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Seniors Filing for Personal Bankruptcy 2018 Update

The number of seniors coming to our office for consultations for Chapter 7 personal bankruptcies is rising.  After 33 years of practicing bankruptcy law in Massachusetts, I have antidotal evidence of trends in filings.  After the 2008 recession, we had a huge rise of middle age and middle-income folks who came in and just could not afford their mortgage payments.  They defaulted on home loans, were forced to move out, but got a Fresh Start, under federal bankruptcy law.

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Chapter 7 Bankruptcy Fraud and Income Tax Evasion

This blog has repeatedly reported on what not to do when filing for personal bankruptcy protection and getting a “fresh start” and the reports come down to this:  do not submit false testimony, be honest in your bankruptcy petition and schedules, and fully disclose your assets and liabilities to your attorney so he or she can make a plan for you to discharge you debts, if possible.

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