by evolveAdmin | Jul 12, 2011 | Bankruptcy
For the hundreds of Floridians whose employment with NASA, Lockheed Martin or other government agency or contractor in Central Florida depends on an active security clearance, fighting a Florida foreclosure may mean more than saving your house. It may also mean saving your job. Although no specific reports tie the number of denied or revoked security clearances to the current mortgage crisis, federal officials have noted an increase in both for purely financial reasons, including foreclosure. Why is a Security Clearance Related to Personal Finances? There are more than dozen criteria examined in when granting or revoking a security clearance; debt is one of them. When an applicant for a security clearance has substantial debt problems, that person could potentially sell confidential government information to generate additional income. The mere existence of a foreclosure on your credit report does not guarantee that an existing security clearance will be revoked or a new request will be denied. Examiners may consider factors surrounding both the purchase of the home–whether the purchase itself overextended the borrower at the time of sale–as well as the mortgage status throughout repayment and eventually foreclosure–did the borrower take steps, such as pursuing a loan modification or short sale, to change or end the financial obligation. Bankruptcy and Your Security Clearance A bankruptcy on your credit history may also affect your ability to obtain or maintain a security clearance. However, as with foreclosure, the circumstances surrounding your bankruptcy will be examined to determine what impact, if any, it will have on your security clearance. For example, if the bankruptcy resulted primarily from issues beyond your control, such as a large medical bill, it is...
by evolveAdmin | Jun 15, 2011 | Bankruptcy
Here’s the typical scenario: You owe more than what your home is worth. You have someone who will buy your house for what it’s currently valued at (called a short sale). Your mortgage lender agrees to the sale; the paperwork and sale are finalized. You give the keys to the new owner, move out and are relieved that you no longer are stuck paying for a home that just isn’t worth the money. You walk away and start over. But wait, it’s not over. You may still owe the bank the balance of your mortgage minus the money that was brought in from the short sale. This is called a deficiency and the bank has the right to collect that money from you even though you no longer live in nor own the house unless you received a “written waiver of deficiency judgment” from your bank upon the sale of the home. Florida law allows lenders up to five years to file for a deficiency judgment. Once the judgment is entered, your mortgage lender can collect the amount by garnishing your salary or bank accounts, placing a lien on any other real estate you may own or attacking any source of equity you may otherwise have other than your homestead. A deficiency judgment does not have to be pursued by your bank right away. In fact, many Floridians are just now receiving notices for homes that were sold by short sale two or three years ago. For many, a short sale may seem appealing as an answer to mortgage troubles. But, more often than not, bankruptcy is a better option. Whether you are...
by evolveAdmin | May 31, 2011 | Bankruptcy
Nationwide, the total student loan debt of $913 billion is more than total credit card debt. While those who are in credit card debt have options such as bankruptcy to get out of that debt, student loan borrowers do not; Florida students and recent graduates are feeling the financial pressure of student loan repayment. In this difficult job market, nearly two-thirds of graduates throughout the United States are in debt after finishing college. Many are unable to find a job at all, let alone one that will allow them to make payments on student loans. Nationally, an average of 7 percent of student borrowers defaulted on loan payments last year; 8.5 percent of Florida borrowers were unable to pay their student loans. With the national rate of default raising to almost 9 percent already this year, student loans continue to be a growing problem. Defaulting on, or not paying, a student loan can have drastic consequences. To collect on the debt, the government is able to: Garnish wages once a defaulting borrower does get a job Take money out of any federal income tax refund or Social Security payments Prohibit borrowers from entering military service Disallow receipt of a professional license Student loans are, for the most part, non-dischargeable in bankruptcy and will stay with the borrower until he or she pays off the loan. A borrower may have options for bankruptcy relief, however, if he or she has other debt, such as credit card debt or a mortgage that may be dischargeable in bankruptcy. Freeing up the money that was used to pay the dischargeable debts may allow him or her to...
by evolveAdmin | Apr 21, 2011 | Mortgage Assistance
The State Of Florida has initiated a program to give assistance to Florida’s unemployed with mortgage payments. Although it is difficult to qualify, it will help many Central Florida families that are behind on their mortgage prevent foreclosure or...
by evolveAdmin | Apr 20, 2011 | Other
Visit our new Orlando Bankruptcy, Foreclosure and Debt Relief Video Blog. It has lots of great information if you are struggling with credit card debt, are behind on mortgage payments, or considering bankruptcy. If there is something not covered on the site, please let us know and Charlie will make a video on...
by evolveAdmin | Dec 16, 2010 | Other
At the Price Law Firm, we dedicate our entire practice to consumer bankruptcy law and helping clients throughout central Florida to find the right debt relief solution for their particular situation. We have more than 20 years of experience in bankruptcy law. We will walk you through the entire process and work to ensure that everything goes smoothly so you receive your discharge as quickly as possible. We pride ourselves on the level of service we provide to every client. We take the time to help you understand the law and what you can expect throughout the process. As part of that goal, we want to do everything we can to give you access to the information you need about bankruptcy law and the legal process. In our Blog, we will post information and articles about bankruptcy law and other topics that you may find useful. Clients, staff members and others will have the opportunity to discuss the information in the Blog and gain new perspective on these important legal topics. We will be updating the Blog regularly and look forward to having you take part in the discussion. Feel free to contact our firm with questions by calling...
