Due to the sinking economy and our culture of “spend now-pay later”, more and more Americans are finding themselves in debt everyday. Some have gotten into debt through no fault of their own, but most can use the advice below. How do you get out of a financial hole that you’ve dug yourself into?
The first [...]
Boston Bankruptcy Attorney Answers Chapter 7 & 13 Bankruptcy Questions
Monthly Archives: January 2010
How to get out of debt and avoid bankruptcy
How long will a Chapter 7 bankruptcy take?
Provided there’s no fraudulence, a Chapter 7 Bankruptcy concludes within 3-4 months from the filing date.
Once a chapter 7 is filed electronically with the Bankruptcy Court in Boston, the Court automatically schedules a 341 meeting with the Bankruptcy Trustee to be held within one month from the filing date.
The Bankruptcy Trustee is appointed by the [...]
Will I lose my car in bankruptcy?
The answer to that depends on if you pick the Massachusetts or Federal exemptions.
Massachusetts allows you to keep up to $700 in a car’s equity (value). Let’s say you own a car that’s worth $5000 and you owe $4300 on it, then technically the Trustee will have no incentive to take your vehicle away from [...]
Will I lose my house in a bankruptcy?
If the equity in your home is $500,000 or less, then you won’t have to lose your home in the Boston area.
You could choose to file under the Massachusetts state exemptions as opposed to the Federal Bankruptcy exemptions, which provides for only up to $22,500 for each spouse in exemption. Massachusetts provides one of the [...]
How much will a Chapter 7 bankruptcy cost?
A typical personal Chapter 7 Bankruptcy will cost approximately $1500 in attorney fees plus a $299 filing fee in the Boston area. This is also called a “full-service representation” in the Boston area.
This includes filing the schedules of income and expenses, listing of creditors and making sure the addresses of creditors are accurate, listing of [...]
Where is the Bankruptcy Court in Boston and will I have to go?
There are three Bankruptcy Courts in Massachusetts – Springfield, Worcester, and Boston.
The Boston bankruptcy court is located at:
John. W. McCormack Post Office and Court House
5 Post Office Square, Suite 1150
Boston, MA 02109-3945
Debtor has to attend what is called a “341 Meeting.” This is a very brief meeting where the Bankruptcy Trustee will ask some pertinent [...]
What are some disadvantages of bankruptcy?
The process of filing can be intrusive because Court documents are public record. The stigma it carries can be emotionally challenging to some.
Once bankruptcy is on someone’s record, then he or she has to convince creditors ( for instance, if you want to take a loan out to purchase a car), that payments can be [...]
What are the advantages of bankruptcy?
Bankruptcy allows someone to have a new beginning in life. It allows someone to resume life with less anxiety, keeps destitute families together, reduces suicide rates, children are better attended to, and homelessness rates may be better controlled.
Bankruptcy keeps the humiliating experience of creditors from hauling debtors to Court for judgments when the debtors cannot [...]
What are some federal exemptions for bankruptcy?
Here is a partial list of Federal Exemptions for bankruptcy. Married couples filing jointly may double all exemptions.
• $20,200 for real property including co-ops and and mobile homes
• Disability, social \security, unemployment and veterans’ benefits, some life insurance
• Pensions such as 401(k)s, 403(b)s, Profit Sharing and Money Purchase plans, SEP
• IRAs and Roth IRAs up to $1,095,000
• Jewelry up to [...]
What are the Massachusetts / Boston exemptions for bankruptcy?
Exempt property is property one may hold onto and not give up to during bankruptcy. A person called the bankruptcy trustee, who represents creditors and may confiscate some of the property you may own, determines and reviews your property and makes the final determination.
Depending on the type of property one owns or wants to keep [...]
