Posts Tagged ‘avoid bankruptcy’

Early Planning Guides for Loan Modification and Bankruptcy

Sunday, November 15th, 2009

What you should know during loan modification and before you file for bankruptcy – follow these steps:

(1)  Collect your financial information.  What is your income and expense?  What are your assets and liabilities?

(2)  Consider the alternatives.  Get a free attorney consultation (widely available).  If you’re a homeowner, determine whether loan modification is feasible, or whether other measures are necessary.

(3)  If bankrtupcy is the only choice, familiarize yourself with the various types.  Chapter 7 to eliminate debts, Chapter 13 to pay all or part of your debts over time (often used to enable you to keep your home) and when Chapter 11 is required.

(4)  Develop a plan with an event timeline.

Avoid Bankruptcy – Prepare Ahead of Time

Sunday, November 15th, 2009

Are you struggling through financial problems and no comprehensive plan of action to deal with them?  With the recession dragging on and unemployment persistently growing, large numbers of people are reacting to financial predicaments as they arise, with short term solutions.  Loan modification proceedings can become a major diversion that ultimately fails to fully resolve a steadily deteriorating situation.  The most effective moves to avoid bankruptcy must often be made six months to a year before reaching a crisis, and/or during the loan modification period.  You are welcome to post a comment or go to the Interactive Law Center and receive an early consultation.  Also see our Pages entitled “Bankruptcy Checklist” and “Special Capabilities Required of Attorneys for Bankrtupcy Work”.