Many clients wonder if they are "broke" or "underwater" enough to file for bankruptcy relief...
The short answer is that bankruptcy is always an option regardless of how much debt one has accrued. In layman's terms,...
Bankruptcy filings are public record. However, the fact you filed is not something that is easy to obtain by your family, friends, employers, or general public. Click to read a brief FAQ on privacy concerns surrounding the typical bankruptcy filing.
A home is most likely the biggest purchase you’ll ever make in life. Planning to buy a house for the first time in Massachusetts and don’t know where to start? Here’s the step by step to buying your dream home:
Arrange Your...
If you are having trouble covering all of your bills, and considering bankruptcy, you might wonder about some of your precious property such as a home or a vehicle, or sentimental possessions like the military uniform you received from the...
Filing for bankruptcy can be a very scary process. There are a number of elements to consider and a myriad of questions that need answering. If you’re like most consumers, you’ve probably turned to the internet to help answer those...
If you have recently filed for bankruptcy, either Chapter 13 or 7, then you have a fresh start. Even though you might feel quite a bit of relief after filing, you might be wondering how you can start rebuilding your life. The media often portrays...
If you are swamped with bills and drowning fast, bankruptcy may be the answer. If you're filing for a personal bankruptcy, Chapter 7 and Chapter 13 are the two types you'll have to learn about. Chapter 7 discharges much more debt than...
Simply put, when your monthly debt, including living expenses, loans, car payments, medical bills and credit cards are more than your income can support. Other possible reasons for filing are to avoid a foreclosure on your home mortgage,...
Bankruptcy is a legal means of having certain debts forgiven or "discharged". A discharge eliminates the debt out of existence. Once a bankruptcy is filed with the Bankruptcy Court, all creditor actions are frozen. Even phone calls can no...
By Massachusetts Bankruptcy Attorneys
Most people who file Chapter 7 bankruptcy get to keep all of their property. This is because bankruptcy law allows the Debtor to keep different categories of property, either completely or up to a certain...
Most often, everything. Bankruptcy allows certain amount of different kinds of property to be kept by the Debtor. Under the state exemptions, you can keep up to $500,000.00 of your EQUITY in your home. Under federal exemptions, most automobiles are...
For most people, no. Debt Relief Management companies advertise heavily, charge a big "up-front" fee that can exceed the cost of a bankruptcy filing, and most often, accomplish little. They calculate a monthly payment to be divided among...
The damage of a bankruptcy filing to your credit is probably much less than you expect. (I'm shocked at how many people actually believe that you can't get credit cards or loans for 7 or even 10 years after filing). In fact, most people...
A Chapter 7 bankruptcy filing requires liquidation of unsecured assets to pay creditors. However, the law allows the Debtor to keep different categories of property up to certain values. As a result, the vast majority of Debtors who file Chapter 7...
Chapter 13 provides two huge advantages in dealing with a HELOC in certain situations:
1. Second Mortgage Strip-Off
If the market value of your home is less than the balance on your FIRST mortgage, you can "strip off" the HELOC. The...
When filing Chapter 7 Bankruptcy, you are allowed to keep some or all of your assets. How much you can keep of any kind of asset is known as an "exemption". Simply stated, an exemption is the total value of any asset that is...
If you have only one mortgage, and you cannot refinance for a longer payout or lower rate, bankruptcy cannot reduce your mortgage payment. In this situation, you can and should make application to your lender for a LOAN MODIFICATION. If your...
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