Personal Injury Law Firm Burns & Jain Injury Blog

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.

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Credit Scores and Bankruptcy

“Credit” from the Latin credere means “to trust.”  It is unquestionable that your credit score is critical these days.  Employers are increasingly requiring permission to secure your credit score before hiring, landlords are using scores to keep low and moderate people out of units, and what you ultimately pay for a car or a home is a function of your credit score as a lower score may result in higher interest rates. Filing for Chapter 7, or personal bankruptcy, will have a negative effect on your credit score.  Are there any numbers or rules of thumb about credit scores?

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Bankruptcy and the Massachusetts Elections

We’re not advocating for any candidate…and there are no Massachusetts bankruptcy ballot initiative. So we thought we’d take this timely opportunity to point out that after a bankruptcy you can do (almost) anything. Even run for office. Take Wilbraham Selectman Robert (Bob) W. Russell, for example. He’s running for the State Senate notwithstanding a federal chapter 7 bankruptcy he filed, and resolved in 2013. The seat he is running for covers Wilbraham, and parts of Springfield and East Longmeadow.

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Bankruptcy, the Homestead, and Trusts

The Massachusetts bankruptcy law now allows personal residences held in a trust to be protected under the Massachusetts Homestead statute.  It is important to note that the law gives $125,000 in protection to all residents, with or without filing a Homestead in the Registry of Deeds.  The law gives $500,000 in protection to properly filed Homesteads.  This 2011 law, as it affects trusts, is now being reviewed and challenged in various ways.

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Bankruptcy, Stress and Consequences for Youth

According to US Courts, there were 9,576 personal Chapter 7 Bankruptcy filings in 2013 in Massachusetts.  Those people got a “fresh start” under the law.  Unfortunately, they might have received something else alongside.  While it was often noted that there were a number of folks who filed for personal bankruptcy that had mental health issues, including depression, now there is evidence of physical health issues as well. 

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Social Security And Bankruptcy

Is Social Security considered as an asset in bankruptcy? No. Your Social Security income is not considered an asset. Social Security is not factored into your Means Test either. Even if you have built up a huge “asset” of prospective Social Security payments, the Bankruptcy Court is not interested in your expected future Social Security payments.

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33 States Find Errors in Experian Credit Reporting

The State of Mississippi filed suit last month against Experian last month and that case was moved to federal court today.  The lawsuit alleges that Experian Information Solutions knew of errs on consumers’ credit reports yet failed to correct those errs.  The lawsuit alleges that various errs have affected millions of Americans.  Those affected have been folks who are seeking employment, credit, bank accounts and tenancies. Experian has allegedly incorrectly named consumers as potential terrorists on their credit reports.

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