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Living Paycheck to Paycheck

James Doan - Wednesday, September 19, 2012
A survey by the America Payroll Association released today (http://news.yahoo.com/more-two-thirds-u-live-paycheck-paycheck-survey-202040328--business.html) shows that more than two thirds of Americans are living paycheck to paycheck.  A whopping 68% of Americans cannot save any money because their expenses meet or exceed their pay.  What then happens when an emergency arises, be it medical, car, home, repairs, etc?  Many of you reading know the answer, the unwelcome expenses have to be charged with the hope of paying it off later.  The problem of course is, that later never comes.  Often one credit card, let's say "Peter" is used to pay another called "Paul."   Here the web of debt is laid, which quickly ensnares a family.

It is not uncommon to have more than one emergency expense, and because a household living paycheck to paycheck cannot save, this can be the straw that breaks the camel's back.  Credit cards may be maxed out.  It is then that one accrues late fees, falls behind on mortgage and car payments, and the snowball quickly becomes overwhelming.  Before you know it, you can be trying to stop foreclosure, car repossession, and harassing phone calls.  Adding insult to injury, a judgement, lien or tax delinquency may lead to the need to stop wage garnishment, simply to purchase food for the family.  Is it any wonder so many Americans suffer from anxiety and depression?

If you are one of the 68% of Americans living paycheck to paycheck, find a way to cut expenses.  If you are spending a good chunk of your paycheck attempting to pay down credit card debt, you might want to address the situation before an emergency expense arises.  Whether you are struggling to manage debt, (even if you still have a good credit rating) or you are struggling to save your home, Doan Law Group can help.

Contact Doan Law Group at 888-363-6529 and learn how to get out of debt.  Sometimes, getting out of debt can be as simple as filing chapter 7 bankruptcy, thereby eliminating 100% of your dischargeable debt.  

Chapter 13 bankruptcy allows wage earners to repay a portion of the their debt over three to five years. Some Chapter 13 debtors are able to strip their second lien, or eliminate it entirely, if the value of the home is less than the amount owed on the first trust deed.

If you woke up and smelled the coffee, and realized that your upside down house has turned into an anchor around your ankle as you struggle to keep your head above the choppy stormy waters of the sea of this economic uncertainty, then maybe you ought to consider unloading your house with a short sale.  Attorney Steve Doan is also a real estate broker who runs Doan Real Estate, and with integrity and ingenuity, Steve Doan has been able to work magic where other less experienced real estate people have failed.

The five Doan brothers, and their dad, have been helping those in financial need for nearly 20 years.

Contact Doan Law Group today to see if you are qualified for bankruptcy.  888-DOAN-LAW | 888-362-6529.  And remember, don't vote for Obama, or your financial situation will likely be much worse than it is today. 

Cost of Living and Bankruptcy

James Doan - Monday, September 17, 2012

The cost of living just seems to be going up and up, doesn't it?  Well, in fact, it is!  The US Consumer Price Index increased in August by the greatest percentage since June 2009.  This of course means that we are paying more for everything.  

The CPI jump is fueled at the gas pump.  Rising fuel prices increase the cost of production and the expense of delivery.  Add to this the worst drought in the Midwest in 70 years, soaring energy bills during the 3rd hottest summer since 1880, and the price of goods rises even more.  While companies are trying to pass on the increase in commodities expense to consumers, if you haven't noticed, your paycheck is not keeping up with the rise in costs.  

All of this is a continued burden on the economy and leads more families into greater debt when they have to charge filling up the gas tank and paying for groceries at the store.

For those struggling with toxic debt, filing bankruptcy is actually a responsible move in an economy that continues to be tied down by rising prices.  Instead of spending an astronomical percentage of your paycheck on old debt and unreasonable interest rates, you can eliminate those expenses and put your money to work for you.  

You can stop foreclosure on your home, and make it affordable again by stripping a second mortgage.  The money you save can then be used to meet the rising cost of living.  You eliminate credit card debt and start paying cash at the gas pump. You can stop wage garnishment and use that money to meet your family's needs, not a creditor's.   

Of course there are many options available to manage debt.  If you are noticing that your paycheck isn't keeping up with your expenses, talk to an experienced attorney in a free consultation and make a plan.

Doan Law Group is California's Largest Family of Bankruptcy Attorneys.  We know bankruptcy, and we can tell you how it can work for you.  Call us at 88-362-6529, or visit us on the web, at www.doanlaw.net.  

And don't let bills ruin your life.

QE3 & You

James Doan - Friday, September 14, 2012

Federal Reserve chairman, Ben Bernanke announced the launch of QE3 yesterday.  For information on what quantitative easing is watch the videos at the end of this blog.

