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Attorney Peter Daigle Talks With Katherine On “This Needs To Be Said,” About Bankruptcy.

 

Hello, everyone. Thank you so much for joining us again on this needs to be said, our friend, attorney Peter Daigle, who will be Peter by the end of this interview, probably in three seconds. After I finished talking, how friend attorney Peter Daigle will be with us talking today about bankruptcy and those of you who may think that bankruptcy is still a bad word, and this may be your first time hearing us talk. Bankruptcy is not a bad word and attorneys are not out to get you. Not all of them. There may be some, but not the ones on this show. So welcome back, attorney Peter Daigle, Peter, my friend. How are you

Thank you, Katherine. Thanks for the kind words I always look forward to talking to you.

I did I look forward to talking to you as well Not just because I learned so much and I’m able to put my nerves at ease if I ever find myself in this situation, but I also learn how to be more proactive because when I filed for bankruptcy years ago, I didn’t have a don’t do this plan, or what are some alternatives of what’s available to me I didn’t know that nor did I have a friend. Who’s an attorney to say, Hey, have you considered, do you know, this is what’s happening You know, so I, I know I’ve gotten smarter by having you on the show for sure about my personal life. So I do appreciate that. So what, what you have for us today

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Well, I want to just make, the folks available. What’s out there as far as government programs go and a, in order to ease their, the financial burden of having any of the time so, unlike, what happened back in 2008, the government has really stepped up this time and, and create a lot of programs that are available for the, for the, for the consumer. So I just want to go through some of those, okay. So as a result of COVID, especially at the, people with lower income and the service business, if the, the restaurant workers, the musicians, the, the, the people that work in close contact with others, a lot of those jobs, on, on pause, as a result of COVID. And so, the government recognized that, that the folks at the lower end of the pay scale were the ones that were struggling the most.

And so they’ve made some, some programs available, that I want to just kind of go through. The first thing is if you have a home mortgage, that you’ve been unable to pay, because you’ve been furloughed or unemployment, the government has extended the moratorium on foreclosures until June 30th.So what that means is that if you have a loan and most loans, the government holds the mortgage, even though it goes through a bank of America or a CD, even though they underwrote the loan and the name is audit, because the loan has been sold and what’s called the secondary market and so the government actually owns the loan, which makes up, I think, I believe around 60 to 70%, all the loans in the United States. So it’s a good chunk of loans that, the government, holds the mortgages on.

So with respect to those loans, banks cannot foreclose or take initiate foreclosure actions until after June 30th. And what they’re trying to encourage is that, people apply to the banks and to have the, missing payments added to the back end of the loan. So, for instance, if you missed, you know, 10 payments at, we’ll say a thousand dollars a month, $10,000, instead of having that $10,000 be due in June 30th, they’re encouraging you to call the bank and see if they’ll add 10 payments to the back end of your loan. So, for instance, if your loan was scheduled to be paid off in the year 2030 in January, it would now be, you know, in October of that year. And so you just make 10 additional payments. So, my, it’s, what’s called a modification, but they’ve, they’ve streamlined the process for the modification in order for you to add it to the backend, but that only qualifies if you were current at the time of Corona, which is considered the middle of March of last year.

So we’re not been paying your mortgage and you were behind from the previous year you may not qualify for the program without an actual loan modification. So each lender is different. So you should talk to your lender about that. And, and don’t wait till the last second. This is a time now to be leaking about at least getting the dialogue going on, how I can save my house, taking advantage, taking advantage of the moratorium. Okay in terms of evictions go, every state is different on evictions and so on a state by state basis. If you, if you’re a tenant and you’re being evicted as a result of nonpayment of rent, you might want to take a look at what the state law is, a consultant attorney, every, every state and Massachusetts, or every state in the country and based upon County has what’s called a housing assistance corporation.

They go by different names, but they provide housing assistance and they can assist you on an eviction by giving them a call. Again, they go by different names, but they’re, they’re up to date on the, on the individual laws and they can assist you in making sure that you’re not evicted. If in fact, it’s covered by the state law. So those are two programs that are offered additional one is the forbearance on student loans, which is extended through October right now, meaning that, interest on federal student loans, which is most of the student loans, you can tell federal student loans it’s Navion or Sallie Mae, some names in which the government runs these programs under, if you have a private student loan, let’s say through a bank, that’s those aren’t, there’s no forbearance on those and no moratorium on those only for the government loans.

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So if you have federal student loans, those interest payments on there’s a current moratorium on having a forbearance making those payments. Okay and then the final, area you want to look at is that the $300 stimulus money towards unemployment. So in addition to the regular unemployment offered by the state, the federal government is offering $300 a month in addition. So, you want to see if you qualify for that. So if you’re receiving, let’s say $410 a month, and from the state, you can, you’re eligible receive up to $300 more from the government, the federal government, which would make it seven, 10 and those programs currently running through March right now so those are some examples, of that last one, Peter, how would you go about that cause the, the mortgage and the eviction, we had more specifics, but with the additional $300 per month, is that for someone who’s on government assistance already receiving disability or social security or is

Unemployment it’s unemployment. Yeah. So every, every state has the division of unemployment and insurance and you can go to the portal, set up an account with them on their portal, by state and then, based upon your qualifications, they’ll, they’ll connect you with the federal subsidy that goes along with it, okay. So, with the banks, you want to contact the bank directly with evictions. I would talk to the housing assistance corporations in each of your communities, and they do all kinds of things. They place homeless, they place homeless people. They find housing for elderly. They have quite a few services they offer, but you want to check with them on evictions. And the third thing again is to go to the division of unemployment and your state. All right,

Well, we’re going to wrap up this, time. So I want you to let people know how to get in touch with you outside of this needs to be said, because there’s more and we have another part to do, but as far as some, some of the things or programs that’s offered, you shared that with this about home mortgage as, as well as those who are renting for evictions. And I’ll actually, we have four things because student loans are something really big, so forbearance on the loans, and then see if you qualify for any additional unemployment money, how can I get in touch with you for something we didn’t talk about or to, you know, get more personal about their situation

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Sure. Well, first of all, you can call me at (508) 771-7444. And we don’t charge for initial consultation, (508) 771-7444. Or you can also go to Daiglelawoffice.com. That’s spelled D A I G L E law office.com. And if you just Google me and find that if you go to my website, you can contact me through the site, an email, or also there’s lots of free information on the site that will assist you. Also, a lot of what we talked about today is on that website and fantastic until next time, Peter have a super day. And thank you always for sharing information with us. All right! Bye-bye.

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