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Home  >  Posts tagged "Debt options"

Costs for closing mortgages increase

Loan-origination rates and other fees for closing mortgages were observed to increase, according to a report published by USA Today on Monday, August 5.

According to the survey conducted by Bankrate.com last June, origination fees increased by 8 percent, while other fees were observed to increase by 1 percent. In explanation, publisher Guy Cecala said origination fees increased because interest rates are higher and lenders are looking to continue making a profit. On the other hand, Lending Tree CEO Doug Lebda said the increase in costs were due to more paper work being done by lenders.

Unfortunately, there may come a point when your mortgage becomes too much for you to pay. Learn about foreclosure defense options available to you in Cedar Rapids by speaking with the legal team from Hong Law, PLC, at (319) 294-5853. We can help you explore your options for escaping unmanageable debts.

Cancer patients more likely to declare bankruptcy, according to recent study

People diagnosed with cancer are more likely to declare bankruptcy compared to people without cancer, a study recently published in Health Affairs reported.

A research group in Seattle found that cancer patients were 2.5 percent more likely to go bankrupt compared to people without cancer. According to Dr. Scott Ramsey, who led the authors of the study published on May 15, there is strong evidence to linking a cancer diagnosis and the increased risk of filing for bankruptcy. The study also showed that mostly younger and female cancer patients are the ones more likely to file for bankruptcy. This is due to other influences like existing debts and not having financial support to cover daily living expenses.

Suffering from overwhelming debt can be frightening, especially if a person is faced with sudden health problems. At Hong Law, PLC, our attorneys can help you evaluate your debt relief options and choose a path that will get you back to financial stability. Learn more about your options by calling (319) 294-5853.

Concert promoter files for bankruptcy protection

Steven Brill, a concert promoter who left his job as a program director in Greater Des Moines radio business, has recently filed for bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Iowa in Des Moines.

According to the Chapter 7 bankruptcy filed on March 26 by Brill and his wife Deanna, they had unpaid bills to various country and rock music acts. The couple cited debts that were mostly business-related and reached $1.3 million, stating that they owed money to artists such as Adam Lambert and Joan Jett.

The couple declared $606,821 of assets in their West Des Moines residence, and rental and business properties in Indianapolis, Omaha, and St. Louis.

The bankruptcy filing said Brill now works as a special events director for the Arthritis Foundation in West Des Moines.

In many cases, filing for bankruptcy is the best option to get out of debt. Thus, if you are facing mounting debts, call (319) 632-1400 and learn more about the benefits of bankruptcy. Our legal team at Hong Law, PLC, can help you decide what steps to take next.