Chapter 7 and 13 Bankruptcy

When you need debt relief, you may be concerned about the consequences of #bankruptcy. You may wonder what will happen to your credit score, if you will ever be able to purchase a home, and what will happen to your existing assets. A #bankruptcyattorney can help you explore all of your debt relief options and alternatives so that you understand all of your rights and obligations before filing.

Bankruptcy is a debt relief option available to you to provide a fresh start:
Attorney Al Rego can help you explore all of your options and claim your right to financial security and debt relief.

#Regolaw is experienced in representing individuals and married couples in consumer bankruptcy cases. There are a number of options available and we will help you to understand debt consolidation and payment plans that may help you to avoid bankruptcy. If bankruptcy is right for you, we can assist in filing and ensuring that your rights are protected throughout the process.

Chapter 7 and 13 allows consumers to:
• Stops foreclosures on homes
• Keep car from being repossessed
• Reduce or eliminate credit card debt
• Reduce or eliminates high medical bills
• Stop creditor harassment

Chapter 7 Bankruptcy:
Chapter 7 is available to remove all unsecured debt including medical expenses and credit card debt. You must qualify for #chapter7 using a means test, which compares a family income compared on an annualized basis to the family income average. In the event that you do not qualify for a Chapter 7, you may be able to file for Chapter 13 bankruptcy.

Chapter 13 Bankruptcy:
Chapter 13 is usually used by individuals or families that do not qualify for Chapter 7 or they have a home or other secured assets they are interested in protecting against bankruptcy. A #chapter13 allows you debt relief though repayment plans and consolidation.

For a free telephone consultation call 401-253-2500. #Rego&Rego is located at 443 Hope Street, Bristol, Rhode Island. For more information visit www.regolaw.com

See an informative statistical article at http://www.justice.gov

THE REAL ESTATE CLOSING PROCESS - WHAT YOU SHOULD KNOW

Purchasing real estate should lead you to your attorney’s office. If you need a mortgage to help finance your house or business, your attorney will act as your personal representative and act as closing agent for your lender. These two functions complement one another – logistically it is more cost-efficient for your attorney to perform both functions. Some lenders will allow your attorney to act on your behalf and as closing agent – others will require an attorney from their approved closing list to conduct the closing.

A) PERSONAL REPRESENTATION ATTORNEY FUNCTIONS:

• to oversee the transaction
• answer your questions
• review and negotiate documentation
• address any disputes between yourself and the seller
• work with your realtor and parties toward a smooth closing

Your attorney’s responsibilities also include some of the following:

a. title examination at the various Registries of Deeds and Probate ;
b. review of title examination abstracts;
c. obtain municipal lien and tax information;
d. if the property is a condominium unit, order, obtain and review resale certificates from the condo association;
e. obtain and review mortgage and lien payoff information;
f. At the closing — review the final settlement statement with you for accuracy, explain the lender’s mortgage loan documents and assist you with any issues or concerns that arise
g. prepare and issue title insurance policies certifying the Buyer has good title to the property and that the records of the Registries of Deeds and Probate have been searched;
h. record documents.

B) CLOSING AGENT TASKS:

The Closing Agent’s function is to make arrangements necessary to close the lender’s mortgage transaction. He coordinates all of the efforts outside of the loan approval process. Sometimes issues arise regarding the title to the property. When possible the Closing Agent tries to resolve these title issues and disputes.

The closing agent’s costs quoted to you by the lender include a variety of items and services:

a. prepare loan documents, including the settlement statement;
b. communicate and coordinate with Buyers, Sellers, real estate agents and lender;
c. receipt of the proceeds of the transaction and maintaining them in a safe and separate IOLTA account;
d. conduct the closing, final rundown of title at the Registry of Deeds;
e. prepare and deliver proceeds to pay off all outstanding mortgages and liens that affect the property;
f. disburse transaction proceeds;
g. copy and deliver loan documents to the lender and Buyer;

In brief, your personal attorney focuses on you and the lender’s closing agent attorney focuses on the property you are buying. These functions actually complement one another, making it logistically easier and cost-efficient if one attorney performs both functions.

