We have been practicing law in Boston and throughout Massachusetts since 1985. I have represented clients in District Courts, Superior Courts, the Appeals Court, Housing Court, Probate Courts, Federal Bankruptcy Court and the Federal District Court.
According to preliminary numbers from the American Bankruptcy Institute, consumer bankruptcies are down 22% nationwide in January. The initial press release does not include a breakdown for Massachusetts bankruptcies, but, antidotal evidence in this office and in other bankruptcy law offices in Massachusetts, comes to the same conclusion.
Read MoreMassachusetts homeowners facing foreclosure should consider reading Arizona Law Professor Brent White’s new book Underwater Home: What Should You Do If You Owe More on Your Home than It’s Worth? The book makes some excellent points that Massachusetts homeowners facing foreclosure should consider. For example, according to Professor White, it does not make sense to
Read MoreA Massachusetts bankruptcy lawyer is asked to file a Chapter 7 bankruptcy for his client, but also to provide financial education. In a study undertaken by the financial industry’s education arm, the Investor Education Foundation ,a survey in all 50 states revels some interesting facts about Massachusetts consumers verses the rest of the nation. For example, of the five financial literacy questions, Massachusetts’s residents answered 3.1 of them correctly; the national average was 3 questions answered correctly.
Read MoreOur Massachusetts bankruptcy clients often ask how to get their financial house in order. Many clients have a 401k or other retirement plan. Others may be completing a bankruptcy discharge and are looking for a life after bankruptcy. Whether you are coming off a Massachusetts bankruptcy or simply refocusing on your financial situation, we’ve put together some initial rules of thumb with some good links to aid our clients and friends.
Read MoreThe Massachusetts SJC ruled Friday that banks cannot foreclose on Massachusetts homes without proper paperwork. The banks must show a proper chain of title before being able to complete a foreclosure and eviction in Massachusetts. Massachusetts bankruptcy and consumer lawyers need to properly advise clients in accordance with this ruling.
Read MoreBankruptcy lawyers in Massachusetts often get asked how to rebuild credit after bankruptcy. We have pointed to numerous ways in the past, and on our website there is a section on Life After Massachusetts Bankruptcy. One way to jump start enhancing your score is to find a helpful bank or credit union; one that will give you a credit card. CreditCardConnection.org seems to have attracted a lot of attention. Essentially, they find a local credit union for you. These are not commercial banks, but nonprofit membership organizations.
Read MoreConsumer bankruptcies were up 9% for 2011 according to the American Bankruptcy Institute. The number, which hit 1,530,078, was 122,290 more than the total for 2009. Over 70% of the personal bankruptcy filings were Chapter 7. The numbers of Massachusetts Chapter 7 bankruptcies was up 13.9%, the 11th highest increase in the US.
Read MoreThe New Year has closed some doors for 401k and other retirement account owners. But lots of retirement plan options remain. If you haven’t made deposits into a work sponsored 401k plan for 2010, your time is indeed up. (But this could be a wonderful time to get started for 2011!) On the other hand, if you have income in 2010, you have until April 18, 2011 to establish and fund a SEP IRA, for 2010. This will lower your taxable income for 2010 and, moreover, give you a tax-deferred account that can grow until retirement. All of these retirement vehicles would be protected in bankruptcy. The SEP IRA allows you to contribute up to 20% of your net income (minus half of your self employment tax) up to 49,000 in 2010.
Read MoreBankruptcy consumers are hopeful in the new credit statistics. According to the Federal Reserve, US consumers total credit card debt is shrinking. Revolving credit, also known as credit card debt, was reduced each of the first three quarters, and through October, in 2010. However, this is likely because banks are tightening approval of credit card debt for individuals and small businesses, according to a Federal Reserve study.
Read MoreMany of our Massachusetts bankruptcy clients have loans against their 401k plans. Our clients often ask if 401k loans are reported to credit reporting agencies. Fortunately, 401k loans are not reported because they are not loans from a bank or lending institution.
Read More