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Bankruptcy Attorney Neil Burns

Burns & Jain have represented clients in the Federal Bankruptcy Court since 1985. What we enjoy about this area of law is that all of our clients get a “fresh start” in their financial life. Indeed, the law allows you to keep your assets and “discharge” your debts!

Call: 617-227-7423

Bankruptcy in Massachusetts and the New Credit Score – FICO 10T

Do you want a perfect 850 FICO score?  Well only 1% of folks have  it and it just got more complicated to reach that goal.  The new scoring may divide the high scorers from the bottom folks more than ever.  Note that currently only about 20% of Americans have a credit score above 800.  The biggest change is how your payment history trends to create a “smoothing effect” over time.    The effect may be that auto lenders may approve of more applicants.  Once in effect, this will help folks who have filed for bankruptcy protection and work hard to build up their credit.

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Personal Bankruptcy in the Time of Coronavirus

It is not clear what the long-term ramifications are following the historic coronavirus pandemic.  What is an unfortunate consequence is that many folks in Massachusetts may need to consider filing for personal bankruptcy.

Attorney Neil Burns recalls that when the federal bankruptcy laws changed in 2005 there was a dramatic increase in Chapter 7 filings.  When the Crash of 2008 happened, Attorney Burns and his firm filed all too many bankruptcies for families in the months and years thereafter.  In each wave of bankruptcies, the “fresh start” law was proven helpful.

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Will A Massachusetts Homeowners Insurance Policy Protect My Other Properties?

Not generally.  You must insure each property as a typical homeowner’s insurance policy or apartment policy insured that property alone.  However, and there’s always an exclusion or interpretation based on the facts of the case and the specific policy, sometimes it’s the negligence of the homeowner that is the issue, and that may trigger insurance coverage at another property or elsewhere.

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In the 34 years I have been practicing bankruptcy law in Massachusetts, we have been informing clients that their Individual Retirement Accounts (IRAs) are generally exempt from creditors in bankruptcy.  As are 401ks, Keogh plans, and so forth.  You simply declare on your Petition and Schedules what your retirement accounts are, provide documentation as to the balances, and the bankruptcy trustee considers them exempt from your creditors.

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