Gabby Douglas’ mom filed for Chapter 13, reorganized debts

Sometimes it takes a fresh start to get ahead. Since Gabby Douglas won a gold medal in the Olympics for women’s gymnastics, her mother has also made headlines, both for her sacrifice and the support she provided her daughter, but also because she filed for Chapter 13 bankruptcy earlier this year. She believes that filing bankruptcy allowed her to be able to live and reorganize debt so she could still repay what she owed. When talking about bankruptcy, she is not ashamed and was glad that there was a legal way to protect her home from foreclosure. One reason that debtors in New York hesitate to file bankruptcy is because of a certain stigma or the social pressure to continue to keep paying off debts. In reality, many of these debts will never get paid. For those who suffer from unmanageable debt, usually the hole gets deeper before there is any relief. Bankruptcy provides an opportunity to get a fresh start, but also to pave the way for future financial stability. Natalie Hawkins, Gabby’s mother, filed for Chapter 13 bankruptcy, allowing her to pay down her debt over several years. The bankruptcy filings list Ms. Hawkins as having assets totaling $163,706, including a townhouse… Continue reading

Mortgage delinquency on the rise

In the downtrodden economy, widespread mortgage delinquency is no surprise. After a job loss, divorce, injury or death in the family, a financial setback can be devastating. It is not unlikely that you or someone you know is underwater with a mortgage payment. In attempts to save a home, a family may try to recover after getting behind on mortgage payments, but this cycle can often lead to foreclosure. If you are in New City, New York and behind on mortgage payments or facing foreclosure, remember that you do have options and rights. Filing Chapter 7 or Chapter 13 will put a stop to all legal action by your creditors. A Chapter 13 may give you the opportunity you need to restructure your debts and prevent the foreclosure of your home. Whether you are delinquent on mortgage payments or you are behind on credit card, student loan, taxes, and other debts, there is relief available. Many debts can be eliminated or reorganized through bankruptcy. Delinquencies include all loans that are at least one payment behind, but not yet in the foreclosure process. Some experts believe that delinquency rates are high as a result of persistently high unemployment rates nationwide. A recent report by the Mortgage Bankers… Continue reading

Foreclosure practices under closer scrutiny

Most states provide bankruptcy exemptionsfor equity built in a family home, and these exemptions can be very useful when battling a foreclosure. However, recent scrutiny into foreclosure practices has revealed that many homeowners not only have no idea of their rights regarding bankruptcy exemptions or foreclosure, but they often do not even know who is holding their mortgages. Even when a debtor understands who holds the paper on his or her home, it is unlikely that there is much use for that information. Recent examination of several bank’s foreclosure practices reveal that previous holders of promissory notes are often initiating foreclosure when they do not technically have the right to do so. If you are facing foreclosure or bankruptcy, it may be helpful to seek experienced legal advice. There are ways to stop foreclosure proceedings and salvage your home’s equity through the protections offered by the bankruptcy code; however, it may be difficult invoke these protections without sound legal advice and help. Filing bankruptcy is a last resort for many people. However, for many people it ends up being a good way to both save their home and obtain some debt relief. It may also help you hold the creditors off… Continue reading

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