The RIGHT advice for YOU

Sometimes, it is not as simple as you see on television. A couple nights ago my wife and I were watching ABC News and they interviewed Suze Orman regarding the housing and mortgage crises. The gist of the report can be found here: http://abcnews.go.com/US/housing-figures-offer-hope/story?id=14575419

Now I can see some of the wisdom in the advice she gives. However, it is myopic at best to think this can truly be the best advice for those people that make up the entire audience. My appreciation of the news trying to cover this very difficult issue for a lot of Americans turned quickly to disappointment in realizing that it is those very Americans in distress who might rely on this advice alone.

In the years of my practice, there are some constants. One is that when facing economic strife; there usually are more than one area of distress. If the mortgage is not being paid, then the car may be overdue. If you can not pay either to put food on the table; then the credit cards and utility bill may be ignored. Simply telling people to "walk away" from their home should be the start of the advice or recommendation; sadly this news report makes it appear as if Suze Orman made it the final word.

This is the shame of it all. As an attorney, I have seen various creditors, not just the mortgage companies, become quite active in the courts to gain whatever monies they can from those who are behind in their bills. This economic turmoil has hit everyone; from your kitchen table to the boardroom table.

It is for that very reason my advice to anyone considering giving up their home immediately seek the advice of an attorney; particularly a bankruptcy one. The surrender of one's home can have lasting implications on their credit and future financial outlook. Also, one would need to consider any second or third mortgages against the home that they think is being given back to the first mortgage company. Lastly, the walking away from one's home does not address the credit car bill, the car loan that is behind, or any other issue that is there.

Simply put, any financial difficulty that you are going through needs sincere, attentive, and dedicated advice so you can be best educated in what steps to take. This can only be obtained by a consultation with an attorney; giving them the particulars of your individual situation and allowing that attorney to give you individual advice.

If you take anything from reading this post, please do not only rely on the advice from the news. While it may sound like good advice, it may not be the right advice for you.