Black and Buono Blog

...by Kiley Black

Bankruptcy is an option when you owe a lot of money, but how do you know when to file? Have you been asking yourself questions such as: Am I qualified? Do I owe enough money? Does it make the most sense for my situation? Is there another option?

For individuals, there are two main types of bankruptcy, Chapter 7 and Chapter 13, and both require credit counseling. Chapter 7 is straight liquidation. This involves selling the debtor's nonexempt property to pay off the debt and it is more difficult to file. Chapter 13 is a repayment plan with a debt limit. It is best for those with a regular income with which to pay off their debts.
It is important to consult a bankruptcy expert before filing. Many believe that alimony, support, student loans, drunken driving judgments or debts from fraud are erased with bankruptcy filing, but this is not the case.

The best answer for “when should I file for bankruptcy?” is to file when you have exhausted all other options or if you simply owe too much to pay back. If you are in the situation where you owe an insurmountable amount of money which outpaces your income and you have consolidated your loans and spoken to credit agencies; or perhaps you are borrowing money from retirement plans. Also, if your wages are being garnished, bankruptcy may be what you need to address your current situation. Perhaps you have a large medical bill which continues to grow, or would take a very long time to pay off, this type of bill is dischargeable with bankruptcy.  Bankruptcy can remain on your credit report for up to ten years, so this does take some thought, do not just file for bankruptcy when you owe money. If you find yourself meeting some of the above criteria, get in touch with a bankruptcy professional who can help you explore whether bankruptcy is the right option for you.

... by Kiley Black

Mortgage rates are at an all time low making this a perfect time to refinance your home. Many home owners feel that they cannot refinance because of their credit score or because there is a lack of equity in their home. Many also believe that it is not worth it to refinance their home. This is not always the case.

Mortgage refinance may be the fastest way to repair your bad credit. Lenders may be harder on you because of bad credit, but refinancing is still very possible and may be the fastest route to credit repair. Most likely you will have to use a subprime lender, and subprime loans are only a temporary fix. A real estate attorney can help you find a reputable subprime lender. You need to be diligent with your mortgage payments to fix your credit record. Realize that if you have poor credit, it is very possible to re-establish good credit with the right bad credit repair. Essentially, you need to learn from your mistakes and punctually pay every bill.

Often, home owners adopt the route of refinancing their home mortgage, by consolidating all of their debt. In particular, if they are holding credit card debts whose interest rates tend to be costlier than home mortgage rates, they might look to consolidate credit card debt with their mortgage.  There is an advantage to this; the overall payout rate tends to be lower than if these debts were to be repaid individually. However, this does draw out the payout duration. For many, this is still a better scenario making the payments more manageable and bringing those payments more in line with current earnings.

A lawyer who does credit counseling can refer you to many people within their network who can help you through the refinancing process and can offer advice to you when considering what would work best for you and your credit score.

Chapter 7 bankruptcy ... by Anthony Buono

Perhaps one of the most challenging issues with filing for Chapter 7 Bankruptcy is making the decision to do so. You need to decide if it is really the right thing to do for yourself and your family. Chapter 7 filing means wiping out most or all of your debts, and it also means liquidating most of your assets. It is a drastic measure, and you want to take a deep breath and consider it carefully. It is a good idea to consult with an attorney who specializes in this area, and to talk with people who have gone through the process.

In most cases it is a good idea to hire a lawyer, take the time to choose one wisely. This is a time in your life where you will be feeling nervous and vulnerable, and you want someone guiding and representing you whom you can trust. Additionally, throughout the process, decisions will need to be made about which of your assets will be liquidated to pay creditors and which ones you will be able to keep. A lawyer can help you keep as many assets as possible, help you with all of the paperwork, and represent you in court.  

After you go through the chapter 7 processes your bankruptcy will be discharged. This takes about 3 months throughout which debtors are not allowed to contact you. Basically, “discharge” means that all of the debts that are listed in your filing will be removed.  After the discharge, it is your job over the next several years is to build good credit again. Remain patient, adopt good practices, and this can be done.

By Kiley Black

Purchasing a home seems easy enough. However, issues often arise in any real estate transaction.  Whether you are the buyer or the seller, you can greatly benefit from the services of a real estate attorney.

The most important document in any sale is the contract. The contract has the terms of the agreement between the seller and the buyer. All of the important details of the sale; the date, amount, and the down payment, are all detailed in the contract as well as other terms and agreements such as termites, death before the title is transferred, and other tricky situations. These types of concerns are addressed by your real estate lawyer.

An experienced and knowledgeable real estate attorney can protect you from horrible mistakes, such as errors in the documents, errors in the figures, and other problems that could lead to time-consuming, stressful, and expensive legal actions. Unexpected disputes often arise, such as liens, foreclosure defense, loan modifications, leasing, and acquisitions and sales, and with an experienced real estate attorney on your side, you will get the advantage in any real estate transaction dispute.  You want to hire a real estate attorney before it becomes imperative to hire one because you are facing a lawsuit or litigation involving real estate.

Since 1979, attorneys Kiley P. Black and Anthony F. Buono have represented individuals, financial institutions, and private lenders, developers, and corporations in a broad spectrum of real estate transactions and land use matters. Additionally, Attorney Buono represents individuals and businesses in the areas of debt restructure and protection and reorganization in bankruptcy cases. The Law Office of Black and Buono advises and represents clients with respect to real estate matters, bankruptcy law, and debt counseling throughout the Commonwealth of Massachusetts.

Our law firm has over 30 years of experience, counseling a range of clients regarding land use issues, including zoning and environmental regulation, as well as bankruptcy and debt counseling. We have represented clients at both the local and state level.

There are many factors to consider when choosing a lawyer. However, service and experience should be top of mind when deciding with whom to work. Black and Buono, P.C. provides numerous services to our clients, including but not limited to the following:

• We explain the various steps in the purchase and sale process.
• We have an experienced staff of paralegals.
• We are easily accessible to our clients in order to make their transaction as smooth and stress-free as possible.
• We advise and represent individuals and businesses on implementation of debt restructure.
• We advise and represent individuals and businesses with regard to filing for protection under the bankruptcy code.