents to be submitted and the process can become quite overwhelming. Married couples must submit both parties information, even if filing alone. A competent and experienced bankruptcy attorney can help the process be less of a hassle. The attorney will instruct the debtor on what forms and information are needed to file and the amount of court costs.
Even though chapter 13 bankruptcy is more of a debt consolidation plan, it will remain listed on the individual's credit history. This will most likely prevent the average citizen from obtaining a personal loan or even a car loan. If the individual is able to obtain a loan, the interest rate will be exceptionally high, but this is a small price to pay for saving a family's residence from foreclosure.
For more information and guidance about debt recovery, foreclosure avoidance, and bankruptcy protection, visit websites in your state that are like http://www.KanzerLaw.com. Among other professionals, Kanzer Law specializes in helping individuals protect their assets from creditors during times of personal economic crisis.
Thursday, October 1, 2009
Thursday, August 20, 2009
Declare Bankruptcy Protection
The Financial Answer to Foreclosure and Credit Card Debt
Despite the country experiencing a slowing economy, riddled with skyrocketing unemployment and financial assistance at all time highs, one would assume that the overly aggressive and predatory lending habits of diminishing banks would have abated. Unfortunately that has not been the case. As more and more lending institutions are filing for bankruptcy or being swallowed up by larger, but still troubled financial institutions, these same agencies are gambling with future possible revenue that has not been paid to them. In essence, these failing banks racing the clock.
Individuals and homeowners alike are experiencing the same type of financial stresses and burden, only there isn't another agency swooping in to bail them out. Instead foreclosure, disastrous credit history, and bankruptcy are what looms on the horizon. Even those families which had been enjoying a well off living a few years ago, are now being reduced to a single car family or having to downsize to a rental home in order to make ends meet.
Late night television which features financial investment wizards and advice columnists have risen dramatically in popularity as the public searches for any information and hope that economic instability will turn around or can be weathered. These shows, though, can not give specific advice to any one individual's or family's situation.
The wisest course of action is to seek out an experienced financial consultant. Many banks offer financial advising for their clients. If a homeowner's bank does not offer these services, the bank may be able to refer a particular company or help point the customer in the right direction.
Sometimes the financial devastation is just too great and declaring bankruptcy is the only logical choice remaining. When is filing for bankruptcy the right thing to do? Only a qualified attorney can make that determination and recommendation. The majority of attorneys specializing in bankruptcy offer free consultations. It is at this point which an individual will learn the ins and outs of bankruptcy and how bankruptcy protection is able to help get the individual or family's feet on financial solid ground.
For more information and guidance about debt recovery, foreclosure avoidance, and bankruptcy protection, visit http://www.KanzerLaw.com. Among other professionals, Kanzer Law specializes in helping individuals protect their assets from creditors during times of personal economic crisis.
Despite the country experiencing a slowing economy, riddled with skyrocketing unemployment and financial assistance at all time highs, one would assume that the overly aggressive and predatory lending habits of diminishing banks would have abated. Unfortunately that has not been the case. As more and more lending institutions are filing for bankruptcy or being swallowed up by larger, but still troubled financial institutions, these same agencies are gambling with future possible revenue that has not been paid to them. In essence, these failing banks racing the clock.
Individuals and homeowners alike are experiencing the same type of financial stresses and burden, only there isn't another agency swooping in to bail them out. Instead foreclosure, disastrous credit history, and bankruptcy are what looms on the horizon. Even those families which had been enjoying a well off living a few years ago, are now being reduced to a single car family or having to downsize to a rental home in order to make ends meet.
Late night television which features financial investment wizards and advice columnists have risen dramatically in popularity as the public searches for any information and hope that economic instability will turn around or can be weathered. These shows, though, can not give specific advice to any one individual's or family's situation.
The wisest course of action is to seek out an experienced financial consultant. Many banks offer financial advising for their clients. If a homeowner's bank does not offer these services, the bank may be able to refer a particular company or help point the customer in the right direction.
