Darren Rovell of CNBC.com has written an interesting article detailing the effect of Philadelphia Eagles Quarterback Michael Vick's new 6 year $100 million dollar contract upon the Chapter 11 Bankruptcy he filed in 2008.
Just because a relative is older and living on a fixed income does not mean that he is also debt-free. A surprising number older Americans struggle each month to pay unsecured debts with modest incomes. The most common forms of unsecured debts are credit cards and medical expenses, and for many of our elderly even a small unsecured debt can cause tremendous stress. Some face the difficult decision to cut back on food, prescription medicine, or home utilities in order to make minimum payments on such obligations.
As many of our readers know first-hand, trying to get a mortgage modified these days can be an arduous process. Vera Johnson of Seattle, Washington tried to get a modification for 18 months without any success before starting a petition to draw attention to her cause. Read more about her story here. In the Eastern District of Wisconsin, one option that people in a chapter Chapter 13 have is the Mortgage Modification Mediation (MMM) offered throught the bankruptcy court.
One important thing to do when you are speaking with a debt collector is to take detailed notes. The more detail that you can provide about the conversations with collectors, the more credibility you will have if you are involved in a lawsuit against the collector.
Wrong. Can you buy one now? Probably not. Bankruptcy will give you the ability to save for a down payment. Also, you will have the income to qualify for a mortgage, something you can't do now because your debts take up all of your disposable income. Most people can qualify for a mortgage within about two years after their bankruptcy. If your debt is too high, you will never qualify even if you have a perfect payment history.
Have you asked yourself should you consider bankruptcy? Have you wondered if qualify?
Debt collectors can be ruthless. Constant telephone calls at home and work, embarrassing letters in brightly colored envelopes, calls to friends and family, and even public posts to your Facebook account are all tactics that debt collectors use to harass you into paying. Fortunately, there are laws that protect you when creditors get too agressive.
The Basics of Chapter 13 Bankruptcy
Article provided by Milwaukee Bankruptcy Attorneys - Miller & Miller Law LLC