What To Watch Out For

[GRAPHIC: Price Law Firm 407-834-0090; 400 Maitland Avenue Altamonte Springs, FL 32701]

CHARLIE PRICE: When my clients are considering bankruptcy or having debt problems, there are three major problems that I see them having. One is with loan modification companies, the second is with debt consolidation companies and the third is with the short sales. Bankruptcy very often, if not almost always, is a much better option. It actually clears up credit much quicker and better than any debt consolidation could ever do.

My big concern with load modification companies is that they’re taking money, they’re not doing the job that people hire them to do and they’re violating the law. There’s a Florida law that prohibits loan modification companies from taking money upfront and a variety of other protections and none of the loan modification companies are abiding by the law.

Whenever a client comes to me and tells me that they’re contemplating a short sale it always concerns me because typically a realtor has talked them into doing the short sale as a way of avoiding the foreclosure. But what they fail to mention is that most often they’re going to have a severe tax liability from doing the short sale. If we do the bankruptcy prior to the short sale going through they’ll have no tax liability.

I walk all of my clients through all of their options and very often those options don’t include the bankruptcy. Just because I’m a bankruptcy attorney doesn’t mean that I’m going to stick you into a bankruptcy if it’s not the right solution for you. Very often it’s not. But I’m going to let you decide along with my guidance what the best solution is for your particular problem.

[GRAPHIC: Price Law Firm 407-834-0090; 400 Maitland Avenue Altamonte Springs, FL 32701]

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