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Massachusetts 401k Clients Advised On Bond Mutual Funds and Bankruptcy

Many of our Massachusetts bankruptcy clients have retirement accounts, including IRA’s, ROTH IRA’s and 401k’s.  These monies can be protected in a personal bankruptcy.  However, in order to make them effective for retirement and financial planning, our clients need to know how to manage their portfolio.  Many have bond mutual funds in their retirement accounts.  What percentage of the retirement monies should be in bonds?  For the answer to this, see our article entitled Long Term Investment Strategies for Retirement   What bond fund to buy and how do you manage those bond funds?  Read more

Are Debts Really Discharged In Bankruptcy?

Of course the answer is yes, absolutely, by federal law.  However, some questionable practices exist among banks and collection agencies which, according to lawsuits filed about the country, prey on those who do not know their rights.

If your debts were discharged in bankruptcy, and a creditor, be it the same lender, bank, or credit card, or a new one, attempts to collect a debt that you know to be discharged, contact your attorney immediately.  There could be a bankruptcy fraud violation there. Read more

Television’s “Real Housewives” Star Convicted of Fraud and Bankruptcy

TV star Teresa Giudice was convicted of fraud in the filing of her federal personal bankruptcy petition and has been sentenced to prison.  How did this happen?  We don’t follow this tv show but we learned that when Giudice filed for Chapter 7 bankruptcy protection in 2009 along with her husband, her Petition and Schedules listed $13.5 million in debts with assets of $2,261,150 and an income of $79,000 per year.  Given that they have four children, these simple facts would lead to a straight forward discharge of debt and allow for a “fresh start” under the bankruptcy law.  Read more

Bankruptcy and How to Improve Your Credit Score in The New Year

Many of our Massachusetts bankruptcy clients ask how much will a chapter 7 bankruptcy harm their credit score.  Will it really stay on my credit report for ten years?  Will I be unable to get credit during that time?

While the fact that you filed for personal bankruptcy may stay on your credit report for a decade, it should matter less and less to your score as time goes on.  This is because your credit score is a function of your recent credit history, not your ancient credit history. Read more