Sometimes the financial devastation is just too great and declaring bankruptcy is the only logical choice remaining. When is filing for bankruptcy the right thing to do? Only a qualified attorney can make that determination and recommendation. The majority of attorneys specializing in bankruptcy offer free consultations. It is at this point which an individual will learn the ins and outs of bankruptcy and how bankruptcy protection is able to help get the individual or family's feet on financial solid ground.
For more information and guidance about debt recovery, foreclosure avoidance, and bankruptcy protection, visit http://www.KanzerLaw.com. Among other professionals, Kanzer Law specializes in helping individuals protect their assets from creditors during times of personal economic crisis.
Monday, August 3, 2009
The Mortgage is Close to 90 Days Past Due - Foreclosure Imminent - Consult a Bankruptcy Attorney
It is true that history repeats itself. In search of a fresh start, the early American settlers and founding fathers, many of whom were bankrupt and penniless, came to the new world. Bankruptcy today is exactly that, a fresh start, but without the cruise across the Atlantic. Bankruptcy protection is no longer a shameful experience of which to take advantage. A few of the nation's most trusted and respected professionals and corporations have taken advantage of this same bankruptcy protection, such as GM, Northwest Airlines, Delta, Lehman Brothers Holding, Inc., Chrysler, and countless more.
Unfortunately, those private citizens that are filing for bankruptcy will not be receiving bailout funds from the U.S. Government as will those major corporations. Because of this lack of extra financial backing, it is imperative that private individuals and families unable to pay debts or losing their home to foreclosure consult an attorney specializing in bankruptcy protection.
Should a family be 90 days past due with the mortgage payment, it is essential to consult a bankruptcy attorney immediately. Many bankruptcy attorneys will make recommendations that will allow a homeowner to continue making payments in order to prevent losing the home.
Shortly after filing bankruptcy, a hearing will be set. One instant benefit of filing for bankruptcy is that every harassing collection call will stop once each lender has been notified of the intent to declare bankruptcy has taken place. Should any lender which is owed money fail to appear at the hearing, will generally forfeit any claim to monies owed. This is not an absolute certainty, though. Certain loans and debts are not forgiven and must be paid back to the lender regardless of declaring bankruptcy or not.
Once the bankruptcy hearing has taken place, many attorney's offices will be able to refer the client to a reputable financial advisor so that the road to financial recovery may be smooth and efficient. Within a year, it will be possible to begin building a positive credit history once again through a credit card. The interest rate will be exceptionally high, but will fall as the client proves financial responsibility.
For more information and guidance about declaring bankruptcy and protecting assets through the bankruptcy process, visit http://www.gallerlaw.com . The Galler Law Firm, LLC. specializes in bankruptcy and debt consolidation, as well as, worker's compensation and motor vehicle accident representation.
Unfortunately, those private citizens that are filing for bankruptcy will not be receiving bailout funds from the U.S. Government as will those major corporations. Because of this lack of extra financial backing, it is imperative that private individuals and families unable to pay debts or losing their home to foreclosure consult an attorney specializing in bankruptcy protection.
Should a family be 90 days past due with the mortgage payment, it is essential to consult a bankruptcy attorney immediately. Many bankruptcy attorneys will make recommendations that will allow a homeowner to continue making payments in order to prevent losing the home.
Shortly after filing bankruptcy, a hearing will be set. One instant benefit of filing for bankruptcy is that every harassing collection call will stop once each lender has been notified of the intent to declare bankruptcy has taken place. Should any lender which is owed money fail to appear at the hearing, will generally forfeit any claim to monies owed. This is not an absolute certainty, though. Certain loans and debts are not forgiven and must be paid back to the lender regardless of declaring bankruptcy or not.
Once the bankruptcy hearing has taken place, many attorney's offices will be able to refer the client to a reputable financial advisor so that the road to financial recovery may be smooth and efficient. Within a year, it will be possible to begin building a positive credit history once again through a credit card. The interest rate will be exceptionally high, but will fall as the client proves financial responsibility.
For more information and guidance about declaring bankruptcy and protecting assets through the bankruptcy process, visit http://www.gallerlaw.com . The Galler Law Firm, LLC. specializes in bankruptcy and debt consolidation, as well as, worker's compensation and motor vehicle accident representation.