Since 1976, Rego & Rego has provided residential and commercial real estate services in Rhode Island and southeastern Massachusetts. For more information, visit our website at http://www.rego-law.com

Rhode Island Bankruptcy Proceedings
Bankruptcy proceedings can be a thorny situation at any level. Whether declaring a personal bankruptcy or filing for debt protection in order to save some business assets, this is a time that’s fraught with tension for anyone involved.

Here in Rhode Island, a situation has been developing over the past few years involving the bankruptcy of the entertainment company 38 Studios, a business that had received a state-backed loan for $75 million dollars shortly before releasing one title and closing its doors for good. This public case is giving Rhode Islanders a great look at how bankruptcy proceedings are handled in this state, as well as a taste for the negative ramifications of misrepresenting their financial status.

Recently, a conflict has been arising because of calls for subpoenas by some government officials for more public insight into this case. As this article published by The Providence Journal reports, Rhode Island House Speaker Nicholas Mattiello and chairwoman of the House Oversight Committee Karen MacBeth have been at odds over how to handle the case.

MacBeth, who was appointed by Mattiello, is looking to issue subpoenas that would require statements from many key players involved in the government loan deal, including former House Speaker Gordon D. Fox. Mattiello is pushing to have the subpoenas dropped and wait for court depositions surrounding the case to become unsealed, saying that subpoenas would be an extraordinary measure overstepping the bounds of the House of Representatives’ power.

Although governmental agencies aren’t typically caught in the midst of bankruptcy investigations, private organizations and individuals can be just as swept up by the system. Navigating the legal world of declaring bankruptcy without a licensed attorney by your side to explain your rights can be absolutely harrowing. Trust Rego & Rego Attorneys at Law to provide conscientious advice that will help you protect yourself and your assets as well as legally possible.

The Ins and Outs of Rhode Island Real Estate

When a person procures the deed to a piece of property, there are all kinds of ideas they likely have in mind for the use of that piece of real estate. Unfortunately, there are many rules that dictate what you can and cannot build or renovate upon your land. Not paying attention to the rules has resulted in dire situations for developers in the past.

For instance, take a look at this article published by The Los Angeles Times that describes legal issues one developer ran into after constructing a $1.8-million home on the wrong location. In 2009, Four Twenty Corp. built a three-story house on the waterfront in Narragansett, only to find out the land they built upon was actually owned by the local non-profit Rose Nulman Park Foundation.

According to lawyers for Four Twenty, the issue didn’t arise until 2011, when the developer attempted to sell the property. A prospective buyer ordered a land survey from a new company other than the one who completed the survey prior to construction. The resulting survey found that the house was actually situated upon land owned by the foundation.

The developer maintains that he was innocent and had no intention of building upon land intended to be reserved as parkland. The solution will not be as simple as buying the land away from the Rose Nulman Park Foundation. According to the above story, the park foundation is under contractual rules that would force them to pay $1.5 million to the New York-Presbyterian Hospital if the land is used for anything other than parkland.

The developer is now seeking to move the home in its entirety back to the proper neighboring lot. This takes a lot of work and should cost the developer about $300,000, but it’s a much more cost-effective option than having to face stiff fines and penalties.



#realestate #deeds

Helpful Estate Planning Tips

That’s according to the National Association of Estate Planners & Councils, and if you’re one of these Americans, you may be wondering what the big deal is. Unfortunately, without fully up-to-date estate plans, you can’t be sure that your loved ones will be financially protected if something were to happen to you. And while nobody enjoys thinking about life after death, having thorough plans in place is always a smart idea.

The following are a few estate planning tips that you should be taking advantage of.

If you don’t have any plans at all, the first thing you should do is draft a will. Without a will, it’s up to the state to determine who gets your money. This can be especially tricky if you have multiple children, or no children at all, and if you have several forms of income and assets. Clearly stating who gets what in a will is the easiest way to avoid any problems.

When it comes to things like life insurance and retirement plans, you should review you policies to ensure all of them are up-to-date. Make sure all of the necessary forms are properly filled out and signed, and remember to update them when and if you go through a major change like a divorce.

Finally, it is important to choose the right executor for your estate. This person will be responsible for not only paying off any remaining debts you may have, but also for following your will and ensuring your assets get to the appropriate people. This can be a close friend or family member who you trust, or a professional executor.

These are just a few things to think about to help you get started with estate planning. For additional help, make sure you contact us about our estate planning services!



#estateplanning #will #executor