It May Make Sense to Get Over It – Mr. Obama Is Not Going To Save Your Home…

September 14, 2011

Earlier today, I was listening to a business report on the radio in which an economist actually recommended that homeowners who purchased a home in the mid-2000′s with little or no money down, who are now at least 12 months behind on their mortgage and have been unable to modify their mortgage because of insufficient [...]

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Congratulations! You Modified Your Mortgage – Now Get The Rest of Your Financial House in Order

September 11, 2011

In these difficult times, many homeowners have faced the prospect of being unable to maintain their mortgage payments and they have turned to their mortgage lenders for assistance to modify their mortgage(s). If you have been fortunate enough to modify your mortgage, I now ask you to answer the following questions: Did it solve all [...]

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Short Sales May Not Be Best Bet for “Underwater” Homeowners

August 7, 2011

The Street reported on August 5, 2011 that banks are stepping up their efforts to facilitate short sales of properties in which the outstanding balance on the mortgage exceeds the present market value of the property (also known as being “Upside Down” or “Underwater”). Basically, the banks have finally realized that they have to get [...]

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Are Mortgage Lenders Encouraging Homeowners to File Bankruptcy?

June 12, 2011

I know this sounds completely bizarre, but it may start happening more frequently in the near future. In the past 30 days, I have encountered three new clients who have been “informally” advised by their mortgage lenders to file bankruptcy to deal with their unsecured debt PRIOR to completing a mortgage modification. Lenders, in addition [...]

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Parent Guarantees of Student Loans – Love Your Children, But Don’t Sign For Them!

June 5, 2011

In the recent past, I have seen a trend develop that, even as a parent, I find extremely disturbing – parents seeking bankruptcy protection in mid-life or in preparation for retirement that will remain saddled with their children’s student loan obligations long after they have discharged of their other debts. Here’s an example: A couple [...]

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You May Have Too Much Debt – But You Also Have Options

April 23, 2011

If you feel like you’re in over your head with personal debt, you’re not alone. Millions of Americans have become overextended, many as a result of easy credit provided by banks and impact of the most recent recession. Credit cards, medical bills, personal loans, and high interest rates do not make a good financial mix. [...]

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New Wildcard Exemption is a “Wild” Success in New York

April 10, 2011

Beginning January 22, 2011, individuals filing for bankruptcy protection in New York were given the option of choosing either the New York State or Federal Exemptions to determine what personal property could be protected from creditors and trustees. This has proven to be a major benefit, particularly to those individuals who either rent or own [...]

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Eight Tips for Coping with Stress and Anxiety About Debt

February 18, 2011

Does your debt feel like it is taking over your life? Has it caused you to lose sleep? Is it causing tension or arguments with your loved ones?  Here are eight tips that should help you cope with your debt and allow you to deal with the emotional and mental issues it causes. Accept that [...]

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Have You Waited Too Long to File Bankruptcy?

January 30, 2011

Many clients that come to see me for a consultation tell me that they feel like bankruptcy is their last resort. However, this really isn’t true. Bankruptcy is both a shield and a sword. Bankruptcy can protect certain property from creditors. It also stops all creditor enforcement proceedings. A last minute decision to file could [...]

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Bankruptcy is Too Important to Face Alone

January 28, 2011

With the collection of general financial information available online growing on a daily basis, many individuals who may be considering bankruptcy think they know enough about filing bankruptcy online without retaining an attorney oversee their filing. While the basic concepts of bankruptcy law are fairly straight forward, and an individual is not prohibited from filing [...]

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