Bankruptcy is a New Financial Start to Build Credit
Not the Shameful End All it Used to Be
When a person is young, they are vibrant and indestructible. Nothing can keep them down. Inexperience is what contributes to this myth. As this person gains more experience, time tempers the myth and belief that every aspect of the world is awaiting them to discover and conquer. Thoughts turn from the present to that of what the future holds.
Hindsight being what it is, if the average 22 year old had only financially planned for the future instead of just focusing in on the present, the future would be much brighter. Instead, the average middle aged man or woman is finding themselves jockeying debts and living from paycheck to paycheck with little relief in sight.
With mounting credit card debts, car payments, the expense of raising children, and a sizable death pledge, also commonly referred to as a mortgage, most of the country has not experienced this much financial stress in over 50 years. Bankruptcy then was an extreme taboo. To declare bankruptcy then was completely ruinous and few if any ever recovered. Fortunately today, that same stigma of absolute failure and worthlessness has been replaced with understanding, but tempered with caution. A bankruptcy will stay listed on a person's credit report for 7 to 10 years depending on the type of bankruptcy declared. In other countries such as Britain or Australia, the period is a shorter 6 years and 7 years respectively.
It is still a very realistic expectation to succeed and prosper after claiming bankruptcy, however, the majority will find it challenging to adhere to a disciplined financial regimen where once the youthful carefree approach reigned supreme. Very few individuals or families can do this alone without some financial advisor or planning.
A large number of financial advisors will say to pay off enormous debts through debt consolidation and loan counseling assistance. Depending upon the type of debt and amount, it may not be a logical or realistic endeavour. Reputable bankruptcy attorneys also may recommend paying off one's debt if possible.
If an individual or family has been struggling with making on time payments only to keep edging further and further into late fees for a year or more, bankruptcy may be a recommended alternative in order to preserve ownership of any vehicles and home from repossession and foreclosure. They key phrase to recognize is bankruptcy protection. The complexities of filing for bankruptcy should never be attempted without a qualified attorney which specializes in bankruptcy cases. By consulting and hiring an attorney, an individual or family stands the best chance to return to a normal and prosperous life in the near future.
For more information and guidance about debt recovery, foreclosure avoidance, and bankruptcy protection, visit http://www.KanzerLaw.com. Among other professionals, Kanzer Law specializes in helping individuals protect their assets from creditors during times of personal economic crisis.
When a person is young, they are vibrant and indestructible. Nothing can keep them down. Inexperience is what contributes to this myth. As this person gains more experience, time tempers the myth and belief that every aspect of the world is awaiting them to discover and conquer. Thoughts turn from the present to that of what the future holds.
Hindsight being what it is, if the average 22 year old had only financially planned for the future instead of just focusing in on the present, the future would be much brighter. Instead, the average middle aged man or woman is finding themselves jockeying debts and living from paycheck to paycheck with little relief in sight.
With mounting credit card debts, car payments, the expense of raising children, and a sizable death pledge, also commonly referred to as a mortgage, most of the country has not experienced this much financial stress in over 50 years. Bankruptcy then was an extreme taboo. To declare bankruptcy then was completely ruinous and few if any ever recovered. Fortunately today, that same stigma of absolute failure and worthlessness has been replaced with understanding, but tempered with caution. A bankruptcy will stay listed on a person's credit report for 7 to 10 years depending on the type of bankruptcy declared. In other countries such as Britain or Australia, the period is a shorter 6 years and 7 years respectively.
It is still a very realistic expectation to succeed and prosper after claiming bankruptcy, however, the majority will find it challenging to adhere to a disciplined financial regimen where once the youthful carefree approach reigned supreme. Very few individuals or families can do this alone without some financial advisor or planning.
A large number of financial advisors will say to pay off enormous debts through debt consolidation and loan counseling assistance. Depending upon the type of debt and amount, it may not be a logical or realistic endeavour. Reputable bankruptcy attorneys also may recommend paying off one's debt if possible.
