Understanding Today’s Economy
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The results are now clear to everyone: the US economy is in a period of recession, and possibly on the verge of a depression as the housing market collapses, companies lay off their workers, financial giants close their doors, and banks sit on money given to them by the government in its so-called “bailout” plan of October 2008.
What can the average homeowner/consumer do to protect themselves? At the law office of Chang & Diamond, we help clients file for bankruptcy, and adopt financial management principles that can help them survive today’s economy.
Taking Control of Your Mortgage
Carefully review your variable rate mortgage, especially if you find it increasingly difficult to pay your monthly mortgage bill. At the law office of Chang & Diamond, our attorneys can help you evaluate your legal options about your current mortgage situation. Depending on your situation, it may be in the bank’s best interests to modify your loan rather than having you go through foreclosure.
Credit Card Debt – Avoid Debt Consolidation Companies
Debt consolidation companies promising to consolidate your credit card debt and negotiate a lower interest rate and minimum monthly payment aren’t always the best option for getting out of debt. The truth is, most of what you pay in the first six months goes to cover the fees these companies charge for their “services.” Secondly, in some cases, once a debt consolidation company gets involved, a bank may demand immediate repayment on your debt since no automatic stay is in effect. Believing you may file for bankruptcy, a bank may call in outstanding debt in the hope of collecting as much as possible before you declare bankruptcy.
If your credit card debt is to the point where you can no longer afford making even the minimum monthly payments, filing for Chapter 7 or Chapter 13 bankruptcy may be the best option for you. Our lawyers can evaluate your current financial situation and explain the options available to you.
Business Owners and Work Outs
Surviving Today’s Economy – Contact Our Bankruptcy Attorneys Today
