Bankruptcy Lawyer MA Matthew T. Desrochers » Filing Bankruptcy Massachusetts

Misconceptions About Filing Personal Bankruptcy

admin — Fri, 08 Apr 2011 17:00:22 +0000

Filing bankruptcy is dishonest. Bankruptcy was designed to give you a fresh start and is a legal right intended to protect honest, hard working individuals who become unable to pay their debt.
I will lose my home and property. In actuality, filing bankruptcy could save your home from foreclosure. Soon as you file, an automatic stay will be placed and foreclosure proceedings will stop.
I won’t be able to re-establish my credit or secure a loan. It may take some time to rebuild credit after bankruptcy but many banks do actively pursue individuals who have filed bankruptcy in order to help them build their credit
I can’t own anything after because it may be seized. This will only happen if you have agreed upon bankruptcy payments of a certain amount each month and you go for several months without making your payments. The bankruptcy agreement will then be considered void and you will be once again liable for the entire debt to all of your creditors. In that event, your property would once again be at risk. Keep making timely payments and you’ll have nothing to worry about.

If you would like assistance with determining what would be the best option for you regarding your debts or you would like to file for bankruptcy, please contact please contact us at (857) 244-1940 or fill out the form on the right.

Should I Reapply For a Modification Loan Through HAMP?

admin — Mon, 14 Mar 2011 18:52:51 +0000

Obama’s home affordable modification program or HAMP is being criticized from many groups of people as being useless. After all, millions of homeowners have been denied financial assistance through this federal initiative for the past few months and if reports are to be believed, just one in four applicants have been successful in getting a HAMP home loan modification approval.

However, while it may need to be retooled there is still a chance that even if you have already been denied you may be approved if you re-apply with an expert helping you. Here are a few reasons why your HAMP loan may not have been approved:

Some information was not the correct information or as accurate as needed that was submitted, such as inability to provide proof of verifiable monthly incomes.
The borrower could not yet demonstrate a financial hardship which is a requirement and as such this loan cannot be used as a preventative initiative.

By choosing to seek help with a qualified attorney they will be able to help you find a loan modification program that will be right for you, whether reapplying for the HAMP program or applying to your lenders own program. In addition, an attorney has knowledge about where these applications generally go wrong and can not only walk you through the procedure but are efficient at negotiating with the lenders.

If you would like to learn more and/or receive assistance with loan modification or foreclosure, please contact us at (857) 244-1940 or fill out the form on the right.

Will Filing Bankruptcy Help Me Now?

admin — Thu, 17 Feb 2011 15:29:56 +0000

A few things that you will see immediately when you file are:

Stop foreclosure on your home
Prevent repossession of a car or other property
Keep your utilities on
Stop wage garnishment
Stop Debt Collection harassment

In addition, it will offer you a clean start with your finances. However, even with all of these benefits you will need to determine if filing for bankruptcy is right for you before you rush into the process as there are cons as well. Even with all of the information on the internet, talking to a knowledgeable attorney will be the most helpful to you as they have experience everyday working through the system.

If you would like assistance with determining what would be the best option for you regarding your debts or you would like to file for bankruptcy, please contact MATTHEW T. DESROCHERS, ESQ. at (857) 244-1940 or fill out the form on the right.

2010: Joblessness Most Dire Since Great Depression Causing 1.5 Million Americans to File Bankruptcy

admin — Mon, 10 Jan 2011 16:31:32 +0000

Over this last year, the number of people filing for bankruptcy in the US rose by 9%. This is the first time that total number of people filing for unemployment has been greater than 2005. That year is when the bankruptcy laws were changed making it more difficult and expensive to file. This is a strong indication on how desperate people are in the current economy.
Recently, there has been a growing trend of more families with incomes above $60,000 and college degrees being forced into bankruptcy. In addition, there has also been more elderly filing for bankruptcy because they have been forced to take on their medical care in credit cards. It’s even affecting people who are around others who have been hit hard by the economy. For example, a construction company has to stop building and the Mom and Pop store down the street has to close down and file bankruptcy. In addition, many whom still have jobs are being forced to work fewer hours and in some instances being reduced to part time jobs.

