Are You Lost in the Debtor’s Desert?

This is the first post by attorney Chris Van Mullem. Chris is licensed in the State of Arizona and focuses primarily on bankruptcies and consumer debt. If you’d like to contact him, send us an e-mail through the site and we’ll make sure he gets your e-mail.

From Chris:

Are you lost in the debtor’s desert?   For many Americans the “mirage” of prosperity has mostly disappeared. Our financial future, it seems, has all but vanished.  If your land of opportunity failed to materialize, you are not alone. 

Today’s economy was exemplified in a recent featured article on YAHOO news —“How to make use of stale bread (by making bread pudding).”

Such grounded information in the current news media is rare these days. Usually, the main stream media somehow avoids useful information altogether, or, almost always, insists that recovery is on the way…

Question: Are we really supposed to believe that things are “getting better” just because some obscure economic index states so? The real proof is in the pudding. Closer examination reveals a different truth about how bad things can be. 

Recently, I spoke with one couple who could no longer afford their $2200 a month mortgage payment and they subsequently lost their family home to foreclosure. Sadly, the husband’s income took a drastic dive and they were also later forced to consider bankruptcy. The bankruptcy consideration was an angry bitter fight between them. He wanted to hold on (try to repay $100,000 of credit card debt on reduced income), she was ready to let go and reposition for the future.

Holding on too long to the possibility that your ship will come may force you to miss out on certain legal opportunities.  The above example is used to illustrate how one couple failed to accept (or communicate) their reality until it was too late. Only after they lost their home did they seek a bankruptcy attorney.

My point is that it may have been possible to keep their home and work out their debts if they consulted an attorney sooner. In the coming weeks, I’ll share more information on how consulting with an attorney early on when problems develop could save you a headache down the road.

Chris

Related posts:

1. Are Banks Ready to Gamble on Arizona Investor Deficiencies? This is attorney Chris Van Mullem’s second blog article on ForeclosureIndustry.com. If you have questions for Chris, please send us...
2. Debtor’s Revolt Check out this video. I like what this woman has to say, but I can’t say that I recommend...
3. The Other Side of the Foreclosure Commentary I wanted to share the following e-mail I received from someone who is not very happy with what I have...
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