If an individual or family has been struggling with making on time payments only to keep edging further and further into late fees for a year or more, bankruptcy may be a recommended alternative in order to preserve ownership of any vehicles and home from repossession and foreclosure. They key phrase to recognize is bankruptcy protection. The complexities of filing for bankruptcy should never be attempted without a qualified attorney which specializes in bankruptcy cases. By consulting and hiring an attorney, an individual or family stands the best chance to return to a normal and prosperous life in the near future.
For more information and guidance about debt recovery, foreclosure avoidance, and bankruptcy protection, visit http://www.KanzerLaw.com. Among other professionals, Kanzer Law specializes in helping individuals protect their assets from creditors during times of personal economic crisis.
Monday, June 15, 2009
Bankruptcy - A Tool to Rebuild Credit...
...But You May Lose More Than Your Debt
When declaring bankruptcy, a planned timeline needs to be established several months before the actual bankruptcy papers are filed with the court system. Your qualified bankruptcy attorney should be able to walk you through this timeline during the initial consultation. During this consultation the attorney should inform you what bankruptcy "isn't" and what it "is" able to do for you, as well as any consequences.
Bankruptcy is designed to forgive most debt from revolving lines of credit. It won't eliminate every type of debt that an individual owes. Federal subsidized student loans are one example. This type of debt is excluded from bankruptcy protection. Mortgages are another type of debt that will not be eliminated, but with assistance from a qualified attorney or sometimes the debtor themselves, a forbearance may be arranged to allow a temporary delay of mortgage payments that are due.
Some bankruptcy candidates may think that several months before the official bankruptcy process begins, if they will definitely be declaring bankruptcy, they should take the maximum cash advance that each and every credit card they possess. Depending on the individual situation, doing so can complicate matters and is therefore not a wise course of action. In other words, do not do anything fraudulent, deceptive, or that can be viewed as "trying to get one over" on the banks.
Any vehicles or real property should not be sold or purchased some time before or even after bankruptcy is declared. Banks and other lending agencies are well within their rights to review many financial transactions that occur pertaining to an individual which has already declared bankruptcy. Should any real property or vehicles change hands, lenders may demand any monies received from the sale of property be forfeited and handed over to pay off any debts.
Like most legal situations, there is a window of time where reviews can take place after bankruptcy has been declared. As always, consulting with an attorney specializing in bankruptcy and other financial matters is always the best course of action and will save a lot of grief while trying to rebuild a positive credit history.
For more information about bankruptcy, there are several excellent sources available online. One great source is the Kanzer Law Firm, at http://www.kanzerlaw.com. Kanzer law specializes in helping people recover from financial disaster and protect their assets from creditors.
When declaring bankruptcy, a planned timeline needs to be established several months before the actual bankruptcy papers are filed with the court system. Your qualified bankruptcy attorney should be able to walk you through this timeline during the initial consultation. During this consultation the attorney should inform you what bankruptcy "isn't" and what it "is" able to do for you, as well as any consequences.
Bankruptcy is designed to forgive most debt from revolving lines of credit. It won't eliminate every type of debt that an individual owes. Federal subsidized student loans are one example. This type of debt is excluded from bankruptcy protection. Mortgages are another type of debt that will not be eliminated, but with assistance from a qualified attorney or sometimes the debtor themselves, a forbearance may be arranged to allow a temporary delay of mortgage payments that are due.
Some bankruptcy candidates may think that several months before the official bankruptcy process begins, if they will definitely be declaring bankruptcy, they should take the maximum cash advance that each and every credit card they possess. Depending on the individual situation, doing so can complicate matters and is therefore not a wise course of action. In other words, do not do anything fraudulent, deceptive, or that can be viewed as "trying to get one over" on the banks.
Any vehicles or real property should not be sold or purchased some time before or even after bankruptcy is declared. Banks and other lending agencies are well within their rights to review many financial transactions that occur pertaining to an individual which has already declared bankruptcy. Should any real property or vehicles change hands, lenders may demand any monies received from the sale of property be forfeited and handed over to pay off any debts.
Like most legal situations, there is a window of time where reviews can take place after bankruptcy has been declared. As always, consulting with an attorney specializing in bankruptcy and other financial matters is always the best course of action and will save a lot of grief while trying to rebuild a positive credit history.