The sharp increase in long-term joblessness—the most dire since the Great Depression—has worsened the situation. More and more families are forced to rely on credit cards to pay for food, utilities and other basic necessities, in addition to picking up the cost of their health insurance.

This economy crisis is not over and is being felt in almost every part of the country.

Bankruptcy, a Viable Option, Not the Bottom of the Barrel

admin — Sat, 08 Jan 2011 14:55:12 +0000

With 15 million people jobless and about one in four homeowners underwater on their mortgages, many people have learned that charging today on the belief that they can pay tomorrow is a dangerous trap. For the first time since the Depression, the economy has pushed people who never would have dreamed of bankruptcy to ask themselves whether they dare file now.

Following a lull in bankruptcies after Congress tightened rules in 2005, personal bankruptcies are increasing. According to the U.S. government, about 1.5 million Americans filed for bankruptcy in the 12 months ended Sept. 30, a 14 percent increase over the number who filed during the 12 months ended Sept. 30, 2009.

Fear holds many back, as they worry their financial options will be ruined for life. But that is hardly the case, Experts agree that bankruptcy does not ruin your life, but they emphasize that those considering it should look into other options, including working out new arrangements with lenders. People who are serious about putting their lives in order often can get a home loan two to three years after coming out of bankruptcy.

Should I Seek A Massachusetts Attorney to Help Me File For Bankruptcy?

admin — Fri, 07 Jan 2011 06:02:35 +0000

Even though filing for bankruptcy is optimal for those with a lot of debt, it is still a major decision that just about anyone in American may file for, but if you want the process to go smoothly, you should find a bankruptcy attorney who can guide you through the entire process.

A Massachusetts bankruptcy attorney can help you understand what to expect. Your bankruptcy lawyer will be able to lay out the foundation and consequence of your bankruptcy filing for you so that you will not be surprised during any stage of the process.

A bankruptcy lawyer can explain what the creditors might do. Without being privileged to the bankruptcy process, you would not know what can adversely affect your bankruptcy filing. The creditors are protected by the law also, so they have legal actions in their arsenal to safeguard their interest in your bankruptcy filing.

Bankruptcy is a complicated process. From the previous points in this article, you have probably concluded that filing bankruptcy is not as easy as counting 123. There is a higher probability that your bankruptcy case can be delayed or dismissed if you try to apply by yourself.

A Good Bankruptcy lawyer will discuss with you all your options and come up with the best option for you, whether that option is Chapter 7 or 13 bankruptcy, debt settlement, or loan modifications.

If you would like assistance with determining what would be the best option for you regarding your debts, please contact MATTHEW T. DESROCHERS, ESQ. at (857) 244-1940 or fill out the form on the right.

Don’t Wait until It’s Too Late to File for Bankruptcy

admin — Fri, 07 Jan 2011 05:59:04 +0000

Due to the poor economy more people are filing for bankruptcy. Almost anyone can be a victim of this situation, particularly the unemployed. Even you. Don’t waste away your entire savings just to make both ends meet before you decide to file for bankruptcy. If you do, then your situation will easily go from bad to worse and all you can do is observe as your things are one by one seized from you, and your assets are diminishing as a result of wage garnishment. When your situation reaches the point where your things are being taken from you, it will be emotionally gut-wrenching. And if that’s not bad enough, the auction sales created by your possessions may not be adequate, forcing loaners to use wage garnishment as a way of compensation. If your wages are garnished, you may not have enough salary to continue on your day to day schedule and you will have to make many sacrifices that you might not have to otherwise.

How do you keep this from happening? If you file for bankruptcy, you can hold back real estate foreclosure or wage garnishment allowing a better resolution to be created.

If you fail to remedy things in a hurry, you’ll only end up regretting things. Snatching control of your lifestyle is a must if you want things to get better. Therefore, knowing how to keep lenders from getting a large chunk of your compensation is a must.

If you would like assistance with determining what would be the best option for you regarding your debts or you would like to file for bankruptcy, please contact Matthew Desrochers at (857) 244-1940 or fill out the form on the right.

