Archive for September 2011

Help Families Avoid Foreclosure, Stabilize the Housing Market, and Boost the Economy


Experts agree that in order for the economy to recover, the housing market first must be stabilized by preventing avoidable foreclosures. While there is no single solution to the foreclosure crisis, one promising approach is the Principal Paydown Plan, which would provide immediate relief for qualified homeowners in bankruptcy who find themselves underwater on their mortgages. By reducing the interest rate on mortgages to 0% for 5 years, monthly payments would be lowered and every dollar applied to the principal. This Plan would provide help for many American families trying to stay in their homes, stabilize communities, and bolster the housing market and economy as a whole. Developed by the National Association of Consumer Bankruptcy Attorneys, the plan is ready for immediate adoption.

For one possible option see my blog on the Loss Mitigation Program now available in bankruptcy cases filed in New Jersey.

Ways To Save Money Before And After Filing Bankruptcy

Does the economy have you down?  Are you looking for ways to save money?  Well, whether you are going to file bankruptcy or you just filed bankruptcy, why not put some extra money in your pocket.  How you may ask?  Why “couponing” of course?  Do not want to purchase a newspaper, that is okay.  What you can do is go to Living Rich With Coupons.  This blog is awesome!!  The site will tell you where to go to print internet coupons (which almost all stores now accept).  The site will tell you what’s on sale before newspapers are delivered.  It will tell  you how to score free products and the order in which you should purchase items.  It will tell you how to score free products while getting the grocery stores to pay you.  Yes, it can cause you to become an “Extreme Couponer” but in this economy, I can think of worse things.  I know couponing is not for everyone; however, if you are strapped for cash as most people are right now, why not give it a try?  It’s free and fun.  WARNING: COUPONING CAN BE ADDICTIVE

Filing A Personal Bankruptcy Can Stop A Wage Garnishment And Can Release Bank Levy

Did you know that filing a personal bankruptcy can stop a wage garnishment and in some circumstance can release a bank levy?  Many times people cannot face dealing with their financial situation until their creditor takes drastic measures.  By the time a creditor sues a debtor, the debtor may not recognize the creditor because it is usually a collection company who is suing the debtor.  Once a judgement is entered, the creditor will attempt to execute on the judgment by garnishing a person pay check or placing a levy on the debtor’s bank account.  However, filing a bankruptcy will stop the creditor in its tracks because of something called the automatic stay.  I like to explain to my clients that the automatic stay is an invisible shield that comes down around them when filing for bankruptcy.  Garnishments stop upon filing.  If by chance the garnishment continues for a period of time after filing, the debtor will receive that money back.  Filing a bankruptcy before your financial situation gets to this point of a garnishment will make your life easier.  Explore your options and consider filing bankruptcy if you have debt you are unable to repay.

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