Archive for Debt Relief News

Bankruptcy Reform Contributed to Foreclosure Crisis

According to a WSJ report, Wenli Li of the Federal Reserve Bank of Philadelphia made some strong arguments regarding repealing the bankruptcy laws.  She notes of the serious consequences that arose from the tightening of the federal bankruptcy laws in 2005 that contributed to a significant increase in home loan defaults.  The study concluded that [...]

New Bankruptcy Laws Make Debt Settlement More Appealing

The new bankruptcy laws have hindered many consumers from using a chapter 7 bankruptcy for debt relief solutions.  Discuss bankruptcy vs. debt settlement with an experienced bankruptcy attorney in your state. The debt reduction services have been around for nearly 10 years however it has never been so prevalent amongst our debt ridden society.  New [...]

New Bill May Hinder Debt Settlement

Last week, Democrat Senators Chuck Schumer, D-N.Y. and Claire McCaskill, D-Mo., introduced the “Debt Settlement Consumer Protection Act.” This debt relief bill would limit the fees that a debt settlement company would be able to charge a consumer for credit settlement services. If passed, the new law would mandate written disclosures before debt reduction services [...]

Bloomberg Examines Consumer Debt Relief

Many people believe that bankruptcy is a four letter word, but if you’re drowning in debt, it may offer you the chance you need to regain your financial footing. Here you’ll learn exactly what bankruptcy is and how it affects your life. 

Our debt relief specialists will review your financial situation and then quickly provide [...]

Chapter 7 Bankruptcy Exemptions

Most American consumers believe that once you file for bankruptcy you will lose everything. In fact, most people do not know most people are able to keep most of their personal items, their cars, and even their homes. In California, if you qualify as a Chapter 7 bankruptcy, there are two exemptions that you can [...]

Bankruptcy Laws Regarding Chapter 7 Means Test

It is inevitable if you are considering filing bankruptcy that you will hear about the Means Test. Before the bankruptcy laws were changed, a person who wanted to file for bankruptcy could file for a Chapter 7 or Chapter 13 based on their preference. However, under the new laws, the first step in determining if [...]

San Jose Bankruptcy Attorney Discusses Automatic Stays

When you file for bankruptcy you receive an “Automatic Stay.” An automatic stay is an injunction where creditors have to stop trying to collect debts from you. The automatic stay is to protect and buy you time against pressing debts, while you are awaiting the finalization of your bankruptcy discharge. This means, that upon filing [...]

Bankruptcy Judges Can Modify Mortgage Loans

You know you’re in a tight spot when Bankruptcy Court begins to look like the least bad solution to a pressing economic problem. But the housing foreclosure situation is pretty ugly, so there we are.  Unfortunately, U.S. Bankruptcy Court isn’t allowed to be part of the solution to rising foreclosures, thanks largely to the mortgage [...]

Mortgage Relief Versus Bankruptcy

Loan Modification Plans- Also known as mortgage modification options has quickly become the best option for homeowners facing home foreclosure. Loan workouts are not the only mortgage relief solution for homeowners looking for protection from foreclosure because of delinquent home loan payments. However; it is an option that can save your home while putting you in [...]

Automatic Stay

Automatic stay is a significant benefit for homeowners in a chapter 7 bankruptcy. The automatic stay provision protects consumers against creditors from debt collector’s debts from because they are not allowed to call or send you additional collection letters.
The creditors are prevented from continuing any legal action against you, or repossess your car or [...]

Low Rate Mortgage Relief May Be Temporary

In a recent article, Julie Haviv analyzes the enormous efforts by the Federal Reserve to slash mortgage rates have so far been a success, but homeowners had better refinance fast or seek a loan modification from your lender, because many forecast that the record low interest rates could be gone as soon as this summer. Thirty-year [...]

Bankruptcy Law Update

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), also known as the new bankruptcy laws, was signed into law a few years ago by former President George W. Bush. These BK laws were designed make it more difficult for consumers and businesses to file under Chapter 7 bankruptcy, under which most debts [...]

Debt Relief Companies Expand Services With Debt Settlement and Attorney Backed Mortgage Relief Programs

Amid the ongoing housing and credit crises, even as some of the country’s largest mortgage lenders announce a moratorium on foreclosures and unveil various loan modification initiatives meant to help homeowners stay in their homes, the number of foreclosures nationwide has quadrupled since the fall of 2007. Foreclosure rates rose 81% in 2008 from the [...]