Boston Bankruptcy Lawyer Blog

Our clients, from Boston and all over Massachusetts, ask us about IRAs, Roth IRAs and the new rules about conversion.

First, an IRA is an Individual Retirement Account in which if you have earned income, you may contribute up to $5,000 in 2009; however, if you are 50 or over, you may add an additional $1,000. You must have earned income of the amount you are contributing. The good news is that you can deduct from your taxable income the amount you contribute. The bad news is that at the time of withdrawal, you must declare the amount you withdraw as income. Further, when you reach age 70.5, you must begin withdrawals (and pay the taxes) per an IRS schedule; and any monies left when you die are taxable to your estate.

Continue reading "2009 Roth IRA News" »

We have filed a record number of bankruptcies for our clients in 2009. Many ask questions before, during and after our representation. When the bankruptcy laws changed in October 2005, we filed what was at that time our record high number of bankruptcies, however, unfortunately, we are seeing even more this year.

Thus, to better serve our clients, we are initiating this blog: Boston Bankruptcy Lawyer Blog or bostonbankruptcylawyerblog.com.

One look at the Federal Reserve Bank of Boston's statistics bears this out: in the first two quarters of 2008, there were 8,137 bankruptcies filed in Massachusetts - in the first two quarters of 2009, the number is 10,185. This is a significant increase.

We feel it may be related to foreclosures, which, according to the Federal Reserve Bank of Boston's statistics, 2008 was the high-water mark for foreclosures in Massachusetts: .57% of all houses (the former peak was 1992 with .52%). Their figures for 2009 are not out; however, the trend is against our clients.

Continue reading "Massachusetts Bankruptcy Filings Up in 2009" »