We are a Designated Debt Relief Agency under Federal Law and We Provide Legal Assistance to Consumers Seeking Relief Under the Bankruptcy Code.

Help for Financial Problems

Many persons with financial problems live with and make many wrong financial and personal moves without first considering the bankruptcy alternative. Mr. Detzky says this is a major mistake and he attributes it to the fact that people don't like to even hear the word "bankruptcy." That is unfortunate, but attitudes are changing. In recent years, one out of every 100 families in the United States has filed or will file bankruptcy . The stigma is no longer there. After two years, debtors qualify for government insured mortgages and credit card companies are even targeting debtors and offering credit, which, of course, should be refused. The idea is to learn to live within one's means, debt-free. Sleep comes a lot easier for those who live debt-free. Many financially-strapped people do not seek bankruptcy information soon enough, causing permanent financial and personal loss. For example, any kind of "re-financing," "debt consolidation," or "debt counseling" plan is not recommended. A Chapter 7 or Chapter 13 can take care of the problem without the need for that burdensome second mortgage (putting the house on the line), equity loan, credit balance transfers, and the like. Mr. Detzky absolutely recommends against borrowing from 401 (k) or other type of pension plan. A much better plan is to start over with the Bankruptcy "Fresh Start" and be the wiser and avoid credit in the future. As far as mortgage financing is concerned, a Debtor qualifies for a conventional mortgage in about 90 days, and a FHA or VA insured mortgage in about 2 years, provided the usual mortgage lending criteria are met. If a home or automobile is owned, a Debtor retains ownership provided the mortgage and auto loan payments are kept current. Chapter 7 and Chapter 13 work wonders. For example, under Chapter 7, all credit card debt, personal loans, income taxes (over three years old), car repossession deficiencies, and other types of debt are forever forgiven. And, all possessions including bank accounts, cars, pension and IRA plans (in all cases) and real estate are protected from creditors with rare exceptions. If money is owed on a car, the debt can be reaffirmed and the payments continued as if no bankruptcy were ever filed regarding the car. Chapter 13 is even a more powerful tool. It forces a mortgage company to reinstate a mortgage and accept back payments over a period up to a 5 years. It also spreads automobile surcharge payments over 5 years and reinstates drivers licenses immediately. In addition, it allows a "cram down" of secured debt, which means that only the wholesale value of a car need be paid to a creditor regardless of how much is actually owed (many times the payoff is much greater because of trade-ins with balances due). And the lower pay back can be done over 5 years, lowering the monthly payment even more.

DON'T BELIEVE THE HYPE! MOST PEOPLE CAN STILL FILE FOR BANKRUPTCY RELIEF DESPITE THE RECENT CHANGES IN THE LAW. CALL US FOR AN APPOINTMENT TO DISCUSS YOUR ELIGIBILITY

45 Court Street
Freehold, New Jersey 07728-1709
Telephone: 732-780-3090
Fax: 732-308-3866
mldetzky@detzkylaw.com