Former Kiss guitarist reportedly owes over $700,000 on New York home
Read more: http://www.rollingstone.com/music/news/ace-frehley-facing-foreclosure-20130226#ixzz2M98KZo1b
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Ok, I have to admit, I’m a big Kiss fan. I grew up with their records and up until the time they replaced their iconic guitar player, Ace Frehley, I still counted them as one of my favorite bands. So, the news today that Ace was facing foreclosure saddened me. “Space Ace”, as he is known, has faced drug addiction, serious car accidents and contract battles with his former bandmates who replaced him with a stand-in guitarist who continues to wear his original Kiss makeup and costumes that Ace he made famous.
His situation is not unique. Families all over the Montgomery area are struggling to hold on to their homes. In my bankruptcy practice, most of my clients are forced to file a Chapter 13 when the mortgage companies either won’t work with them or the modification process is so slow and complicated that the house goes into foreclosure before the homeowners can even find out if they are approved. Chapter 13 is a way to catch up the home mortgage payments by paying it back over a period of 3 to 5 years. In addition, filing a Chapter 13 will stop pending foreclosures and still allow you to stay in your home.
Assuming Ace qualifies for a Chapter 13, it could be the best way to save his home. Good luck Ace!