Category Archives: Exemptions

Massachusetts bankruptcy court says vacation condo in Maine qualifies for homestead exemption

By doug | Published: May 24, 2012

Here’s a twist that you don’t see everyday in the bankruptcy courts: a Massachusetts couple who filed a bankruptcy case were allowed claim a homestead exemption to protect their vacation condo in York Beach, Maine. Massachusetts bankruptcy judge Melvin Hoffman ruled that the federal homestead exemption — found at 11 USC section 522 (d) (1) […]

Also posted in Real estate | Comments closed

More problems with homes, trusts, Massachusetts homesteads, and bankruptcy

By doug | Published: March 16, 2012

Right after writing about the Stallworth case and the dangers of putting houses into trusts before filing a bankruptcy case — and telling the story of a Massachusetts man who lost a lot of home equity in bankruptcy court that way — there comes another Massachusetts bankruptcy case involving, you guessed it, trusts and the […]

Also posted in Bankruptcy News, Real estate | Comments closed

Snafu with bankruptcy costs Massachusetts debtor his home equity

By doug | Published: March 9, 2012

Massachusetts has a generous homestead exemption, which comes in handy when a homeowner needs to file a bankruptcy case. Typically, up to $500,000 can be declared “exempt,” bankruptcy lingo for “untouchable by the bankruptcy court or trustee.” But there are always exceptions, and one South Shore homeowner who filed bankruptcy in 2009 just found out […]

Also posted in Bankruptcy News, Real estate | Comments closed

Bankrupt and Injured? Don’t despair!

By doug | Published: February 28, 2012

Imagine if you have been in financial trouble for a while, and then get in a car accident. Or imagine you’ve been hurt in an accident and its completely drained your finances — now you are swimming in medicals bills. Is it possible to file both a personal injury lawsuit and a bankruptcy case? If […]

Posted in Exemptions | Comments closed

Getting a tax refund? How it impacts a Chapter 7 bankruptcy case

By doug | Published: February 8, 2012

This is the season for tax refunds, and don’t think that the bankruptcy trustees don’t know it! Like sharks around a bucket of chum, there is little that can get a trustee into an excited frenzy like a debtor coming in to bankruptcy court with a sizable tax refund. But with a little knowledge and […]

Also posted in Practical tips, Taxes | Comments closed

What’s IN your bankruptcy? Everything had better be IN your bankruptcy!

By doug | Published: February 6, 2012

This may be included in the realm of misguided terminology, but I often get comments from my bankruptcy clients that sound something like this: “I didn’t know my cars were IN the bankruptcy.” Or, “I thought we were keeping the house out of this bankruptcy.” These statements are grating on my ears (they would be […]

Also posted in Practical tips, The Bankruptcy Code | Comments closed

Big trouble ensues over bankruptcy debtor’s failure to list his watch on his bankruptcy schedules

By doug | Published: October 11, 2011

File this under “what not to do” if you’re filing a consumer bankruptcy case: “Forget” to list your Rolex watch on the bankruptcy schedules. Brian Sullivan, a debtor from Maine, found this out the hard way recently when the First Circuit Court of Appeals denied his discharge. (In other words, he got nothing out of […]

Also posted in Bankruptcy News, The Bankruptcy Code | Comments closed

Cash value of insurance policies can be important when filing for bankruptcy

By doug | Published: September 16, 2011

There are basically two types of life insurance contracts that people purchase for themselves and loved ones. Term insurance is the simplest. You pay a monthly premium, and if you die young your beneficiary gets a stated benefit. Term insurance has no value of its own (until you’re dead, anyway), and can’t be cashed in […]

Posted in Exemptions | Comments closed

New Massachusetts bankruptcy exemptions chugging along smoothly

By doug | Published: May 26, 2011

The new Massachusetts bankruptcy exemptions, which were introduced in early April, seem to have been accepted by the bankruptcy community without much fuss. I know I filed several cases using Massachusetts bankruptcy exemptions and have had no trouble at all — the cases flew right through the system. When the changes took effect, for the […]

Posted in Exemptions | Comments closed

Bankruptcy after personal injury

By doug | Published: April 29, 2011

If you are expecting (or at least hoping for) a settlement in a personal injury case from a car accident or a slip-and-fall, etc., it won’t always prevent you from filing a bankruptcy case, if you need to do that as well. The federal bankruptcy exemption list allows you to keep up to $15,000 in […]

Posted in Exemptions | Comments closed
Call now: (978) 975 - 2608