According to Mr. Bernanke, the rationale behind the third round of QE, is help an economy that is "facing headwinds" by supporting the housing market through making home loans and refinancing more available, as well as to boost employment.  If you are like millions of other Americans who are unemployed, facing foreclosure, wage garnishment, or otherwise being crushed under surmounting debt, this sounds like good news.  However, the problems here are many.  First, we are not in an economy that is merely facing headwinds.  We are in an economy that is continuing to suffer repercussions of unsound financial policies.  If you watched either of the above videos, you will see that quantitative easing cannot help a suffering economy.  

Regarding the housing market, the fact is that banks are not being stringent with home loans because they do not have the money to give them.  Interest rates are already artificially low, and low interest rates haven't been keeping people out of the housing market.  According to Richard Green, director of the University of Southern California Lusk Center for Real Estate, in a statement “The constraint that is keeping people out of the housing market is absence of equity. The drop in house prices means that many borrowers are underwater on their houses, and high unemployment has prevented potential first-time buyers from accumulating down payments.“  This is common sense, that all of us know.  This is the reason so many good and honest people are trying to stop foreclosure on their homes when they wish they could simply refinance.

The creation of job opportunities would solve the financial problems that so many families are dealing with. However, just to get back to 2008 employment levels, 4.7 million jobs would need to be created.  Bernanke himself said "I want to be clear -- While I think we can make a meaningful and significant contribution to reducing this problem, we can't solve it. We don't have tools that are strong enough to solve the unemployment problem."  While the Fed may be well intended, economists think QE3 will do very little to help the job market.

So what does this mean for you?  The straight answer is that QE3 is not likely to help you improve your financial situation.  If anything, the cost of basic goods from food to gas will likely go up.  In order to forge ahead in an uncertain economy, you need to free yourself from financial constraints that may prevent you from having the money you need available to provide for your family.  These constraints may be in the form of credit card debt with skyrocketing late fees and interest rates, a second mortgage forcing your home upside down in equity, a lien, unsurmountable medical bills, a wage garnishment, unpaid taxes, foreclosure, etc. The burden of debt has touched all of our lives in one way or another, so think ahead.  

Doan Law Group, California’s Largest Family of Bankruptcy Attorneys, offers a free consultation to come up with a plan with you to free you from unnecessary financial burdens, protect your assets, and give you the best opportunity to turn your personal economy around...because Ben Bernanke isn't going to.

The bankruptcy attorneys at Doan Law Group have assisted thousands of clients obtain relief from toxic debt for well over the last fifteen years.  

Call Doan Law Group at 888-DOAN-LAW.  888-362-6529.  Visit us at www.doanlaw.net.  If you are in need of real estate services (short sales, equity sales, purchases, etc) visit www.doanre.com


Facing Foreclosure? You are not alone.

James Doan - Monday, September 10, 2012

In fact, another wave of home foreclosures may well be on it's way.  

Wait a minute!  The subprime fiasco has long since passed, right?  Why then are so many Americans struggling to maintain the dream of owning a home?  

Of course, the answers are very convoluted and cannot be fully addressed in a simple blog.  But the new foreclosure wave is directly linked to the wavering job market.  The new face of the housing crisis is the average, middle class American with a conventional home loan they could readily afford at the time of purchase.  There was no underhand dealing, or creative financing involved in the purchase of the home.  What is propelling this new wave of foreclosures is the reality of job loss and layoffs. 

 Americans are encountering endemic unemployment, underemployment, expiration of unemployment benefits, and "low wage bias" by corporations who are adopting China's wage model.  The economy is unrecognizable from what it was a decade ago, and many Americans who have been in their homes for a substantial time are now experiencing first hand the economic realities surrounding them.

Is there any hope of keeping my home?

Yes!  If you are struggling with unsecured debt, NOW is the time to consult an attorney in order to determine your options!  Regaining financial control before falling behind on mortgage payments is the best way to keep your home.  You may have several different paths available to you, so find out what they are in a free bankruptcy consultation.

What if you are already behind on payments, weighed down under late fees, have received notice of default or have a home scheduled for foreclosure?  Is there anything you can do to stay in your home?  Those questions of course can only be answered on an individual basis, but the law is in place to protect you, and you can always have recourse to it.  The Doan bankruptcy attorneys have been able to keep thousands of families in their homes, and chances are they can keep you in your home too.  

Call us at 888-362-6529 or visit us at www.doanlaw.net to schedule your free bankruptcy consultation.  And if bankruptcy is not a feasible alternative, we may be able to help you short sale your home, as many of the Doan attorneys are also real estate brokers.  Visit www.doanre.com for more details.


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