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Blog Posts in January, 2014

  • Foreclosures Mortgage Load Modifications

    There are many ways ordinary hardworking homeowners face the real possibility of losing their home. Here is a very typical situation: A homeowner gets into financial difficulty and wants to do a loan modification to make the mortgage payments more affordable. So the borrower contacts the bank and explains his or her financial situation and requests a lower mortgage payment. The mortgage company or ...
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  • New Bankruptcy Law in Georgia

    Bankruptcy laws are Federal; therefore, the 2005 changes to bankruptcy code were effective all over the United States. These changes that were made at the Federal level impacted the laws in Georgia as well. These changes to bankruptcy law at the Federal level generated new Bankruptcy Laws in Georgia as well. In addition to the Federal bankruptcy laws, the State of Georgia has elected to use its ...
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  • Using Credit Cards and Life Emergencies

    Is having credit for a rainy day a good idea? If you think of using credit cards as a way to deal with unexpected emergencies in life, think again. I think Mark Twain’s quote written above sums it all up nicely. Bankers as well as Credit card companies are interested in charging you interest on the money they loan you. They are not concerned about life emergencies you may be facing. Credit cards ...
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  • Budgets Don't Work

    There are many books and articles on the next best and greatest diet, or the next best way to get out of debt and get rich. Just about every personal finance management book or article I have read tells the reader some version of the following: create a budget, spend according to the budget (spend less than you make), and take what you are saving and use it to pay down debt. Once you have paid off ...
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  • Is it a good idea to Pay-off credit card debt with a Home Equity Loan?

    As a bankruptcy attorney I am often asked if it is a good idea to pay-off credit card debt with a Home Equity line of credit? Typically, the answer is NO. Consider the following: If you pay-off your credit card with a Home loan, you will have more room on your credit cards to incur more debt. This is a very common trap. If you have developed a habit of using credit cards, that habit is not going ...
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