Liberty Credit Law, PC – Common Questions

Helping Clients Nationwide With Debt and Credit Difficulties

What is a loan modification?
A loan modification is a change to the existing terms of a home loan.  When a person obtains a loan modification, the lender may lower interest rates, increase the duration of the home loan, decrease the principal balance,eliminate late fees, increase the term of the loan (resulting in lower payments) and capitalize payments that are in arrears. 

Can loan modification help me avoid foreclosure?
Yes, in some cases, loan modification may help a person avoid foreclosure.  After a person has the terms of his/her home loan modified, he/she will be able to make mortgage payments that are well within his/her budget, which will stop impending foreclosure. We also offer foreclosure defense work in those situations where foreclosure is imminent.

What is debt settlement?
Debt settlement is a process where a borrower or his/her lawyer will negotiate with creditors to have the borrower’s debt significantly reduced.  Debt settlement can be complex and requires a professional team of lawyers, financial specialists and negotiators in order to obtain the best results.

What is Chapter 7 Bankruptcy?
Chapter 7 Bankruptcy is a form of bankruptcy in which a person will liquidate his/her personal assets to repay creditors for unsecured debt. 

What is Chapter 13 Bankruptcy?
Chapter 13 Bankruptcy is a type of bankruptcy that is filed for by consumers who wish to repay their debts with their income instead of liquidating their personal property or assets.  In order to meet eligibility requirements for Chapter 13, people must be able to prove that they have sufficient income to repay their debts and must not have a large amount of debt.  

Why should I work with Liberty Credit Law, PC?
At Liberty Credit Law we have years of experience in consumer law, real estate law, collection law and bankruptcy.  Unlike for profit companies that offer consumer services, we are a law firm with attorneys dedicated to protecting your rights, solving your credit and debt related issues and providing you the legal representation that you need.  Our experience is that lenders will give us the best possible resolutions to your needs because they know we will vigorously protect your legal rights.  Lenders have attorneys and so should you.