Tags: bankruptcy

Fortunately, the law is only concerned with the amount of equity you have built up in your home and looks on that part as an asset.  You can determine your “Equity” by taking the fair market value of your home and subtracting the balances of your mortgages and liens. The difference is your equity.

A considerable portion of that value is exempt from seizure. Specific rules vary from state to state, but Connecticut allows homeowners to exempt up to $75,000 in value per owner. That means a married couple can exempt $150,000 in equity in their home. A skilled bankruptcy attorney can evaluate your situation and ensure you get all the exemptions you are entitled to keep.

3. Use Your Financial Resources

Paying your mortgage on time every month may be much easier once the strain of credit card debt and other obligations are gone. However, simply because you can keep the home, doesn’t mean it is the best approach. If you aren’t sure you will be able to pay your mortgage payments or think you don’t want to continue living there, you may want to consider taking the opportunity to surrender the house without any further financial consequences. A Chapter 7 case can discharge any deficiency you might owe if your mortgage exceeds the value of your home.

I am an experienced and trusted Connecticut, bankruptcy lawyer.  I offer ways to relieve the burdens of overwhelming debts in a financial crisis.  Whether you need to learn more about Chapter 7 bankruptcy or a Chapter 13 wage earner plan, I will guide you to the right solution for your situation. Read more online, follow me on Twitter for more tips, and call (203) 757-3437 today to schedule a confidential and free consultation.

Tags: bankruptcy, foreclosure

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.

Tags: foreclosure

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.

Tags: bankruptcy

◆ 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.

Tags: foreclosure mediation, foreclosure defense, bankruptcy alternatives