Bankruptcy Issues Archives - Page 5 of 19 - Burns

Can I Save on Legal Fees and File For Bankruptcy with a Paid Preparer?

Of course, however, why do this? A paid bankruptcy preparer has a very limited scope. A lawyer, on the other hand, will know if you need to file, will present you with various options, and knows where he or she doesn’t know the law so will protect you by researching what to do. A lawyer will charge a fair amount and is regulated by the state board of bar overseers. A lawyer will sign an affidavit on the Bankruptcy Petition and Schedules as to what he or she charged, and will inform you of any problems to anticipate.

Massachusetts Bankruptcy is Down and Medical Debt is One Reason

Will the new health care law, the Affordable Care Act (aka Obamacare) reduce bankruptcy? A recent study undertaken by the Chicago Federal Reserve bank showed that Massachusetts bankruptcies are down 20% because of the Massachusetts health care law (aka Romneycare). Apparently, the US is unique in the developed world in that medical billing is a leading cause of bankruptcy filing. It is not clear that this was ever true in Massachusetts, however. Nevertheless, the fact that bankruptcies are down, is good!

Notes for Consumers Regarding Retirement

With 2013 tax filing just around the bend, we are writing to remind clients to keep retirement planning at the forefront of their tax planning agenda. First, be sure to max out any and all retirement accounts you can for 2013. Clients should be aware that many companies match 401k contributions; that they may also be eligible for Roth IRA contributions; and that there are various penalties for withdrawing funds from these accounts. Furthermore, if you are over 50, you may be entitled to increased savings thresholds.

Can I Keep My Retirement Account Monies Even in a Divorce?

In a Chapter 7 personal bankruptcy, retirement monies are generally exempt. So long as they are in a qualified account, and are under 1,245,475, that is. Almost all of our clients can keep their retirement monies.

IRAs Not Protected in Bankruptcy Due to Fraud

In a case handed down from the First Circuit Court of Appeals, Daniels v. Agin, last month, a debtor’s discharge in bankruptcy was removed in light of a finding of “intentional or reckless concealment “of the facts regarding his retirement account transfers. This decision was an appeal from a hearing in the Bankruptcy Court. When the creditors filed for summary judgment against the debtor, the Bankruptcy Court decided in the creditors’ favor, resulting in this appeal to the First Circuit.

Fiduciary Duty in Bankruptcy Discharges

What obligations does a debtor in bankruptcy have to his fiduciaries? In a case handed down by Judge Bailey last month, the Bankruptcy Court held that the debtor fiduciary was in violation of the bankruptcy code and as such, the debt to that creditor was not dischargeable in bankruptcy.

Bankruptcy Fraud Prevents Discharge of Debts

If I file for bankruptcy, my debts will be discharged, right? Well, not your student loans, or your secured loans, or mortgages securing real estate. And not some taxes. Everything else, right? Well, no debts that were secured by fraud are dischargeable. How Does the Bankruptcy Trustee Find Fraud? First, it is the job of an experienced bankruptcy lawyer to keep his or her clients from committing fraud. It should not be hard. Many clients claim to want to undertake transactions that would be considered fraudulent conveyances. An experienced bankruptcy attorney works with the client to avoid all such conveyances.

Massachusetts Homestead Law Further Defined by Bankruptcy Court

The Massachusetts Homestead Act is simple in its concept, but occasionally requires litigation to determine how it works in practice. A recent case regarding subdivided land and a homestead in bankruptcy is worthy of discussion. First, what is the Homestead Law? How Does the Homestead Act work? Under Massachusetts General Laws, Chapter 188, Section 1, any homeowner who resides on the land he or she owns, has an automatic homestead up to $125,000 of equity.

Is it Moral to File for Bankruptcy?

We write a personal bankruptcy blog. We are not religious or philosophical in approach. Most of our clients have decided to file for bankruptcy without asking us our view of these subjects. There are, however, many ways to look at the morality of filing for bankruptcy and discharging your debt obligations. What is right? When is it wrong? Contracts and Bankruptcy The bankruptcy laws clearly allow you go get out of most contracts and discharge your debts, allowing for a “fresh start” under the bankruptcy law. Contracts that are dischargeable include credit card agreements. This is one source of concern for those considering the morality of bankruptcy. You signed the credit card agreement, you bought the goods and services, don’t you now have the moral obligation to do anything and everything to pay it back?

Bankruptcy Assets You Can Keep

Clients often ask us “what can we keep if we file bankruptcy?” Or, “do we have to declare all of our assets?” “The house back in the old country doesn’t count, does it?” The bad news is that it all counts. The good news is that most of our clients can exempt all of their remaining assets.

Boston Bankruptcy Lawyer Blog

Category: Bankruptcy Issues