Adam Tirella has successfully helped people get a fresh start and rebuild their financial futures utilizing the bankruptcy codes. Below are case studies that demonstrate his ability to solve overwhelming debt problems for clients.
Case Study #1: Bankruptcy and Stripping Second Mortgages under Section 506 of the Bankruptcy Code.
Carrie came into our office overwhelmed and confused. Her income had decreased significantly due to a drop in hours at work. Moreover, she had recently gone through a divorce, leaving her with a huge amount of credit card debt — over 20,000 dollars. To make matters even worse, her house was now worth less than she owed on the property and she was solely responsible, due to the breakup with her husband, for making the house payments on the first and second mortgages.
After consulting with Carrie, it became clear that she could easily file a Bankruptcy and get a discharge on the credit card debt. Most beneficial to her, however, was the section of the Bankruptcy Code that allows a second mortgage to be erased or “stripped” if the property is worth less than is owed on the first mortgage. This situation is very common in our slumping economy. We discussed this matter, and decided to file her case. In the end, the money she saved on stripping her second mortgage—over 500 dollars a month—paid for the bankruptcy many times over. More than this, getting out from underneath the exorbitant credit card bills allowed her to gain a fresh start and rebuild a solid financial future.
Once you are ready to take your first step toward bankruptcy and debt relief, contact Adam A. Tirella for your free initial consultation. Let Adam use his experience to your advantage. Call one of the top Denver Bankruptcy Law Firms today!
Tirella Bankruptcy Law
Email Tirella Law
612 Washington St., Suite 104
Denver CO 80203
Tirella Law is a debt relief agency, assisting people filing for bankruptcy relief under the Bankruptcy Code.