If a foreclosure sale has been scheduled on a property you own, and the auction date is looming, and you are thinking about filing a bankruptcy case to stop the sale, what exactly will it take to get the sale postponed? Maybe not as much as you expected. First, I would need basic information from […]
Author Archives: doug
How to protect your tax refund when you file bankruptcy
Expecting a tax refund from the IRS or Massachusetts DOR? Thinking about filing a bankruptcy case to get rid of debt? Fine — but take a minute to think about how the two are related. Tax refunds are hidden assets in bankruptcy cases. Meaning they are not the sort of thing ordinary people consider assets […]
Posted in Taxes
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How long will my bankruptcy case last?
A man with a toothache cares about only one question — when will the pain go away? For most people, filing for bankruptcy shouldn’t be as painful as a toothache, but even the most sanguine of debtors are often curious about when their case will be over. For a consumer Chapter 7 case with no […]
Posted in Practical tips
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Questions asked at bankruptcy meetings
Every person who files a bankruptcy case has to show up somewhere for at least one hearing and face the music by answering a series of questions under oath. These “hearings” are called the “meeting of creditors” or sometimes the “341 hearing” after section 341 of the bankruptcy code which requires it. They will take […]
Posted in Practical tips
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Auto lenders getting aggressive with repossessions, even after bankruptcy
Massachusetts bankruptcy attorneys should be aware of a recent uptick (during the spring and summer of 2018) in aggressive actions by auto lenders seeking to repossess debtor’s vehicles despite a bankruptcy filing. Several of the common lenders are upping the ante, but Toyota Financial seems to be taking the most aggressive positions of all. One […]
Posted in Bankruptcy News
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Private pension income needs to be reported twice on bankruptcy schedules
If you are thinking about filing for bankruptcy and you receive a private pension payment each month, instead of or in addition to social security checks, be aware that the pension is treated differently on the bankruptcy forms and in the calculations that determine the course of your case. Simply put, the pension must be […]
Posted in Means Test
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New rules on credit reports may leave them looking skimpier — and less accurate
Starting July 1, 2017, important rules for credit reporting agencies have changed, and the changes may have a big impact on both the curious consumer who just wants to check his score, and the debtor seriously thinking about filing for bankruptcy. Going forward, civil judgments and tax liens data will no longer be reported by […]
Posted in Bankruptcy News
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Chapter 13 debt limits increase
The upper debt limits for going in to Chapter 13 bankruptcy increased as of April 1, 2016. Chapter 13 debtors must have less than $1,184,200 in secured loans in order to qualify for relief. They also must have less than $394,725 in unsecured loans to qualify. The debt limits are adjusted automatically every three years, […]
Automatic Massachusetts homesteads limited to $125K
Since 2012, homeowners in Massachusetts have had two options for obtaining homestead protection for their residence. First, they can do it “the old way” — by filing a legal declaration of homestead at the county registry of deeds. Translation: a small bit of hassle, a small fee to pay, maybe have lawyer get involved, or […]
Posted in Exemptions, Real estate
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The repo man is now inside your dashboard
The latest wrinkle in auto finance has a nasty edge to it, as lenders are pouncing on new technology that allows them to remotely shut off a borrower’s vehicle if they are only a few days late on a payment. Writing for the New York Times and Boston Globe, Michael Corkery and Jessica Silver-Greenberg describe […]
Posted in Secured loans
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