On behalf of Ellett Law Offices , P.C. posted in Personal Bankruptcy on Wednesday, May 16, 2012
So many students across the nation, Arizona included, are forced to take out loans in order to handle the ever-growing financial burden of higher education. Unfortunately, later in life, many of these individuals find themselves in financial difficulty when student loan debt gets buried under other, accumulated debts and expenses.
For these individuals, bankruptcy may be the best option to eliminate debt and relieve themselves of financial burdens so they may start anew. What many of these individuals find, though, is that student loans are usually non-dischargeable in bankruptcy.
On behalf of Ellett Law Offices , P.C. posted in Credit Card Debt on Friday, May 11, 2012
Debt collectors are a constant harassment to debtors, and they can pile even more stress onto a situation of financial trouble, making it even harder to manage. Many states across the nation are enacting legislation that works in favor of debtors in these situations and helps them minimize the influence of debt collectors. However, a bill currently in the Arizona House may actually make it easier for credit card debt collectors to harass debtors, and perhaps even harass individuals into paying debts they don't owe.
On behalf of Ellett Law Offices , P.C. posted in Chapter 7 on Friday, May 4, 2012
Bankruptcy stories seem to be a dime a dozen nowadays. Readers may glance over them online or ignore it in their local papers because bankruptcy has become ubiquitous during the country's recent economic struggles. Nothing paints that picture more clearly than a celebrity, which it is assumed would be wealthy beyond anyone's wildest dreams, files for bankruptcy.
On Monday, Nadya Suleman -- arguably better known as the "Octomom" -- filed for Chapter 7 bankruptcy after her mounting debt buried her and the $50,000 in assets she possessed in a financial nightmare.
On behalf of Ellett Law Offices , P.C. posted in Personal Bankruptcy on Tuesday, April 24, 2012
So many people are dealing with the prospects of bankruptcy these days. With the tumultuous and ever-changing ways of the economy, the ability to discharge outstanding debt through a Chapter 7 filing or to reorganize and consolidate payments through Chapter 13 bankruptcy can be vital to residents in Phoenix, Arizona.
Sometimes, filing for bankruptcy can be a complex process, but for those in dire straits financially, these complications should not steer you away from filing. With the aid of an experienced bankruptcy lawyer, you can have your questions addressed correctly and save yourself the trouble of worrying about making a mistake on your filing.
On behalf of Ellett Law Offices , P.C. posted in Credit Card Debt on Friday, April 20, 2012
When it comes to credit card debt, it doesn't matter if you are in Phoenix, Arizona or freezing Antarctica (well, maybe a credit card isn't really necessary that far south)-- having good habits can keep your credit score up and keep harassing creditors at bay. So what are some effective ways to manage your credit card debt? Paying more than the minimum balance is a good start.
It is something that many people are guilty of, but it can cause you headaches down the road. Letting your debt hang around by only paying the minimum affects your interest rate and can even damage your credit score. Worse yet, imagine you pay $50 for some shoes with your credit card. According to a financial author in the source article, paying the minimum essentially doubles the price of those shoes, especially if your interest rate is in the "high teens or above."
On behalf of Ellett Law Offices , P.C. posted in Personal Bankruptcy on Wednesday, April 11, 2012
"This just strikes me as classic robo foreclosure," said a foreclosure analyst in response to Bank of America's befuddling more to sue itself. One time would be bizarre enough, but it turns out the financial institution has filed a "self-suit" 11 times since March. Why would Bank of America do such a thing?
First, the insinuation of the lawsuit having "robosigning" tie-ins is not a stretch. As the analyst points out, Bank of America's lawyers may have filed hundreds of foreclosure suits like this in one day and, in a mass-producing effort, simply wrote the name of whatever bank popped up on their computer when they searched for homes that could be foreclosed. But Bank of America says they filed these suits because they have a hand in multiple liens on the same property.
By Ron Ellett on Sunday, April 8, 2012
On behalf of Ellett Law Offices , P.C. posted in Credit Card Debt on Thursday, April 5, 2012
The topic of creditor harassment has been a regular feature on this blog, and recently news came out regarding Bank of America's less-than-stellar treatment of a person who filed for bankruptcy. As a part of the person's bankruptcy, a debtor's discharge was completed. This motion is an order to debt collectors to immediately stop contacting the in-debt party.
Well, that didn't happen. In fact, Bank of America called the debtor an astonishing 38 times after the person's bankruptcy was filed. The debtor filed suit and won a $15,000 judgment after it was found that Bank of America was aware that the person had filed a debtor's discharge and still went ahead with the unwanted forms of collection. Worse yet, letters were sent on the debtor's behalf requesting that the bank cease contact with the insolvent individual -- the calls kept coming, though.
On behalf of Ellett Law Offices , P.C. posted in Chapter 13 on Wednesday, March 28, 2012
Having a lawyer by your side during bankruptcy proceedings is absolutely vital. You are already stressed out enough by your financial situation, and legal counsel affords you the knowledge and insight needed to complete your bankruptcy proceedings without any undue anxiety. For such legal services, the bankrupt party must pay their attorney -- but through a Chapter 7 bankruptcy, the insolvent party cannot use bankruptcy estate funds to pay a lawyer.
It's a Catch-22: how do you pay your attorney while going through bankruptcy? One way is through a Chapter 13 filing. Chapter 13 bankruptcy allows the filer to restructure their debts and establish a new payment plan that is within their means. The filing must be approved by a court, but it greatly helps many people who struggle with outstanding debt.
On behalf of Ellett Law Offices , P.C. posted in Personal Bankruptcy on Friday, March 23, 2012
Many Phoenix, Arizona residents have mortgaged homes, and a portion of them struggle on the edge of foreclosure. Tough economic times and inflated unemployment rates contribute to the situation, but as many have been discussing in the past two years, robosigning permeated throughout the mortgage industry and led to many illegitimate foreclosures.
What is robosigning? Like the name implies, it is the robotic and thoughtless process of bank employees signing off on massive amounts of mortgage and foreclosure paperwork without verifying the actual contents of the documents. They just "do," in an effort to clear as much paperwork as possible. The result? Fraudulent and incorrect documents that cost thousands of homeowners untold amounts of money and immeasurable amounts of stress and grief.
