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The Law and Your Money

Even though the economy seems to be picking-up, money problems – including bankruptcy, relentless debt collectors and pending foreclosure are still a nightmare for many people. Is there any hope for your situation? Is bankruptcy an option for you? How can you avoid foreclosure? How can you protect your family’s financial future? If you’re having money problems and don’t know where to turn, give us a call. We’ll take your questions, live.

One child in every classroom in America is at risk of losing his home because his parents are unable to pay the mortgage

What exactly is bankruptcy? Will it wipe out all my debts?

Bankruptcy is designed to help consumers and businesses eliminate their debts or repay them under the protection of the federal court. Bankruptcies can generally be described as:

  • Chapter 7 or “liquidation”
  • Chapter 13″ reorganization”

People think they have more time and that they will not loose their home. The following is the timeline of events:

  • First missed payment
  • Second missed payment
  • Third month missed payment
  • Fourth month missed payment
  • Sheriff’s or Public Trustee’s Sale
  • Redemption Period –

Tips For Avoiding Foreclosure

  • Do not ignore the problem. (It does not go away)

  • Oncee you realize that you have a problem, contact your lender.

  • Respond to any mail received from your lender.

  • Learn about forclosure laws and know your rights.

  • Understand your options to prevent foreclosure.

  • Contact a Housing and Urban Development (HUD) approved housing counselor.

  • Prioritize spending.

  • Utilize your assets.

  • Avoid foreclosure prevention companies and recovery scams.

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