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Forghany Law P.C.

June 2014 Archives

Chapter 7 and Chapter 13: which one is right for you?

Anyone who has ever struggled with debt will tell you how awful the situation made them feel. With so many financial obligations and perhaps even receiving harassing phone calls from creditors, it’s no surprise that many people feel overwhelmed when they face this kind of hardship.

Do your mortgage bills place you at risk of foreclosure?

The recent economic downturn broadly illustrated that even fiscally responsible Americans may find themselves struggling mightily with their finances from time to time. Individuals may find themselves on the brink of foreclosure or filing for bankruptcy for any number of reasons. For example, the number one reason why Americans currently file for personal bankruptcy is overwhelming medical debt tied to unexpected illness or injury. No matter what kind of job you hold or what kind of life you lead, the fact of the matter is that you may end up struggling with overwhelming debt at some point, despite your best efforts to stay on top of your finances.

Are you 'effectively' underwater on your mortgage?

Not long ago we discussed the possibility of debt relief for homeowners whose home equity has increased while the property was in foreclosure. If you are in this situation, then you may be able to stop foreclosure by selling the property at market value. You can read more about the matter in our previous post, "Real estate rebound may render some foreclosures unnecessary."

Unpaid medical bills are disproportionally harming credit scores

We have previously written about the fact that unpaid medical debt is now the number one reason why Americans file for personal bankruptcy. Overwhelming medical debt can be uniquely frustrating, as it only adds to the stress caused by illness and injury. In order to heal, patients need rest and calm. When debt collectors are calling incessantly, it is difficult to achieve that necessary and healing rest.

Forghany Law P.C.
1 Canal Street, Suite 201
Lawrence, MA 01840
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978-258-0384

Fax: 978-824-2031
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Forghany Law P.C.
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Hartford, CT 06103
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860-733-0484

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Forghany Law P.C.
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Hyannis, MA 02601
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