Attorney Ravosa is admitted to the practice of law in Massachusetts and Connecticut and has an accomplished record as a massachusetts 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 Association's Bankruptcy Section and is chief legal counsel of the Massachusetts Bankruptcy Center.
In most cases you will not lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt. Even if your property is not fully exempt, you will be able to keep it, if you pay its non-exempt value to creditors. However, some of your creditors may have a "security interest" in your home, automobile or other personal property. This means that you gave that creditor a mortgage on the home or put your other property up as collateral for the debt. Massachusetts Bankruptcy does not make these security interests go away. If you don't make your payments on that debt, the creditor may be able to take and sell the home or the property, during or after the bankruptcy case. There are several ways that you can keep collateral or mortgaged property after you file Business bankruptcy. You can agree to keep making your payments on the debt until it is paid in full, or you can pay the creditor the amount that the property you want to keep is worth.
You and your attorney will fill out an “intake” which is how we get information from you to include in your Consumer bankruptcy petition. A bankruptcy petition is the document that is filed with the court that has all of your financial information, including a list of all of your debts and all of your assets and other property, as well as a list of all your income and expenses.
Before the bankruptcy advice can be filed, the client has to take a “credit counseling” course and obtain the “certificate of credit counseling”. This takes about an hour and can be done over the telephone or over the internet. Our office can provide a list of credit counseling agencies.
Before the bankruptcy help is concluded, each person must take a “financial management” course that will assist the client in future financial planning and money management. Our office can provide a list of the agencies that provide this service.
A pre-bankruptcy counseling session with an approved credit counseling organization is required prior to filing for bankruptcy and will include an evaluation of your personal financial situation, a discussion of alternatives to online bankruptcy also, and a personal budget plan.
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.
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.
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.
To know more click on Massachusetts Bankruptcy Center
No comments:
Post a Comment