Debt Collection Law

Why Are My Ex Husband’s Debts are Ruining My Credit in Alabama?

The general rule is that if you are a co-debtor or co-signor (joint obligor) on a loan you are as responsible for the debt as the person whose name appears on the first line of the paperwork (primary obligor). Although the lender will generally expect the primary obligor to make the payments, they can come after the joint obligor any time the payment is late or the loan goes into default. Default simply means that payments are past any grace period. Most loans can be considered “in default” if the payment is a day late.

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Alabama Bankruptcy and Debt Relief Questions

Since calls to my office about bankruptcy have been increasing, I’ve decided to share some bankruptcy FAQs with you. These are short answers to complicated questions. If you are considering filing bankruptcy, it is important that you hire an experienced attorney.

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How to Stop a Foreclosure in Alabama

There are several ways to stop a foreclosure. One of the most common ways to prevent a mortgage company from foreclosing on your home is to file Chapter 13 Bankruptcy. Chapter 13 allows you to reorganize your debt and gives you the opportunity to pay your mortgage arrearage over a 3 or 5 year period. It is important that you consult with an experienced Bankruptcy attorney and file your case before the date that the foreclosure is scheduled. Once the foreclosure sale is held, Chapter 13 cannot save your home. Filing Chapter 13 can also stop vehicle repossessions and may reduce your total monthly expenses.

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