The bankruptcy process is in place as a method of providing a fresh financial start.
Phoenix, AZ (PRWEB) March 19, 2013
Freeman & St. Clair publishes a new comparison/contrast report (February 2013) for Arizona residents considering application for a loan modification to avoid filing for bankruptcy. Many residents still feeling the after effects of the housing crisis are facing potential financial disaster. When considering their options, most come up with two choices: bankruptcy or a loan modification for their home. In addition to knowing the bankruptcy law in Arizona (http://www.freemanandstclair.com/arizona-bankruptcy-attorney.html), potential filers should know the ramifications of the loan modification process.
Bob St. Clair of Freeman and St. Clair said, “When considering applying for a loan modification as an alternative to bankruptcy, carefully consider the intended purpose of both processes. The loan modification application is intended as a form of financial aid to individuals who have experienced a change in circumstance that left them unable to make the minimum monthly payment on their mortgage. The bankruptcy process is in place as a method of providing a fresh financial start.”
The comparison contrast report published by Freeman & St. Clair is accessible online and contains additional information on many elements of the loan modification process vs. filing for bankruptcy including:
- Loan Modification Myths
- Defaulting to Qualify for a Loan Modification
- Estimated Time for Loan Modification Application Completion
- Loan Reinstatement Upon Denial of Loan Modification Application
- Short Term vs. Long Term Financial Solution
- Startling Statistics Regarding the percentage of Applicants Approved for Loan Modifications
- Potential Consequences of Applying for and Being Denied a Loan Modification
Freeman & St. Clair works with clients seeking aid for a variety of legal matters, but in recent years, the economic struggle has increased the number of individuals and businesses seeking bankruptcy aid as a solution to prolonged financial crises. Recently, loan modifications have become an accepted “alternative” to bankruptcy even though the intended purpose is drastically different. Many are unaware of the potential harm that going through the application for loan modification can have on their already risky financial state.
Freeman & St. Clair provides personal legal representation in Tucson, Arizona. With over 35 years of experience, they are known as the small firm for small businesses. The firm provides a full range of legal services: corporate law, litigation, collections, bankruptcies, personal injuries, estate planning, etc.