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.
Many of our Massachusetts bankruptcy clients are able to protect significant retirement assets in their retirement accounts. As such, we remind our clients of the various options they have before year end. You can get a good chart on what qualifies for retirement deductions in 2010 by clicking here. We work with bankruptcy and post bankruptcy clients to protect their assets legally.
Read MoreNo, but do they? Massachusetts bankruptcy clients ask us this question all time. In a case filed by the federal credit report will come into sharper focus. Some states have banned using credit reports in hiring. Others have allowed their use on only a limited basis. Nevertheless, surveys show that half of all employers use credit histories sometimes.
Read MoreA new Massachusetts homestead law, which was supported by Governor Patrick, allows for automatic homestead protection of all homes in Massachusetts. All homes in Massachusetts will have an automatic homestead exemption of up to $125,000. Unfortunately, while the law protects all Massachusetts homeowners, we urge our Massachusetts bankruptcy clients to file a written homestead as well. Why? Because the written homestead, properly filed with the Registry of Deeds, provides $500,000 in protection. The cost of filing a homestead is $35, and the cost of retaining an attorney to assist you should be nominal as well.
Read MoreUntil the new Consumer Financial Protection Bureau kicks in, the Federal Reserve remains in charge of credit and debit card regulations. In new regulations proposed by the Fed, the swipe fees on debit card transactions have been reduced by 84%. Massachusetts bankruptcy lawyers and consumer lawyers see this as a victory for consumers because merchants will be able to lower fees to customers who use debit cards.
Read MoreBankruptcy news indicates that the number of people filing bankruptcy in Massachusetts dropped in November. In fact, the numbers are down 13.3% from the prior month, according to the American Bankruptcy Institute, nationwide, not just Massachusetts bankruptcy. They are still up from November 2009, however. The total number of bankruptcies filed in 2010 is already significantly higher than 2009, which was about 30% higher for personal bankruptcies than 2008. Massachusetts Bankruptcy Court reports for year end are 2010 will be published next month.
Read MoreMany of our Massachusetts bankruptcy clients ask us, how do we do it right this time? How can we budget so that we don’t end up this way again? We have searched numerous books and blogs and there is ample information out there for creating budgets following bankruptcy. Perhaps the most important thing is to be totally devoted to making it work. Change your money management habits in order to avoid bankruptcy. The experts all seem to agree on several points:
Read MoreBy Samantha Taylor, guest author Any petition for a Massachusetts bankruptcy is filled so that you, the debtor can come out of your financial crisis and can start afresh. Most of your assets are likely exempt from your creditors. Thus your debt is discharged. It usually works best for those who have a large amount of unsecured debts. It does not pardon mortgage payments or other secured debts, however, the Massachusetts homestead law protects most homes. If you are not able to make mortgage payments, however, you need a lawyer to determine how to proceed. If you home is underwater, you may be able to allow a foreclosure and walk away without owning anything to the lender, or you may qualify for a mortgage modification. There are many advantages and disadvantages of Chapter 7 bankruptcy. They are as follows.
Read MoreIn March 2009, Congress passed the HAMP, the Home Affordable Modifications Program, in an attempt to assist folks refinance and modify their mortgages. Recently, in Boston, lawyers representing home owners who were denied access to the program filed suit in federal court asking the court to stop foreclosures of those homes. If successful, the lawsuit could affect thousands of homeowners throughout Massachusetts.
Read MoreBoston bankruptcy lawyer Neil Burns reveals that credit issuers reported a decline in the number of credit card holders who are delinquent, indicating strength in the upcoming black Friday and the holiday season. The Wall Street Journal compiled official filings from banks which show a decline in loan delinquency rates, especially credit card rates, to the lowest in 2010.
Read MoreOctober numbers are in and the news is that national filings are up 1.4%, according to the American Bankruptcy Institute. However, the numbers were down compared to October 2009. There were 130,329 filings in September and 132,173 cases in October. The ABI research team predicts 1.6 million consumer bankruptcies in 2010. Chapter 7 personal bankruptcy filings are approximately 70% of those cases.
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