Which Is Better Debt Consolidation Or Chapter 13 Bankruptcy

We’ve all seen advertisements for law firms and non-profit organizations that promise to help “consolidate your debts” into a “single, easy monthly payment”. If you’re faced with a mountain of unpaid credit card bills, you may view debt consolidation as an attractive alternative to bankruptcy. But it’s important to understand the difference between private debt repayment alternatives and a chapter 13, where a court works with you and your creditors to develop a repayment plan. Both of debt consolidation and … Continued

Weighing the Pros and Cons of Bankruptcy

Bankruptcy can provide many benefits for those unable to pay their debts, but there also potential drawbacks that must be considered before proceeding. It’s important for people to understand the difference between chapter 7 or chapter 13 and the relative merits of each. Stopping Collection Activity An important advantage is regardless of which chapter you file under, your creditors must immediately cease all collection activities once you file your petition with the court. This “automatic stay” stops any foreclosure proceedings, … Continued

What Are Surchargeable Events in Massachusetts?

Most states have a point system that relates to driving infractions. If you accumulate a certain number of points your insurance will increase and you may suffer a license suspension. However, in the state of Massachusetts, they focus on surchargeable events instead of points. If you have too many surchargeable events your driver’s license will be suspended. What is a Surchargeable Event? A surchargeable event is an at-fault accident, comprehensive coverage claim that increases the policyholder’s premium, or traffic violation. … Continued

Massachusetts CDL Suspensions

Possessing a commercial driver’s license (CDL) places you above regular drivers because according to the law you have higher standards to maintain. If you commit an illegal offense, then you can easily lose your CDL. Even if the offense was not carried out while operating a commercial vehicle you may still suffer disqualification of your license. Understanding CDL Disqualification in Massachusetts CDL disqualifications are legally mandated. Here are a few things to consider If you have a CDL disqualification, then … Continued

How Can Bankruptcy Affect Your Retirement Benefits?

If you must file for Chapter 7 or 13 then you can breathe easy because you will be allowed to keep your retirement plan funds and your pension. However, there are limitations. Exempt Retirement Accounts Please remember if you must file bankruptcy, you will not lose everything. There are bankruptcy exemptions that help protect you and some assets. In 2005, Congress redid the bankruptcy laws. Almost all ERISA-qualified retirement accounts along with pension funds are now exempt so creditors cannot … Continued

A Letter of Foreclosure: What Does it Mean?

Are you facing foreclosure?  Have you received a certified foreclosure letter sent from a lender or attorney?  The letter typically means that you have fallen behind on your payments and the lender plans on pursuing foreclosure proceedings to sell off the property to gain back the late payments and the balance owed on the mortgage. However, there are a series of legal milestones that must take place. Within the Notice of Default, you will find solutions that cover your past-due … Continued