For more information about bankruptcy, there are several excellent sources available online. One great source is the Kanzer Law Firm, at http://www.kanzerlaw.com. Kanzer law specializes in helping people recover from financial disaster and protect their assets from creditors.
Thursday, June 11, 2009
Proactive Bankruptcy and Debt Consolidation Planning with a Qualified Bankruptcy Attorney
Any attorney can provide a wide range of legal services to anyone. This doesn't mean that every attorney is specialized to do so where you need it most. The majority of lawyers and law firms specialize in a just a few areas of law. A patient wouldn't go to a dentist to have heart surgery so why should an individual in financial trouble go to an attorney who doesn't specialize in the bankruptcy and financial services? Unfortunately, the majority of individuals and families aren't proactive when retaining the services of an attorney and just end up selecting an attorney at random when calls and harassment from collection agencies become too much and foreclosure is imminent.
With our economy in shambles, satisfied bankruptcy clients are easy to find for good word of mouth reference. Much like finding a doctor, be proactive when selecting an attorney. Begin looking for an attorney before you absolutely need one. It is important to consult with a bankruptcy attorney several months before actually declaring bankruptcy. Generally, attorneys offer free consultations for almost every situation. This free consultation is for preparing your game plan so that the majority of possessions and property may be kept. Even some credit cards may be retained to help in rebuilding credit worthiness after bankruptcy has been declared. The only initial cost of a free consultation is a little personal time.
Once a lawyer or law firm has been found that meets a client's initial expectations, inquire as to the other services offered. Many attorneys that handle bankruptcy and other financial matters often handle real estate law, wills, and family law as well as estate and financial planning. Some may even be a C.P.A. (Certified Public Accountant) and offer auditing, income tax preparation, and other financial services. All of these specialties tie in together when declaring bankruptcy.
It is often most convenient for a "one stop shop" approach for the majority of an individual's or family's legal needs. At the very least, every individual or family should speak with an attorney that they are comfortable with and carry their business card in their wallet. It will come in handy if or when it comes time to take the next step. Think of it as just a little extra insurance. One may never need it, but it is nice to know one has it.
For more information and guidance about debt recovery, foreclosure avoidance, and bankruptcy protection, visit http://www.KanzerLaw.com. Among other professionals, Kanzer Law specializes in helping individuals protect their assets from creditors during times of personal economic crisis.
With our economy in shambles, satisfied bankruptcy clients are easy to find for good word of mouth reference. Much like finding a doctor, be proactive when selecting an attorney. Begin looking for an attorney before you absolutely need one. It is important to consult with a bankruptcy attorney several months before actually declaring bankruptcy. Generally, attorneys offer free consultations for almost every situation. This free consultation is for preparing your game plan so that the majority of possessions and property may be kept. Even some credit cards may be retained to help in rebuilding credit worthiness after bankruptcy has been declared. The only initial cost of a free consultation is a little personal time.
Once a lawyer or law firm has been found that meets a client's initial expectations, inquire as to the other services offered. Many attorneys that handle bankruptcy and other financial matters often handle real estate law, wills, and family law as well as estate and financial planning. Some may even be a C.P.A. (Certified Public Accountant) and offer auditing, income tax preparation, and other financial services. All of these specialties tie in together when declaring bankruptcy.
It is often most convenient for a "one stop shop" approach for the majority of an individual's or family's legal needs. At the very least, every individual or family should speak with an attorney that they are comfortable with and carry their business card in their wallet. It will come in handy if or when it comes time to take the next step. Think of it as just a little extra insurance. One may never need it, but it is nice to know one has it.
For more information and guidance about debt recovery, foreclosure avoidance, and bankruptcy protection, visit http://www.KanzerLaw.com. Among other professionals, Kanzer Law specializes in helping individuals protect their assets from creditors during times of personal economic crisis.
Friday, May 29, 2009
Saving Yourself From Sub-Prime Mortgage Foreclosure
Homeowners are now losing their homes to foreclosure at an alarming rate never before seen. The cause of this is due in large part to the banking industry themselves by offering "too good to be true" adjustable rate loans to anyone that was able to sign with a pen. These attractive loans were offered to potential borrowers without foresight and these borrowers did not recognize the future challenges with regards to repaying the loans when the rate increased. This coupled with a slew of other economic challenges helped create this current recession that millions of U.S. homeowners are experiencing. The worst manifestation of this recession though is the loss of jobs and homes. There is however a last ditch effort for the homeowner.
