Debtmerica Website Disclaimer: Last Updated as of July 26, 2011
*Clients that are able to make the monthly program payments generally experience a 50% reduction of their enrolled balance before fees, or approximately a 29% reduction after payment of fees over a 24-48 month period. Individual results may vary based on ability to save sufficient funds and complete the program, the creditors in your individual portfolio, and amount of debt enrolled. Statements made are examples of past performance and are not intended to be a guarantee that your debt balances will be lowered by a specific amount or percentage, that you will be debt free within a specific time period, or a guarantee of future settlement results. Debtmerica, LLC guarantees it will not receive any fees until the terms of your debt have been altered with one or more of your creditors. While our programs work aggressively to reduce your debt balances, creditors are under no contractual obligation to negotiate or accept settlement offers. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice and we do not provide credit repair services. Please contact a tax professional to discuss tax consequences of debt settlement. By providing your contact information, you agree to receive return telephone calls, emails or other communications from Debtmerica, LLC and/or its affiliates and expressly waive any “No Call” preference or registration. Photographs used are not actual clients. Debtmerica, LLC is not affiliated with MSNBC, Fox, CBS, 500/5000 or OCBJ and logos used are registered trademarks of their respective owners. Programs not available in all states. Read and understand all program materials prior to your enrollment.
Financial reform almost caused rewrite of bankruptcy law
Monday, 28 June 2010 09:00
A proposal backed by advocates for homeowners as well as many leading Democrats nearly force the country's bankruptcy laws to be completely rewritten.A potential change to bankruptcy law, known as a "mortgagecramdown," would have allowed judges to change the terms of mortgages for distressed homeowners who wound up in bankruptcy court, according to a Reuters report. The change was being opposed by the banking industry and Republicans. Under current law, bankruptcy courts can alter or reduce many kinds of debt for struggling borrowers - including loans on cars and boats, a vacation home or family farm - but not primary residences.
Reuters said that proponents of the bill, a measure that was passed by the House in March 2009 but was killed in the Senate, said it would help stop home foreclosures in the U.S. Opponents argued that it would raise costs for all homeowners.
A report from the financial news and advice website The Motley Fool said that several banks supported the bill as well, saying that if homeowners are able to modify their mortgages after filing for bankruptcy, the number of strategic defaults will dramatically decrease.
A Secure & Trusted Site
|
Debtmerica is committed to providing a safe and secure site that you can trust. |
 |
 |