Retirement accounts fall outside of bankruptcy in the Greater Boston Area. This means that the bankruptcy trustee cannot touch it for up to $1,050,000.
Once some money is taken out however, then the net amount left over after fees and taxes will be included within the bankruptcy estate and the trustee can touch it to pay [...]
Boston Bankruptcy Attorney Answers Chapter 7 & 13 Bankruptcy Questions
What Happens if I Take Money Out of My Retirement Account During Bankruptcy?
The Tax Implications of a Bankruptcy Discharge in Boston
Debt forgiveness occurs when one’s bankruptcy case is closed and upon foreclosure and short sale of debtor’s primary residence.
If your home is underwater and given up in foreclosure or sold as a “short-sale,” the IRS will issue a 1099-C and come after you for the deficiency because the debt that was forgiven is considered an [...]
Can I discharge the medical expenses of my child?
Uninsured medical expenses are often a reason to seek relief by a bankruptcy discharge of debt. If you are the guarantor for expenses that are incurred by your child or your parent, then you are equally responsible for this debt as well. Minor children can’t be responsible for their medical expenses therefore the burden would fall to [...]
How do you fix an error on your credit report?
It is estimated that about 3 out of 4 credit reports contain some sort of inaccurate information on them. The first step to take is to become informed whether there is an error on your credit report. You can do this by getting a copy of your credit report and reviewing it. In order to get a free [...]
When are tax debts dischargeable in Bankruptcy?
In certain limited situations, income taxes may be discharged through bankruptcy. If you owe state or federal income taxes, the taxes can be dischargeable if you filed your tax return and:
The tax return was due more than 3 years prior to the bankruptcy filing; and
Your income tax return was actually filed more than 2 years prior [...]
Can I be discriminated against by my employer because I filed for bankruptcy?
Many people ask whether they can lose their job if their employer finds out that they filed for bankruptcy or if they can be discriminated against when they apply for jobs because of the bankruptcy filing. 11 U.S.C. Section 525 of the bankruptcy code prohibits the termination or discrimination with respect to employment solely because the [...]
What If I Have Been The Beneficiary of Additional Erroneous Social Security Payments?
There are many cases where erroneous overpayments were dispensed by the Social Security Administration, Welfare or Unemployment agencies. These government agencies often try to recoup the overpayments by garnishing from future payments of the recipient. This often leads to hardships, ones that the recipients did not intend.
The Bankruptcy Court in the Boston area will look [...]
Are there debt limits in a bankruptcy?
A Chapter 7 bankruptcy has no debt limit on the total debt involved. As for Chapter 13 bankruptcy filings, since 2007 the limit of debt has been $1,010,650 in secured debt, and $336,900 in unsecured debt. But on April 1, 2010, those debt limits increased accordance with the Consumer Price Index increase which has occurred over the past 3 years. The [...]
Is bankruptcy information public information?
The information contained in documents filed in bankruptcy cases are a matter of public record. These documents can be accessed in the Clerk’s Office during business hours. Unless the document is sealed, all pleadings filed in a bankruptcy are available for the public to view. In addition, credit reporting agencies regularly collect and disclose bankruptcy data to the [...]
Do I need an attorney to file bankruptcy?
While you can file bankruptcy without the assistance of a lawyer, it is not advised. Many specific steps must be taken in order to complete a bankruptcy, and one can easily make a mistake, which may cause them to lose assets that they hoped to keep. In order to ensure that you protect your assets to the [...]
