Wednesday, November 23, 2016
How The New President Might Impact The Need To File Bankruptcy
For the past year, and even more so in the past months, the nation’s attention has been set squarely upon whether Hillary Clinton or Donald Trump would become the next President of the United States. That question was answered in the early morning hours of November 9, 2016 and the victor was Trump. This information was welcome to some, but sent many others across the country scrambling. Scrambling to protest the election result and scrambling to figure out what a Trump Presidency would look like. As the results started rolling in on election night, the Dow Jones dropped, but has since made up for lost ground.
But, just because the financial markets did not take a drastic hit, that does not mean we are all worry free when it comes to our money and how proposed policies by the new President might impact your bottom line. Several of President Obama’s initiatives came under fire during the campaign, most notably the Affordable Healthcare Act, but there are others that are worthy of mention. In particular, programs for distressed homeowners (like HAMP) may not be renewed by Trump. If so, the need to file bankruptcy in order to tackle mounting mortgage loan debt could become a very real reality for a lot of people. If you are trying to manage more debt than you can handle, consider how filing for bankruptcy can help:
• All pending collection actions, including a foreclosure, must stop immediately upon filing a case.
• If your wages are being garnished, that must stop when you file bankruptcy.
• Bankruptcy allows you to eliminate or significantly reduce the amount of unsecured debt you have to repay.
• Depending on the type of case you file, you might get to pay a lower rate of interest for your car as well as paying the vehicle’s value rather than the loan balance.
We understand the concern with what lies ahead, and can help you put a plan in action that will give you a sense of security. Rather than let your finances spiral out of control, call us today for help. We will explain your options and help you make a decision that meets your financial needs, and that will help you reach your financial goals.
For more information about how bankruptcy can help you, contact us at www.law-ri.com. We will help by coming up with solutions that work for you and have multiple locations to meet your needs for office visits.