Bankruptcy
The Role of a Chapter 7 Trustee in a Business Bankruptcy
A Chapter 7 Trustee’s job in a business bankruptcy is twofold. First, he or she must verify that the information...
Why File a Chapter 7 Bankruptcy for your Business?
If you are closing down your small business because of financial reasons, you may wonder why you should spend money...
SAMPLE CHAPTER 13 BANKRUPTCY PLAN
In a Chapter 13 Bankruptcy, the Debtor needs to file a Plan which outlines how they will address their debt. ...
WHY FILE A CHAPTER 13 BANKRUPTCY?
Chapter 13 is a reorganization in bankruptcy available for individuals. The debtor will retain his or her assets and propose...
OVERVIEW OF CHAPTER 7
The purpose of a Chapter 7 bankruptcy is to obtain a “fresh start” by eliminating debt, and it is the...
BANKRUPTCY MYTH: NO CREDIT FOR SEVEN YEARS
A common misconception is that a person cannot get credit for seven years after filing bankruptcy. There is no law...
Bankruptcy Myth: THERE IS A STIGMA
Many people feel there will be a tremendous stigma attached to their filing for bankruptcy. There is no question there...
Bankruptcy Myth: You Must be Broke and Have No Assets
You do not need to be destitute in order to file for bankruptcy. So if you are employed and earning...
Resolving Tax Liabilities in a Chapter 13 Bankruptcy
A Chapter 13 bankruptcy can be useful in dealing with the Internal Revenue Service and the Massachusetts Department of Revenue. ...
What are Bankruptcy Exemptions?
An exemption, in essence, is a value towards particular property which can be protected by the debtor. This amount cannot...
The Downside of Debt Settlement
We always discuss alternatives to bankruptcy with our clients because it is an important financial decision and you should be well informed of your options.
How to Help a Parent file a Bankruptcy
We occasionally receive telephone calls from people concerned about their aging parent's financial situation. The first step is to sit down with your parent and review their financial records and bills to understand their assets and liabilities. It is also important to know what creditors can and cannot do to collect a debt.
Can I file a Bankruptcy with my Significant Other?
We occasionally have people ask us of they can file a joint bankruptcy petition with their live-in significant other. The answer is no. Only spouses can file a joint bankruptcy petition. Because bankruptcy is federal law, same-sex spouses can file a joint bankruptcy petition regardless of their states' laws on same-sex marriage.
What is a Chapter 20 Bankruptcy?
You may have heard the term "Chapter 20" bankruptcy before.
How is the Median Income Significant in Bankruptcy?
Every couple of years, the Bankruptcy Court releases updated figures for the median income of families based upon their location...
Bankruptcy Debtor Education and Financial Management Courses
Every Debtor must complete two courses on financial literacy to successfully complete his/her bankruptcy.
Beware of Inherited IRAs when Filing for Bankruptcy
When you file for bankruptcy, all of your assets become part of the bankruptcy estate and are available for distribution to your creditors unless you can exempt the asset using either the Federal or State exemptions.
What is a Preferential Transfer in Bankruptcy?
Most people have certain debts they want to pay off first when they have the money, such as loans from...
How Common is Filing for Bankruptcy?
People considering bankruptcy, often feel like they are the only ones going through this tough time.
Can I Sell my House While in a Chapter 13 Bankruptcy?
Yes, a Chapter 13 does not prevent you for selling assets, but any sale requires court approval.
What is a Motion for Relief in a Chapter 13 Bankruptcy?
When you file a Chapter 13 bankruptcy an automatic stay goes into effect immediately upon the filing of your case.
Can I move out of the state during the three or five years of my Chapter 13 Plan?
Chapter 13 does not put any restraints on where you can live and work.
What do I Put on my Bankruptcy if some of by debts are under my maiden name?
You should list your current and married name on your bankruptcy petition.
If I file for bankruptcy, do I have to list all of my credit cards?
Oftentimes clients express a desire to leave one of their credit cards off their bankruptcy filing.
What Documents Does Your Trustee Need for a 341 Meeting?
Once you file a bankruptcy, a Trustee will be assigned to your case.
“ Dear John – As Thanksgiving approaches, I always reflect on my life during the prior year to determine what situations or individuals I owe thanks to – and believe me, you are at the top of my list! John, I hope I can express to you, my gratitude for the tremendous change that has occurred in my life within these past six months … since my [bankruptcy] filing, I have made every effort to look toward the future – towards a life that would have been impossible without your help. … ”
S.D.
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