There will be a great need for mortgage relief and foreclosure prevention in Massachusetts and the entire country. The CFPB stated today “we are at really an unusual point in history”. Nobody has ever before seen this many mortgages in forbearance at one time that are expected to exit forbearance all at one time.”
This may be the calm before the storm. If mortgage companies don’t get it right when all these forbearance periods end.
With stimulus money and no federal student loan payments, people have been able to firm up their finances. People are paying off car loans, clearing off credit card debts or other old debt. Many are actually establishing a savings account for the first time in a long while.
The CFPB hopes to have a plan to prevent a sharp rise in foreclosures this fall. The present proposal would:
The deadline for borrowers affected by Covid-19 to request or extend a forbearance plan is June 30. This is also the end of a foreclosure moratorium on federally backed mortgages. For borrowers who are behind in mortgage payments now, it’s imperative to act before June 30 to ask for a 180 day forbearance, and if needed, a second 180 day forbearance. This will get you a year. If that isn’t done, then the new CFPB rules would at least block servicers from filing a foreclosure lawsuit until after December 31, 2021.
The new rules if they are approved, will apply to all mortgages, not just those that are federally backed.
Certain fees such as late fees and stop payment fees would be waived. If a loan modification were to include any catch up payments, servicers will not be allowed to charge extra fees or interest on those payments. The new rules would be in effect until August 31, 2022 but may not apply to smaller lenders with less than 5,000 loans.
If you have the threat of a foreclosure, you can call us anytime or visit our website for more information.
You most likely will be asked the following questions by the Bankruptcy Trustee at your Massachusetts Bankruptcy Hearing creditors’ meeting:
The above is a list of the most common but not necessarily all the questions that will be asked at Massachusetts Bankruptcy Hearing. The most important advice is to answer all questions truthfully, honestly and briefly.
The hearing will be conducted by a lawyer acting as a Trustee on behalf of your creditors. As your bankruptcy attorney, I will be in sitting with you and you will not be alone as it is usually the most important step in the process. There are some very informative videos about the entire bankruptcy process.
There almost always are no creditors present and the entire matter will take no longer than 5 minutes or so. We try to send any and all information that would be needed ahead of time so that your hearing goes quickly and smoothly.
Here is a video of a typical bankruptcy hearing:
Are You Considering Bankruptcy Undecided or Unsure What To Do ? We always tell potential clients to talk to us first to see if bankruptcy is in their best interest. The consultation is always free. Talk with Attorney Robert Simonian or Attorney Anthony Bucacci in private and in total confidentiality for expert bankruptcy advice and to see if filing bankruptcy in Massachusetts is right for you.
We can almost always come up with a solution to your financial problem. We have filed over 10,000 cases in the past 26 years and there are very few scenarios that we have not seen. The law firm Bucacci & Simonian is well known for their hard work, diligence, creativity and problem solving abilities. The law firm Bucacci & Simonian are the bankruptcy attorneys other attorneys come to with difficult cases. Call today to see what we can do for you and what options are available. Many are embarrassed about their financial problems and the situation regarding bankruptcy. This is simply not true and many famous people have had to file for bankruptcy to get a fresh start.
We are known as one of the best bankruptcy attorneys in Southeastern Massachusetts serving the Bristol County and Plymouth County areas. Please inquire with anyone as to our reputation. Reputation is everything and we are very proud of ours. We have received numerous awards from various agencies and courts including the Bankruptcy Court in Boston, Massachusetts.
Using our knowledge and skill we have had several clients complete their five year Chapter 13 bankruptcy plans where they own their home FREE & CLEAR OF MORTGAGES. We understand how important it is to save clients’ homes from foreclosure, keep their cars from being repossessed and stop creditors from suing them and attaching their wages or attempting to seize their assets. This can be stopped almost instantly and we make every effort to be very available to your clients and can accommodate emergency situations. One of our important cases involved saving a client’s multi-family home.
Do not attempt to file for bankruptcy on your own. You can make your situation much, much worse. If the bankruptcy petition is not correct you could lose your home, your car or possessions or you could be asked to file a different kind of bankruptcy where you have to make monthly payments when it could have been avoided. If you are not properly represented a bankruptcy trustee may foreclose on your house, allow your car to be repossessed, seize a tax refund or other assets. You could file under the wrong chapter, apply the wrong exemptions, fail to file all of the necessary forms or not understand the significance of important forms.
Considering Bankruptcy Undecided or Unsure What To Do ? Call us today for a free and complete bankruptcy consultation. We can protect you from your creditors and protect your home, cars, jewelry and other assets. Creditors and collection lawyers have a job to do and it may seem that they are heartless and will take anything they can from you. They are represented and you should be too. Call us today. The Federal Bankruptcy Court suggests that seeking the advice of a qualified bankruptcy attorney is strongly recommended.
