Category Archives: Debt
Find information on how to deal with various types of debt. This category can cover many debt examples such as credit cards, pay day loans, student loans, mortgages, automotive loans, and others.
Student Loan Reform and Bankruptcy
Written on , by BLP
Student loan payment is currently a hot topic in the news. Many people are waiting for student loan reform to help ease some financial problems. The issue is that interest rates are scheduled to go up in July and the concern is around people being able to afford the payment once the interest rates reset. Continue Reading
Charge-offs and Bankruptcy
Written on , by BLP
On credit reports, some unpaid debts may be noted as “Charged Off” by creditors. This means the the creditor has written this debt off of there books and considered it as bad debt. It does not mean that they cannot continue to collect on the debt. They may continue to contact you about the debt Continue Reading
Bankruptcy Can Help You Live Without Credit Cards
Written on , by BLP
Dependency on Credit Cards Are you using your credit cards to get by every month? Do you pay off as much as you can on your credit card debt, yet never seem to make a dent in your debt? Your debt seems to only be growing larger and larger with fees, interest, late charges. You Continue Reading
Why Your Bank Won’t Accept HARP Loan Modification
Written on , by BLP
We know you hear a lot about loan modifications and these fantastic programs that will allow you to adjust your home loan terms to make it more affordable for you. These programs are well publicized on the news and reports say that millions will qualify for the assistance. The most important problem we hear from Continue Reading
The Problem With Government Loan Modification Programs
Written on , by BLP
Here is the list of current home loan modification programs available to consumers who are trying to keep their home: Home Affordable Modification Program SM (HAMPSM) Principal Reduction Alternative SM (PRA) Second Lien Modification Program (2MP) FHA Home Affordable Modification Program (FHA-HAMP) USDA’s Special Loan Servicing Veteran’s Affairs Home Affordable Modification (VA-HAMP) Home Affordable Foreclosure Continue Reading
Update on Bankruptcy and Student Loans
Written on , by BLP
The general perspective on student loans and bankruptcy is that student loans are not dischargeable under the bankruptcy code. Previous to 1976, student loans were dischargeable in a bankruptcy and there are still some attorneys that advertise that they were able to discharge student loans in bankruptcy. For now, the reality is that student loans Continue Reading
What Does HARP Stand For?
Written on , by BLP
In case you are confused… HARP stands for Housing Assistance and Recovery Program. MHA stands for Making Home Affordable. HAMP stands for Housing Affordable Modification Program. All of these programs were designed to help you and your family in your foreclosure situation. Many of our clients have found that banks are luring you in to Continue Reading
Debt Collectors Are Not Allowed to Contact You Once You File Bankruptcy
Written on , by BLP
A debt collector is not allowed to contact you when you file for bankruptcy. Before your petition is filed, if you let them know that you have retained Bankruptcy Law Professionals for bankruptcy, it is already illegal for them to contact you. Once they have knowledge that you have retained our law office for bankruptcy Continue Reading
How Soon Can We Stop Your Foreclosure Sale?
Written on , by BLP
We have stopped foreclosure sales or trustee auctions on the same day that a client calls us. On many occasions, Bankruptcy Law Professionals has stopped foreclosure sales immediately after a client calls us. In this situation, usually a client has a foreclosure sale that needs to be stopped on the same day that they call Continue Reading
What is the difference between a HELOC and Purchase Money 2nd Loan?
Written on , by BLP
Today we would like to help explain the difference between a HELOC and a purchase money 2nd loan as it related to bankruptcy. A HELOC or Home Equity Line of Credit, is a line of credit, similar to a credit card, that was given to you through the equity you have (or had in the Continue Reading