In a recent interview with the Waterbury Republican American newspaper, Gene Melchionne was asked what he thought was the case of these increased foreclosure filings. The answer is simple. To make a mortgage payment, you need to have a job that pays. To live in Connecticut, you need to have a job that pays well. Sometimes you need two or three of these jobs.
It is not cheap to live in this state. To hold on to what you have here, you need to make more than the average American. While Connecticut regularly trades places with New Jersey as one of the highest average income states in the U.S, that average is skewed by some really, really wealthy people who live here. Unfortunately, that does not help he average guys who're my clients.
With the end of the Federal programs on mortgage modification and the lowering standard of living here in Connecticut you may need help. If you re facing financial stress and the possibility of foreclosure, there are still some avenues to treat the problems. Don't wait too long to see help. My contact information is right here.
The web is filled with legal self-help services that claim to make filing for bankruptcy seem like a relatively simple procedure that anyone can do. However, while you may be able to find and submit the forms, having a bankruptcy lawyer guide you through the process is the best way to ensure that you get the debt relief you're after.
Here are a few reasons why seeking out the services of a professional is the best thing to do when you are considering filing for bankruptcy.
- Legal Expertise: Document preparation services and online tools can type up your petition, but that is as far as they can legally take you. These services cannot provide you with the legal advice you need to successfully file for bankruptcy. A bankruptcy lawyer will go through every aspect of your financial situation with you, helping you to avoid the mistakes that could result in losing valuable property or creditors filing a claim against you.
- Guidance In Filling Out Forms: Bankruptcy forms and paperwork can be incredibly complicated. They will require information that you don't have on hand or can't easily access. Even minor filing mistakes will expose you to liability, or cause your petition to be rejected outright. A bankruptcy lawyer is trained to prepare your petition so that it's both completely error-free and has the highest chance of being successful.
- An Understanding Of The Issues: The issues raised during the bankruptcy process cross over into all areas of the law, such as taxes, inheritances, and personal injury claims. Determining how your petition will impact every area of your life requires the expertise of an experienced bankruptcy lawyer. Most consumers do not possess the legal skills or knowledge to navigate such delicate financial matters.
- Proper Timing: While you may want immediate relief from your debts, it's important to time the filing of your case correctly so that you can maximize your benefits. If you file too late, you could miss your chance to recover some assets lost to repossession or garnishment. On the other hand, rushing to file the case could cause you to lose assets you could have saved for financial support, such as an inheritance or a tax refund.
For over 35 years, I have provided compassionate services to clients dealing with even the most complex financial issues. I understand how confusing and intimidating the bankruptcy process can be, which is why I am committed to guiding my clients every step of the way. Call (203) 757-3437 to schedule a consultation with a real bankruptcy lawyer today.
◆ Proper Foreclosure Procedures Were Not Followed
A lender seeking to foreclosure a home has to follow strict foreclosure procedures set by the Connecticut Supreme Court. If these procedures and steps are not followed, the borrower can challenge the foreclosure. If the problem is serious, the case can be dismissed and the lender forced to start the foreclosure over. Connecticut does have a rule that absent some fraud or mistake, once the foreclosure is completed, it is done aunt here inso going back.
◆ You Are An Active Member Of The Military
If you are an active member of the military serving our country, no foreclosure can proceed. The lender has to certify to the Court that they have investigated whether or not you are an active service member before they re allowed to obtain a judgment of foreclosure. Military members can utilize the protections afforded by the ServiceMembers Civil Relief Act (SCRA), which offers assistance to members of the military facing foreclosure.
◆ Mortgage Terms Are Deemed To Be Unconscionable
Unconscionable mortgage terms presents a rarer defense to foreclosure. The mortgage's terms may be unfair or illegal. If you were not represented by a lawyer or otherwise unable to make an informed decision about the mortgage loan, a court could refuse to enforce the mortgage at all.
◆ The Best Defense Is A Good Offense
Connecticut, like many states, has a mediation procedure that offers homeowners a chance at working out the mortgage problems. If requested, the Court will refer the case to an impartial mediator who will facilitate communication between the parties to see what resolution can be made. Solutions include a temporary or permanent reduction in the interest rate, an extension of the life of the loan or a temporary forbearance in the payments. There are also several government programs available, but they are not expected to last after the end of the year.
You can find a bunch of information on the internet about filing for bankruptcy, but what happens afterwards?
Here are three things that you can expect:
- Debts are discharged - For consumers, the best part of filing for bankruptcy is the elimination of your debt without giving anything up. The Bankruptcy Trustee may try to take your property to pay back your creditors, but a skilled bankruptcy lawyer can help you keep it without losing anything.
- Creditor Go Away, Don't Come Back Any Day: There are several types of bankruptcy for consumers and they all offer an automatic stay, which immediaty stops any attempts to collect. This is true for civil judgments that may have already entered bu also for phone calls and collection letters, wage garnishments, repossessions and most kinds of court actions.
- A Fresh Start: IMost people believe that filing for bankruptcy will have an effect on their credit score. The Credit Score is the great marketing gimmick of the credit industry and it does not matter much. Many consumers can rebuild their credit immediately, but the secret is to avoid getting back into debt. Planning for the future is more important than having that shiny new thing. It is more important to have only a few current credit accounts that can rebuild your credit.
A study by the Federal Reserve found that when dealing with debt, it was better to file bankruptcy than struggle monthly to pay off debt.
Attorney Melchionne was a featured speaker at the National Association of Consumer Bankruptcy Attorneys in San Francisco on May 20 - 22, 2016. During the Convention in, Attorney Melchionne met with colleagues from around the country to share ideas and new developments in Bankruptcy Law, Foreclosure Defense, Credit and Student Loan forgiveness. In his role on the Board of Directors for NACBa, he also helped plan the three days of seminars and spoke at several of the sessions.