Massachusetts Bankruptcy Center Is Famous For Legal Proceeding
Added: (Fri Aug 14 2009)
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When you receive a discharge of your debts from the bankruptcy court, that means your case is concluded and you can begin to enjoy a fresh start in your financial life. Second chances are a big part of what America was built on and still remains as strong tradition in the United States. At this time, you will have an opportunity to begin building for your more secure financial future, including saving money and rebuilding your credit.
After your bankruptcy is concluded, you may want to repair and rebuild your credit. The biggest thing that you can do to rebuild and repair your credit is to pay your remaining bills on time. This would include paying your mortgage or rent on time, paying your car, phone, electric and other utility bills on time, all of which can contribute toward rebuilding your credit.
Another option you may have, is to get a “secured” credit card. This is a credit card issued to you by a bank, where you send them up-front, how much money you want for a line of credit. You make charges on the card and get a bill, just like a regular credit card. You pay the bill on time every month and after making several payments on time, you can ask the bank to turn that credit card into a regular, unsecured credit card. Doing this can help you rebuild a positive credit history. This process does not happen overnight, but if you are taking steps in the right direction, your credit will improve over time. One of the biggest benefits going in your favor, is that new credit card companies and lenders will know you have concluded a bankruptcy and essentially have no more debt, so you are viewed by them as a person with little or no more debt, which is a good thing.
Foreclosure is the process where a bank or other lender or creditor can take your home or other real estate away from you because you have fallen behind on making the payments when they became due. This can be a very stressful and difficult time from a financial and emotional perspective, due to the fact that to you, your house is a home, but to a creditor, your house is their investment. If you are facing foreclosure, or have received demand letters from your bank or their attorneys for past due amounts owed on your mortgage, you should contact us immediately so we may be able to determine what stage of the process you are in and advise you accordingly.
Sometimes, your bank will allow you to sell your home to someone to avoid a foreclosure and may accept less than what you owe them in full satisfaction of the debt you owe—this is commonly referred to as a “short sale”. To see if you may qualify for this alternative to foreclosure, please contact our office so that we may speak with you and obtain further information from you regarding your specific situation.
There are also instances where a bank may allow you to catch up on your past due mortgage payments—often called the “arrearage” by making payments to your bank without having to file for bankruptcy. To see if you may qualify for this alternative to foreclosure, please contact our office so that we may speak with you and obtain further information from you regarding your specific situation. For more information check out www.massachusettsforeclosurecenter.com
A pre-bankruptcy counseling session with an approved credit counseling organization is required prior to filing and will include an evaluation of your personal financial situation, a discussion of alternatives to bankruptcy, and a personal budget plan.
A typical counseling session should last about 60 to 90 minutes, and can take place in person, on the phone, or online.You will be charged a fee for the counseling, which will generally be about $50, If you cannot afford to pay a fee for credit counseling, you should request a fee waiver from the counseling organization before the session begins, waiver are usually granted for those who only receive social security or whose income is below the poverty level or unemployed.
After filing you must take the Debtor Education Course by an approved provider should include information on developing a budget, managing money, using credit wisely, and other resources. Like pre-filing counseling, debtor education may be provided in person, on the phone, or online. The debtor education session might last longer than the pre-filing counseling – about two hours – and the typical fee is between $50 and $100. As with pre-filing counseling, if you are unable to pay the session fee, you should seek a fee waiver from the debtor education provider.
Richard S. Ravosa, Esquire, was one of only fifteen lawyers recognized in 2005 by Massachusetts Lawyers Weekly as a “rising star” for his achievements in representing clients with difficult legal obstacles to overcome, his business acumen, and entrepreneurship skills. Attorney Ravosa is admitted to the practice of law in Massachusetts and Connecticut and has an accomplished record as a bankruptcy lawyer, trial lawyer, negotiator, and strategist. Attorney Ravosa is a member of the Boston Bar Association, Massachusetts Bar Association, American Trial Lawyers Association, American Bankruptcy Institute, National Association of Consumer Bankruptcy Attorneys and a member of the Boston Bar Associations Bankruptcy Section and is chief legal counsel of the Massachusetts Bankruptcy Center.
For more details log on :: http://www.massachusettsbankruptcycenter.com
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