Whenever banks or other lenders foreclose on a property they not only lose the revenue from receiving monthly mortgage payments, but also end up paying taxes on the property with very little hope of selling the property at full appraised value. Foreclosing on one or even fifty properties probably would not hurt any bank, but with the amount of foreclosures occurring now banks are creating their own demise. This is what has been happening throughout the country.
This of course is no consolation to those homeowners who are in foreclosure now or have just gone through foreclosure. Not only has the homeowner's credit rating been destroyed, but these individuals are finding it extremely difficult to get financing for another home. Even rental homes can be difficult to find seeing as how more and more landlords are requiring credit checks of prospective tenants.
Some lenders are willing to lower the interest rate and cut the homeowner's monthly payment in hopes that this will enable the individual the ability to make the necessary monthly payments. Some banks will even grant forbearance and allow the homeowner the chance to catch up. There may be other methods that a financial advisor or an attorney knowledgeable in real estate law may be aware of. Never hesitate to consult with these resources. Most of the time these professionals offer free initial consultations.
When all else fails and there is no way to avoid foreclosure there is one last ditch effort. The homeowner can do what is called deed in lieu of foreclosure. The only purpose of this last resort is to avoid having one's credit rating destroyed for years to come. Essentially a deed in lieu of foreclosure is when the homeowner mails the keys and mortgage deed back to the lender via certified mail. Again this is a last resort that should not be taken lightly unless there is no other alternative to foreclosure. Consulting with a real estate attorney will help ensure that this one chance is handled properly.
By salvaging one's credit rating it should be easier in the future to receive financing to purchase another home or even temporarily find a house to rent while the individual focuses on improving their existing credit rating. While no analyst or realtor can accurately predict the duration of the housing market slump, history has shown that the real estate market and lending will come back around. It is just a matter of time in which the individual can improve their credit rating.
For more information and guidance about debt recovery, bankruptcy protection, and avoiding foreclosure, visit http://www.kanzerlaw.com. Kanzer Law specializes in helping people recover from personal financial crisis.
Whenever banks or other lenders foreclose on a property they not only lose the revenue from receiving monthly mortgage payments, but also end up paying taxes on the property with very little hope of selling the property at full appraised value. Foreclosing on one or even fifty properties probably would not hurt any bank, but with the amount of foreclosures occurring now banks are creating their own demise. This is what has been happening throughout the country.
This of course is no consolation to those homeowners who are in foreclosure now or have just gone through foreclosure. Not only has the homeowner's credit rating been destroyed, but these individuals are finding it extremely difficult to get financing for another home. Even rental homes can be difficult to find seeing as how more and more landlords are requiring credit checks of prospective tenants.
Some lenders are willing to lower the interest rate and cut the homeowner's monthly payment in hopes that this will enable the individual the ability to make the necessary monthly payments. Some banks will even grant forbearance and allow the homeowner the chance to catch up. There may be other methods that a financial advisor or an attorney knowledgeable in real estate law may be aware of. Never hesitate to consult with these resources. Most of the time these professionals offer free initial consultations.
When all else fails and there is no way to avoid foreclosure there is one last ditch effort. The homeowner can do what is called deed in lieu of foreclosure. The only purpose of this last resort is to avoid having one's credit rating destroyed for years to come. Essentially a deed in lieu of foreclosure is when the homeowner mails the keys and mortgage deed back to the lender via certified mail. Again this is a last resort that should not be taken lightly unless there is no other alternative to foreclosure. Consulting with a real estate attorney will help ensure that this one chance is handled properly.
By salvaging one's credit rating it should be easier in the future to receive financing to purchase another home or even temporarily find a house to rent while the individual focuses on improving their existing credit rating. While no analyst or realtor can accurately predict the duration of the housing market slump, history has shown that the real estate market and lending will come back around. It is just a matter of time in which the individual can improve their credit rating.