If you are thinking about filing for bankruptcy, you will want to ask your bankruptcy lawyer a few questions. Before you make a final decision regarding your bankruptcy, it is important to get the answers you need. Asking a knowledgeable and informed bankruptcy attorney is a good place to start.
There is a complex mathematical computation that must be performed prior to a case being filed by an experienced bankruptcy attorney, and the result of this calculation determines whether you file a Chapter 7 bankruptcy or a Chapter 13 bankruptcy.
Once you know what chapter you are able to file, you will want to know how that type of case is different from the other.
If you want to keep your house or your car, the lender will probably ask you to sign a reaffirmation agreement. These agreements are like new loans. You will still be required to make payments after your case is finished. It is very important that the consequences be explained to you for each individual case.
Generally, once your chapter 7 case is filed the hearing will be scheduled approximately 4 weeks later and 60 days after the hearing you receive your discharge. From start to finish the whole process for a chapter 7 bankruptcy is approximately 90 days.
There are rules on how often you can file and what chapter you can file under, and if you have a previous case you need to know these rules.
This is the first time you will go to a hearing and in almost all cases is the only time as long as your attorney has prepared the case properly. We can put you at ease by letting you know exactly what will happen at this hearing.
Our costs are very competitive and considered low. We offer payment plans to those who need it.
If your chapter 13 bankruptcy gets dismissed it is important to call your bankruptcy lawyer as soon as possible to discuss your options. Delaying could limit your options.
In almost all cases all of your property and assets are protected and exempt.
We can provide you more details about bankruptcy so you feel comfortable with your choice to file a case.
For help getting out of debt, contact us today at 508-673-9500. We will prepare for what comes before and after we file your case.
There are many famous people who filed for bankruptcy. Bankruptcy can happen to anyone at any time and it is usually a result of unfortunate life events or you get caught in the trap of paycheck being used to pay debts and credit cards used to buy necessities. Many famous people who filed for bankruptcy only to become successful afterwards. Your situation does not have to be any different. United States Presidents have had financial trouble. For inspiration, here are some famous people who filed personal bankruptcy or business bankruptcy and are now in a much, much better place.
If you are experiencing financial difficulties that are bringing you down emotionally and physically, contact bankruptcy attorney Robert Simonian and Anthony Bucacci for a free consultation. It is the first step towards getting a fresh start as the famous people below did.
Movie & television stars: Dino DeLaurentis, Larry King and Ed McMahon.
Authors and Writers: Mark Twain, Oscar Wilde, Robert Kiyosaki and Thomas Paine.
Muscians: Ted Nugent, Jerry Lee Lewis, Tom Petty, Merle Haggard, Cyndi Lauper, Tammy Wynette, M.C. Hammer, Johnny Paycheck, Marvin Gaye, Elton John, Vince Neil, Toni Braxton and David Cross.
Business owners: Henry Ford, H.J. Heinz, P.T. Barnum of Barnum and Charles Goodyear.
Actors and Actresses: Sherman Hemsley, Don Johnson, Kim Basinger, Lynn Redgrave, Mickey Rooney, Randy Quaid, Margot Kidder, Lorenzo Lamas, , Zsa Zsa Gabor, Isaac Hayes, Lorraine Bracco and Redd Foxx.
Athletes: boxers Joe Louis and Leon Spinks, Mike Tyson, Johnny Unitas, Bjorn Borg.
Presidents Abraham Lincoln and Ulysses Grant.
Bankruptcy is more and more common. There are many famous people who filed for bankruptcy. The current uncertain economic times and unemployment, lack of increased income to keep pace with inflation, all give rise to intense economic pressure. Bankruptcy is a very good tool to get a fresh start and get back on track.
There are a lot of misunderstandings about filing for bankruptcy. Credit consolidation companies can mislead people and credit card companies can mislead you so you continue paying high interest. Many people rely on information that was true 25 years ago or from friends who have heard something from someone. A lot of the information available on the internet is often very, very general and vague that it does not apply to over 95% of the cases and distorts the truth.
The following is a list of beliefs people have about filing bankruptcy that are SIMPLY NOT TRUE:
All of the above are common beliefs that people think are true about filing bankruptcy. They are simply NOT TRUE. It is important to speak to an experienced bankruptcy attorney for real answers to your questions. It becomes very difficult to make a decision when you hear all kinds of information from unreliable sources. We are available to accurately answer your questions and concerns anytime.
BANKRUPTCY COURT OPEN & WE ARE OPEN. FREE IN PERSON OFFICE CONSULTATION, TELEPHONE OR VIDEO CONSULTATION. Most People Are Afraid Of Bankruptcy. Hearing different information from friends and the internet? Considering “Debt Consolidation?” Call Us First For Real Answers To Your Financial Problems 508-673-9500