Steps To Take to Find an Automobile Loan After Bankruptcy

admin — Wed, 05 Jan 2011 15:39:06 +0000

1. Check your credit

You should pull your credit and check to make sure that it shows that your accounts have been settled. You can pull a free credit report for each of the three credit agencies once a year online.
If you wait two years after completing your bankruptcy, your credit score could be in the 650 range!

2. Plan ahead to boost your qualification for the loan

If you have a large down payment of about 20% and have a reserve of cash in your personal accounts your loan amount will decrease and you will also have a better chance at getting approved.

3. Decide what type of financing you would like to obtain

Think about the number of years you want to pay.
Think about the amount you want to pay each month.
Look at the differences between adjustable rates and preset loan rates.

4. Hunt for the right loan company

If you search ahead of time and get your loan before walking into a car dealership, it’s like having cash in hand. Not only will this give you more bargaining power over price but it also keeps them out of the loop that you have filed for bankruptcy before.

Bankruptcy Law Changes Designed To Hold Debtors Accountable

admin — Wed, 05 Jan 2011 15:31:19 +0000

It’s no secret that bankruptcies have been increasing. As such, a few years ago retailers and other companies were claiming large losses and as such the bankruptcy laws were changed. These changes make filing for bankruptcy more difficult. In 2005, the U.S. government seemed to agree with lobbyists for credit companies and determined that too many debtors were allowed to get out from under their self-created debt by filing for bankruptcy.

Why were these changes in laws made? In addition, to the increase in bankruptcies and losses to the creditors, people were taking advantage and filing for bankruptcy when they had plenty of money and were using the advantage it gave them to dump their loads of debt. Also, some people would file bankruptcy as often as allowed by law to get out of paying their financial obligations.

The new law added many requirements, including the need to go through credit counseling services before filing bankruptcy. The counseling is also to provide alternatives to bankruptcy and attempts to move more people from Chapter 7 bankruptcy into a plan that will provide the creditors receiving payments through Chapter 13 filings. It added extra burdens for the debtor as well as the attorneys, which not only increased the amount of information collected for bankruptcy filings, but also included many new financial requirements that are beginning to resemble the current income tax code; in other words, it is getting to be very complex. In order to understand the new rules and regulations as well as the reporting requirements, many attorneys will need to specialize in bankruptcy.

There are also penalties in the new law for both attorneys and clients who willfully attempt to use inaccurate information in a bankruptcy petition. If a violation is found by the court, the attorney fees and client costs can be claimed by the court trustee, giving the trustees more incentive to more carefully review all filings in the court.

If you would like assistance with determining what would be the best option for you regarding your debts or you would like to file for bankruptcy, please contact:

MATTHEW T. DESROCHERS, ESQ.
(857) 244-1940 or fill out the form on the right.

Knee Deep In Debt

admin — Tue, 28 Dec 2010 16:34:26 +0000

After the recession and liquidity crunch of 2007, a lot of people are facing difficulty in repaying their unpaid bills. They keep looking for ways to make ends meet, including taking out payday loans. But what ends up happening, is they take out one to meet another bill, and they keep taking out another to meet another bill, and then they find themselves knee deep swimming in debt. As a last resort, they decide to file for bankruptcy.

However, new bankruptcy laws have made it expensive and difficult to file. First, they now require credit counseling before and after filing. These classes can cost $60 a piece. In addition, there are attorney’s fees, which can range between $1,000 and $2,000 and in some instances cost even more. A good lawyer will discuss the best options for handling your swimming debt problem, to make sure that you are not paying exuberant fees where they are not needed.

Thankfully, there are new programs that will allow the filer to avoid paying the credit counseling fees and, of course, there are some lawyers that work for a free legal aid program as well.
Don’t go through the bankruptcy process alone. Bankruptcy is a federal court process that needs legal representation. Certain changes have been introduced in the new bankruptcy laws. If a person is intending to file insolvency, he may not be acquainted with all the complexities of the legal procedure. Only a bankruptcy lawyer can help him go through the process easily.
If you would like assistance with determining what would be the best option for you regarding your debts or you would like to file for bankruptcy, please contact us at (857) 244-1940 or fill out the form on the right.