For more information and guidance about debt recovery, bankruptcy protection, and avoiding foreclosure, visit http://www.kanzerlaw.com. Kanzer Law specializes in helping people recover from personal financial crisis.
Tuesday, May 26, 2009
Bankruptcy is an Acceptable Option in Order to Protect Your Way of Life
Metropolitan areas with high costs of living are usually associated with higher incidents of unemployment, mounting personal debt, and foreclosures. It makes sense because populated areas are where industry typically grows, and during times of economic downturn, such areas suffer a higher impact per capita in the course of layoffs, downsizing, and businesses closing their doors altogether. In recent times, we've seen steep rises in crime, unemployment, and poverty level thresholds in such previously prosperous metro areas such as Detroit, Atlanta, Boston, Dallas, and Miami, among others. In some cases, entire regions or states are encumbered by higher costs of living, resulting in widespread impact during a recession.
For example, New York is one of the most expensive locations to live in 2009 in the United States. With the unemployment rate reaching an all time high of 7.2% in the past 16 years, it's no wonder that more and more people are at their wits end and turning toward bankruptcy in the Big Apple. If an individual has been beaten down by constant debt collectors hounding their every step and the stress of watching surmounting bills pile up, consulting an attorney specializing in personal bankruptcy is the wisest course of action.
Unfortunately, private citizens don't have the luxury of a personal government bailout to keep them afloat like major U.S. corporations and banks received under the Bush administration. An attorney is the next best thing to help minimize or even eliminate most of the heavy debt that families or individuals have accrued. There is a lot more to lose though if declaring bankruptcy is not done properly.
It is very possible to keep one's vehicles and home while still eliminating most of the debt that they have ended up owing through bankruptcy. Chapter 7 bankruptcy and chapter 13 bankruptcy are very different in nature. Only an attorney experienced in both will be able to show an individual which type will be best or even possible. Chapter 7 bankruptcy eliminates completely much of the debt incurred by credit cards, utilities, certain loans, foreclosures, and more. Chapter 13 bankruptcy can merely consolidate and reduce the debt down to manageable monthly payments.
The complete advantages to each are not openly apparent and recent bankruptcy laws have changed to prevent abuses. By consulting with an attorney one is assured of having expert guidance to rely upon without blundering into a worse situation. Consultations are usually free so there is no cost to explore one's options. This is the best step to take when mired in the debt and despair that grips much of the country.
For more information and guidance about debt recovery, foreclosure avoidance, and bankruptcy protection, visit http://www.KanzerLaw.com. Among other professionals, Kanzer Law specializes in helping individuals protect their assets from creditors during times of personal economic crisis.
For example, New York is one of the most expensive locations to live in 2009 in the United States. With the unemployment rate reaching an all time high of 7.2% in the past 16 years, it's no wonder that more and more people are at their wits end and turning toward bankruptcy in the Big Apple. If an individual has been beaten down by constant debt collectors hounding their every step and the stress of watching surmounting bills pile up, consulting an attorney specializing in personal bankruptcy is the wisest course of action.
Unfortunately, private citizens don't have the luxury of a personal government bailout to keep them afloat like major U.S. corporations and banks received under the Bush administration. An attorney is the next best thing to help minimize or even eliminate most of the heavy debt that families or individuals have accrued. There is a lot more to lose though if declaring bankruptcy is not done properly.
It is very possible to keep one's vehicles and home while still eliminating most of the debt that they have ended up owing through bankruptcy. Chapter 7 bankruptcy and chapter 13 bankruptcy are very different in nature. Only an attorney experienced in both will be able to show an individual which type will be best or even possible. Chapter 7 bankruptcy eliminates completely much of the debt incurred by credit cards, utilities, certain loans, foreclosures, and more. Chapter 13 bankruptcy can merely consolidate and reduce the debt down to manageable monthly payments.
The complete advantages to each are not openly apparent and recent bankruptcy laws have changed to prevent abuses. By consulting with an attorney one is assured of having expert guidance to rely upon without blundering into a worse situation. Consultations are usually free so there is no cost to explore one's options. This is the best step to take when mired in the debt and despair that grips much of the country.
