The instant you realize that you are financially overextended the walls of your reality start closing in fast. The financial burdens begin to dramatically take effect and the weight of the debt and the pressures associated with creditor collection efforts start taking its toll on you psychologically, mentally and oftentimes physically. So whether you seek information out via the internet, talking to friends and family, or seeking legal advice…invariably you start exploring your options.

Usually no matter what age you are or your position in life, a portion of an individual’s debt structure includes student loans. Whether you are the student, perhaps a friend which is the cosigner of a student, or in all likelihood a parent of a student, student loans are customarily included within an individual’s debt portfolio.

When I meet potential clients to discuss their financial issues and explore bankruptcy relief as an option, before I begin to discuss the topic of student loans, the person I am meeting with will say, “Yes, I know student loans are not dischargeable in bankruptcy, BUT I have a private student loan!”. I nod in agreement because generally, unless there is a finding of undue hardship, federal student loans are not subject to a bankruptcy discharge. These loans are customarily recognized as Stafford, Perkins, FFEL and Plus loans. To contrast those with private student loans which are commonly issued by banks, credit unions, and schools.

However what most people do not know is that in 2005 (more…)

Tags: bankruptcy, financial issues, private student loan, student loan

Our real estate department handles all types of real estate related matters, including foreclosures.  This might be an unpleasant task, however the local lenders we represent are very understanding and sympathetic to their borrowers’ plights.  I have had our banks agree to postpone actions and sales, and to work out payment plans, or allow a home to be sold for less than the loan amount very often. (more…)

Tags: foreclosure, mortgage, notice of conference, re-financing

At the end of 2010, Governor Patterson signed a new bill into law which set realistic limits on the current levels of exemption values which will reflect today’s values and households and bring New York State into accord with other states exemption statutes. This law will be a welcome face lift to the current Debtor Creditor statutes and the Civil Practice Law and Rules! (more…)

Tags: bankruptcy protection, personal property exemption, real property exemption

Congratulations! You’ve signed a contract to purchase a new home and now you are waiting for your mortgage to be approved and for closing to take place. You are excited to move into your new home and usually preparation and economizing is a responsible thing. (more…)

Tags: credit, Fannie Mae, mortgage

In today’s economy, Americans have struggled to make a decent income or keep their jobs at all, a situation several Western New Yorkers can sympathize with. Despite this sympathy, there are an abundant amount of large corporations in the Buffalo area that seem to be profiting off the economic misfortunes of others and, surprisingly, the culprits are the debt collectors that promise to help us out of debt in the first place. (more…)

Tags: Debt, Debt collectors, debt relief, debt relieft agency