Chapter 7 & 13 Bankruptcy Lawyer
The Attorney has been representing clients in the filing of Chapter 7 and 13 bankruptcy petitions in the U. S. Bankruptcy Court for more nearly 30 years. Bankruptcy is not an area of the law that an attorney can “dabble in” as it can be complicated and there are many issues affecting each person’s situation. Clients can also have feelings of embarrassment and guilt for the client’s financial failures. The Attorney provides personal service and a relaxed attitude to allow the client to overcome the stress by moving forward to go through the process as quickly and in a non-threatening manner as possible, the goal being that the client can start over and receive a Fresh Start.
Many times clients are losing their homes to foreclosure, have already lost their home to a foreclosure and are being sued for the deficiency and may have garnishments on their weekly paychecks. In one instance, a client had a garnishment on his weekly paychecks for over 6 months. The Attorney was able to file a Chapter 7 bankruptcy petition and stop the garnishment. The Attorney went above the usual representation and determined that the employer improperly paid the garnished monies to the attorneys for the creditor. The Attorney was able to obtain the return of most of the previously garnished monies.
In many situations, people owe more on their property than the property is worth. This is known in slang as “being upside down”. In many situations, a client may have a first mortgage and be current on their first mortgage. They may also have a second mortgage or other type of equity mortgage or line of credit. In certain circumstances, they may even have a third mortgage of other type of equity mortgage or line of credit. As the law stands, the Bankruptcy laws do not allow Bankruptcy judges to modify the mortgages. However, in a Chapter 13 proceeding, the Attorney can attempt to have the second or third junior loans “stripped down” in a “cram down” proceeding. If that is successful, the second and/or third junior loans can be deemed to be unsecured and are treated as unsecured debt along with credit card debt, medical bills and other unsecured debt in the Chapter 13 proceeding. If the client successfully completes their Chapter 13 payment plan in 3 to 5 years, depending upon the length of the plan, the client can be discharged from those secured debts. With her affiliations and membership in various associations, the Attorney is able to keep updated on new legislation designed to afford homeowners relief with respect to their mortgage situations.
In another case, the clients had credit card problems because of health issues in the family. They were able to pay their mortgage but one of the creditors had a lien on their home. The Attorney was able to discharge the credit card debt, allow the clients to keep their home and was able to have the lien removed off the family home.
In yet another case, a client tried to do the right thing by arranging for a “short sale” of their home rather than having the home go to foreclosure. The bank agreed to the short sale and the client was able to sell the home. However, the bank still pursued the client for the difference of what was owed on the mortgage and what the home sold for in the short sale. Attorneys for the bank sued my client for over $100,000.00, obtained a judgment and was in the process of possibly garnishing my client’s paychecks to collect on the judgment. The Attorney was able to file a Chapter 7 bankruptcy petition and discharge the $100,000.00 debt.
Revere Bankruptcy Lawyer
Clients would tell you that after the bankruptcy (and sometimes during), they are able to obtain new credit cards to re-establish their credit. Many clients are subsequently able to obtain mortgages after they re-establish and repair their credit. Many clients are able to raise their credit scores in the 700-800 credit range. In many cases, bankruptcy need only be a “blip” on the radar screen and an answer to many financial problems.