Beware of Companies Offering Free Mortgage Loan Modification Help
Submitted by the Bond & Botes Law Offices - Friday, January 4, 2013
Since the housing market crash began in 2008, we have seen the rise of mortgage loan modifications as a tool to help troubled homeowners stay in their homes. If a homeowner qualifies, the loan modification can be a great way to catch up monthly mortgage payments that are behind and actually reduce the regular monthly payment. However, the process for obtaining a loan modification is often frustrating and has led a lot of homeowners to turn to companies offering assistance with the loan modification process in
Will I be able to get a loan or credit card again if I file bankruptcy?
Submitted by the Bond & Botes Law Offices - Monday, December 31, 2012
The answer to this question really depends on you. One of the biggest fears for most individuals who have filed bankruptcy is that they will never be able to buy a house or car in the future. After someone obtains a discharge from bankruptcy, they will be able to reestablish their credit and obtain new loans if they:
Is it better to file for Bankruptcy before or after a divorce?
Submitted by the Bond & Botes Law Offices - Friday, December 28, 2012
This is truly not a yes or no question! Everyone’s circumstances do vary, but there are a few scenarios that we see on a regular basis.
How Can I Get My Free Credit Reports?
Submitted by the Bond & Botes Law Offices - Monday, December 24, 2012
Pursuant to the Federal Trade Commission (FTC) rules, all individuals in the United States are entitled to one free credit report each year from each of the three credit reporting agencies, Equifax, Experian, and TransUnion. The ONLY WAY to get your actual, true free credit reports is from www.annualcreditreport.com
I Recently Received a Bankruptcy Discharge But Have Fallen Behind on My House Payments and Am Facing Foreclosure, Is There Anything I Can Do?
Submitted by the Bond & Botes Law Offices - Friday, December 21, 2012
While there are time limitations for receiving a second discharge, in bankruptcy there are other ways to protect your home under the bankruptcy code. Let’s address the time limitations first. If you received a discharge under Chapter 7, you will not be eligible to file another Chapter 7 case in which you will receive a discharge until 8 years after the first case was filed. To receive a discharge under Chapter 13, you must wait 4 years after filing for Chapter 7 before you file the new case.
Do I Need an Attorney to File My Bankruptcy Petition?
Submitted by the Bond & Botes Law Offices - Thursday, December 20, 2012
You are not required to have an attorney to file bankruptcy and you are permitted to prepare your petition yourself or pay someone to prepare the documents for you. You should be very careful with trying to represent yourself or trusting another non-attorney to prepare your petition. Quite often, those that wish to represent themselves have to attend multiple hearings that are unnecessary had they just filed the petition correctly from the beginning.
Debunking Bankruptcy Myths: But Won't Bankruptcy Ruin My Credit for Seven Years?
Submitted by the Bond & Botes Law Offices - Wednesday, December 12, 2012
This question, or some form of it, is asked by virtually every person that comes in to see us to discuss their financial problems. The answer is usually fairly simple. By the time they have come in to see us, their credit is already ruined! This doesn't necessarily mean that they have a bad credit score. Some folks manage to keep making minimum payments each month. Unfortunately, this is often done by taking cash advances against another card and or borrowing money from a payday loan store.
Fair Credit Reporting Act (FCRA)
Submitted by the Bond & Botes Law Offices - Tuesday, December 11, 2012
Everything that relates to a credit report for a consumer in our country is governed by a
federal law called the Fair Credit Reporting Act. It is also referred to as the FCRA. This federal
law is found at 15 USC § 1681. Pursuant to this law, the FCRA regulates the permissible
Fair Debt Collection Practices Act (FDCPA)
Submitted by the Bond & Botes Law Offices - Monday, December 3, 2012
The Fair Debt Collection Practices Act (FDCPA) is found at 15 USC § 1692. It is a very powerful federal consumer statute packed into just six pages. The FDCPA was enacted by Congress on September 20, 1977 and became effective six months later. In formulating the Act, Congress articulated the purposes for the enactment of legislation as follows: “There is abundant evidence of the use of abusive, deceptive, and unfair debt collection practices by many debt collectors.
Bankruptcy Reorganization for Individuals
Submitted by the Bond & Botes Law Offices - Tuesday, November 27, 2012
We often hear about corporations filing for bankruptcy reorganization. American Airlines, General Motors, Chrysler and Lehman Brothers are just a sampling of those which have filed to restructure their debt through a Chapter 11 bankruptcy. Here in Alabama, we have seen Jefferson County file for bankruptcy reorganization pursuant to Chapter 9 of the bankruptcy code. Family Farmers and Fisherman are allowed to restructure their debt utilizing Chapter 12 of the bankruptcy code.