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 folks call us and ask if they can keep their tax refund and still file for bankruptcy protection. The short answer for many people is yes. Of course, the real answer is that you should meet with an experienced Massachusetts bankruptcy attorney before trying to undertake your own bankruptcy planning.
Read MoreIt is now almost 10 years since Congress passed, and President Bush signed, the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), which went into effect in October 2005. What, if any, conclusions can we find from ten (10) years of personal bankruptcies?
Read MoreMany folks worry that by filing bankruptcy in Massachusetts their personal information will become public. Will my landlord find out? My boss? Do I have to get my wife’s tax return even if she is not filing?
Read MoreMany of our Massachusetts bankruptcy clients have retirement accounts, including IRA’s, ROTH IRA’s and 401k’s. These monies can be protected in a personal bankruptcy. However, in order to make them effective for retirement and financial planning, our clients need to know how to manage their portfolio. Many have bond mutual funds in their retirement accounts. What percentage of the retirement monies should be in bonds? For the answer to this, see our article entitled Long Term Investment Strategies for Retirement What bond fund to buy and how do you manage those bond funds?
Read MoreOf course the answer is yes, absolutely, by federal law. However, some questionable practices exist among banks and collection agencies which, according to lawsuits filed about the country, prey on those who do not know their rights. If your debts were discharged in bankruptcy, and a creditor, be it the same lender, bank, or credit card, or a new one, attempts to collect a debt that you know to be discharged, contact your attorney immediately. There could be a bankruptcy fraud violation there.
Read MoreTV star Teresa Giudice was convicted of fraud in the filing of her federal personal bankruptcy petition and has been sentenced to prison. How did this happen? We don’t follow this tv show but we learned that when Giudice filed for Chapter 7 bankruptcy protection in 2009 along with her husband, her Petition and Schedules listed $13.5 million in debts with assets of $2,261,150 and an income of $79,000 per year. Given that they have four children, these simple facts would lead to a straight forward discharge of debt and allow for a “fresh start” under the bankruptcy law.
Read MoreMany of our Massachusetts bankruptcy clients ask how much will a chapter 7 bankruptcy harm their credit score. Will it really stay on my credit report for ten years? Will I be unable to get credit during that time? While the fact that you filed for personal bankruptcy may stay on your credit report for a decade, it should matter less and less to your score as time goes on. This is because your credit score is a function of your recent credit history, not your ancient credit history.
Read MoreReaders of our blog know that bankruptcy fraud seems to get detected, prosecuted and results in no discharge of your debt. So why does it continue? We don’t know, but here’s a story that takes place in the southwest involving a fake corporation, collusion with a relative and, of course, jail time for the perpetrator.
Read MoreWhile it is not the situation anyone wants to be in, there comes a time for many folks that you need to retain a Massachusetts bankruptcy lawyer. How do you do it? A client who moved to Hawaii called me this week, asking if I could represent him. I couldn’t, because the cab fare would be pretty high, but I could give him advice as to how pick a competent bankruptcy lawyer.
Read MoreWe have written about bankruptcy fraud, Chapter 7 fraud, and filing bankruptcy petitions with misinformation or fraudulent information in the past. The federal bankruptcy court is likely to find out. The United States Attorney’s office is likely to investigate and prosecute. It’s simply wrong. When you complete a bankruptcy petition and schedules, and sign them under the pains and penalties of perjury, the federal Bankruptcy Court takes your oath very seriously. There can’t be any mistakes or misleading information. The federal government has vast resources and if they discover fraud, they will investigate.
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