For more information and guidance about debt recovery, foreclosure avoidance, and bankruptcy protection, visit http://www.KanzerLaw.com. Among other professionals, Kanzer Law specializes in helping individuals protect their assets from creditors during times of personal economic crisis.
Thursday, May 21, 2009
There is Life After Bankruptcy
It may anger and irritate to no end that the "little guy" is near financial ruin while the very same banks, insurance companies, and major corporations that have received billions of government stimulus funds are giving multi-million dollar bonuses to executives. Stimulus funds won't be reaching the everyman any time soon, if at all. In the meantime bankruptcy doesn't need to be ruinous and can be limited or avoided altogether by consulting a qualified attorney.
How is it that top level executives and millionaires have claimed bankruptcy in the past and have not had their fortunes impacted? The answer is by using attorneys that specialize in bankruptcy, taxes, and financial planning. While attorneys do cost money, the expense is easy to understand when the potential benefits are understood.
In the past, individuals that have filed bankruptcy have been assigned the stigma of failure. Again, that was in the past. Now bankruptcy is no longer a four lettered word. Bankruptcy means a new beginning; new potential to prove the American dream. Those people that have filed for bankruptcy recently may not realize that the attorney's usefulness isn't over.
Bankruptcy attorneys should be used as a resource for setting up one's estate in a manner that will isolate and protect them from the financial risks that most taxpayers live with day in and day out due to ignorance. Starting out on the right path will determine how the path will end. Educating one's self is the first step. Ask questions. Ask lots of questions. The attorney isn't a teacher, but can answer most of the questions pertaining to one's specific situation.
After an attorney has helped guide the individual, it is up to the individual to continue learning. If taking an affordable financial planning or investing course or two at a local community college isn't a realistic possibility, there is a plethora of easy to read financial guides available at your local book store.
Venturing out into the investment world or planning by one's self is risky when just relying on book smarts though. Consulting a financial planner is also a viable option, but will be more expensive than a simple book because of their knowledge and experience. Just remember that bankruptcy isn't the end, but only the beginning.
For more information and guidance about bankruptcy and how to protect your assets, visit http://www.kanzerlaw.com. Kanzer Law specializes in helping individuals and companies recover financially.
How is it that top level executives and millionaires have claimed bankruptcy in the past and have not had their fortunes impacted? The answer is by using attorneys that specialize in bankruptcy, taxes, and financial planning. While attorneys do cost money, the expense is easy to understand when the potential benefits are understood.
In the past, individuals that have filed bankruptcy have been assigned the stigma of failure. Again, that was in the past. Now bankruptcy is no longer a four lettered word. Bankruptcy means a new beginning; new potential to prove the American dream. Those people that have filed for bankruptcy recently may not realize that the attorney's usefulness isn't over.
Bankruptcy attorneys should be used as a resource for setting up one's estate in a manner that will isolate and protect them from the financial risks that most taxpayers live with day in and day out due to ignorance. Starting out on the right path will determine how the path will end. Educating one's self is the first step. Ask questions. Ask lots of questions. The attorney isn't a teacher, but can answer most of the questions pertaining to one's specific situation.
After an attorney has helped guide the individual, it is up to the individual to continue learning. If taking an affordable financial planning or investing course or two at a local community college isn't a realistic possibility, there is a plethora of easy to read financial guides available at your local book store.
Venturing out into the investment world or planning by one's self is risky when just relying on book smarts though. Consulting a financial planner is also a viable option, but will be more expensive than a simple book because of their knowledge and experience. Just remember that bankruptcy isn't the end, but only the beginning.
For more information and guidance about bankruptcy and how to protect your assets, visit http://www.kanzerlaw.com. Kanzer Law specializes in helping individuals and companies recover financially.
Tuesday, March 31, 2009
Michael F. Kanzer & Associates, P.C. Website Designed by WebDrafter.com
Michael F. Kanzer & Associates, P.C. announces the release of our new website design by WebDrafter.com.We specialize in Chapter 7 personal bankruptcy and Chapter 13 personal bankruptcy. Let us help solve your problem.
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