They filed for bankruptcy with another attorney to stop collection efforts on three judgments entered against them. They expected that all judgments were taken care of. Their original attorney never let them know that the judgment had become liens which would survive bankruptcy, or that there existed a separate procedure for eliminating the liens.
Bankruptcy is a valuable option for those who are drowning in debt and can't see a way out. This debt doesn't just come from being irresponsible. Many Americans deal with overwhelming debt from medical bills after an accident, low wages after a job loss or debts with high interest. This debt can also be a huge stress and affect every area of your life. In order to obtain a fresh start for your financial future, bankruptcy may be the right choice.
Due to the construction slump, his union furloughed him for a number of months after each job. What types of people seek bankruptcy help? His wife was lucky enough to be able to take pension and annuity loans to fill the gap. But after many years, her four monthly retirement loan repayments took so much of their pay that there was not enough money left to live.
To minimize their own risks, banks, credit unions and other lenders are now trying to be gentle with their borrowers at refinance time. They have been offering deals that sound good at first, such as longer terms, lower interests rate, or lower monthly payments.