Are you facing tough financial times? Millions of people across the U.S. are just like you, struggling to make ends meet and finding themselves getting further and further behind on their debt. If you’re like many of these good people, you are feeling stressed, worried and harassed by creditors. There are opportunities under federal bankruptcy laws to finally get crushing debt resolved. A bankruptcy attorney from Price Law Group is ready to help you eliminate your debt.
California was one of the states that were hit the hardest after the 2008 financial crisis. The housing market took a dive, making many people’s homes worth less than they bought them for. Thousands of people could no longer afford their mortgage payments. This vicious economic crisis caused a domino effect that resulted in many Americans losing their jobs or having their wages drastically cut down.
Seventy-four percent of all bankruptcies that were filed in California last year were Chapter 7, while the other Twenty-six percent were Chapter 13. The total amount of bankruptcy filings for the year 2011 totaled 234,443. This put California as the state with the sixth highest amount of filings per capita. Although this is still relatively high, California was able to see an eight percent decline in the total amount of filings compared to the previous year.
Many people who are in debt would be surprised to know that there are actually many alternatives to bankruptcy. For example, you may be eligible for a loan modification. A loan, or mortgage, modification is exactly as it sounds. Those people who can no longer afford to make house payments may be able to modify their loan to reduce their payments to a manageable amount. There are varying types of modification, depending on need. One way is to get your interest rate reduced or changed to a fixed rate. Many people who have floating interest rates (variable rates) get caught off guard by changes in the amount of payment that is due.
You may even be able to get the principle reduced. Loan modification is one way that individuals and families can avoid foreclosure. When you can no longer afford to make payments on your home and you are notified by your mortgage lender that your home is being placed on a short sale list, you will likely want to do whatever it takes to avoid this process. Foreclosure prevention can take many different forms, one of which is loan modification. For those who are not able to obtain a loan modification, they may need to consider filing for Chapter 7 or 13 bankruptcies, so that they can keep their home.
Under the United States Constitution, Article 1, Section 8, Clause 4, Congress is given the authority to enact bankruptcy laws throughout all states in the U.S. Bankruptcy then is a federal matter although certain requirements and protections differ from state to state. Overall, when there is a rule or a change to bankruptcy code, that change affects all states. For example in 2005, President George W. Bush enacted the Bankruptcy Abuse Prevention and Consumer Protection Act. The original intent of this law was to protect all citizens from the abuse of the system of bankruptcy, which adversely made it more difficult to file. There can be little no error found in the paperwork and in some cases it can be more difficult to qualify. Many other factors, including this one, are reasons for seeking legal representation when it comes to debt resolution. It is overwhelming to wade through bankruptcy law on one’s own.
Many people want to avoid the thought of filing for bankruptcy because the process comes with many stigmas. First of all, you might believe that it will be impossible to repair your credit after filing. Credit repair is actually fairly simple. Chances are, if you are in debt, your credit score is less than ideal anyway. Although filing for bankruptcy will appear on your credit report, good spending habits can quickly amount to a repair of your credit. A bankruptcy in the long run, could actually help you repair your credit score quicker because you will actually be able to afford your payments and pay them on time. Failing to do so, is what causes the most damage to your credit score.
While you are in the process of bankruptcy, creditor abuse will not be tolerated. No one should be stalked, scrutinized or harassed by creditors. The legal team at Price Law Group will defend your constitution rights and put an end to creditor harassment. Life after bankruptcy will likely leave you free from constant badgering from collection agencies. A clean slate will also mean that you can pay your debts, so if you became the victim of wage garnishment prior to bankruptcy, you have the freedom to avoid repeating this process. You can take away life lessons from this process, remember what harmed you and choose to practice smart spending habits so that your second chance will not be in vain.
Price Law Group has a strong reputation for skill and trustworthiness when it comes to helping clients. They offer a free initial consultation in order to discuss your specific financial circumstances and then help you decide on the right steps to take. They will listen to your questions, concerns and objectives and then help you turn your goals into a reality. The firm takes great pride in having helped over 100,000 individuals to successfully discharge their debt. They understand the concern you have over your situation and will work closely with you to resolve it.
It is important to not let creditors take advantage of you and treat you disrespectfully, and when they do they may have violated your rights, and could face legal action. The firm focuses on your rights and how best to utilize bankruptcy laws to your benefit. Having an assertive legal advocate on your side will greatly benefit your case, it is always nice to have someone watching your back so you don’t have to. The firm also assists clients with issues relating to insurance settlements, protecting your rights from unscrupulous insurance agencies who may fail to settle your insurance claim in good faith. So what are you waiting for? Begin the journey to financial freedom by contacting the Price Law Group today at their Riverside office!