Bankruptcy Fraud Does Not Pay

When necessary, filing for personal bankruptcy is an excellent way of getting a “fresh start” by discharging debts while keeping exempt assets.  The laws give Massachusetts residents ample exemptions, including the Massachusetts Homestead Exemption, while allowing folks to discharge most consumer debts and old taxes.

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What Can Consumers Learn from the Multiple Donald Trump Business Bankruptcies?

First, let’s set the record straight.  Donald Trump, the man (and Republican Party presidential candidate), has never filed personal bankruptcy.  On the other hand, his casino business has filed for Chapter 11 reorganization in bankruptcy a record four times in the past 30 years!  While it is legal for corporations to file for bankruptcy, and they often emerge stronger, keeping key employees and business, it certainly raises some questions about the chief executives’ ability to manage a large entity successfully.   Furthermore, the debts owed to lenders, employees and creditors are either wiped out or reduced.

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Massachusetts Bankruptcy Summer News

There will be a new Bankruptcy Judge in the Worcester Bankruptcy Court.  Attorney Christopher J. Panos, formerly of Partridge Snow & Hahn in Boston, will be installed as the judge in Worcester.  Judge Panos will replace Judge Hoffman, who will be moving to Boston; Judge Hoffman will be replacing Judge Hillman in Boston, who is retiring.  Judge Panos has a long history of representing clients before the Bankruptcy Court and undertaking litigation in the state and federal courts.

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Bankruptcy Discharge Function of Honesty:  No Rolexes

Another case of attempted fraud on the Bankruptcy Court yielded no discharge to a Florida couple.  In this case, a Boca Raton husband and wife filed bankruptcy after the husband’s business began to fail.  An anesthesiologist, his vast medical practice was hit with changes in the health care system in the early 2000’s.  He went from employing hundreds of doctors to a nominal practice. 

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Why Are National Football League Players Declaring Bankruptcy At High Rates?

In an astonishing new study published by the National Bureau of Economic Research, 16% of retired NFL players declare bankruptcy.  This is within 12 years of retirement.  That’s correct.  In a study of football players drafted into the NFL between 1996 and 2003, almost 15% declared bankruptcy.  This group had an average income of $1.9 million per year!  And the study determined that the actual income was not a factor in bankruptcy. 

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Payday Lending and Bankruptcy

Many of our personal bankruptcy clients have payday loans.  These are loans from companies who specialize in “short-term” loans to “get you to the next payday.”   We have always wondered about these loans, as folks who need such short-term loans are often borrowing from Peter to pay Paul…and then doing it again the next week.

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Do Bankruptcy Statistics Follow the New Federal Study About Wealth in Boston?

In a study undertaken by the Boston Federal Reserve Bank regarding wealth and race, some unfortunate results were uncovered.   White households have significantly more wealth as measured by home equity, retirement accounts, and other such standard measures of wealth.  For example, over 56% of while households have retirement accounts while only 21.2% of black families in Boston have such accounts; even fewer Boston Dominican families have retirement accounts, at 7.5%. 

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