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Unless Congress acts to extend this, which I would consider unlikely in light of improving economy and Congress’ general inability to get things done, the HAMP loan modification program will sunset December 31, 2016. This program helped many people save their homes by...
Recently released census bureau figures show that the median income figures will increase for bankruptcy cases filed after November 1. These figures are typically adjusted every November and May. The median income is a function of household size, which is basically...
The means test is part of the 2005 bankruptcy Reform Act, which is a governmental budgeting formula for debtors whose household income is above the median in their respective state, to see if they qualify for chapter 7. About 80% of my clients are below the median...
Addiction is one of the recurring themes that I see causing people to require my services. It may be chemical dependency/addiction for prescription drugs, illegal drugs, alcoholism, gambling, or other addictions. The typical case I see, is someone who has sobered up,...
On July 1, the Democratic party released its draft platform, which includes the following statement: Democrats will restore the prior standard in bankruptcy law to allow borrowers with student loans (to) discharge their debts in bankruptcy as a measure of last resort....
I have to share an awesome story that I just heard from a former client of mine. When I first met them in October 2014, they were hoping to save their house. But it was worth $310,000, and they had a $394,000 adjustable-rate mortgage on it, and the payments had...
Typically if you have a low credit score, within about a year after a bankruptcy it will go above 600, and increase from there. Below are several actual credit scores from actual clients for which their credit report predicts their credit score one year after...
Sometimes people desperately need to pick up some quick money, and wind up with lenders who require them to sign over a security interest for their vehicle. These are sometimes a short term loan with a balloon payment, along with an exorbitant interest rate. The...
Romance scams are one of the more interesting, albeit sadder, reasons leading people to financial distress and bankruptcy. There are websites devoted to the types of scams that are out there, but typically it revolves around a person overseas, who claims to be wealthy...
The best time to file bankruptcy is probably a year or two ago. While I say that somewhat tongue-in-cheek, it is largely true – most people that I see probably could have and should have filed bankruptcy a year or two ago, but they held off, either because they were...