Dangers and Risks of Taking Personal Online Loans

Personal online loans are viewed by lenders as higher risk because a personal loan is another way of describing unsecured debt; as in a loan that isn’t backed by collateral such as a home or car. From the borrower’s perspective, a personal online loan carries potential dangers that aren’t typical of traditional bank loans. These heightened risks to borrowers fall into 3 categories: safety, ease-of-access and predatory lending practices. Are Online Loans Safe? Many online lending sites are backed by … Continued

6 Foreclosure Defenses for MA Homeowners

Homeowners and foreclosure defense lawyers have been increasingly successful in stopping foreclosures and establishing equitable solutions for keeping people in their homes under reasonable terms. From Truth In Lending enforcements to mortgage transparency rulings, the trend is clear: homeowners who fight a wrongful foreclosure can win. We stay on top of all foreclosure defense strategies at our Massachusetts bankruptcy and foreclosure defense firm. We’re happy to provide the following information in hopes it may be useful to you. Just One … Continued

How a Reaffirmation Agreement Works in a Chapter 7

A reaffirmation agreement between the debtor and a creditor works by waiving the discharge of a particular debt that would otherwise be discharged in the pending Chapter 7 bankruptcy. This means the debtor will be contractually obligated to the creditor and personally liable for the debt even after the bankruptcy case is closed. Reaffirmation agreements can have serious drawbacks that a debtor should be made aware of. To that end, here are answers to common questions about how a reaffirmation … Continued

How Bankruptcy Law Affects Your Inheritance When Filing Chapter 7

When you file for bankruptcy a bankruptcy estate is created. In a Chapter 7 bankruptcy, any assets you had as of the date of your filing that are not exempt will be brought into the estate and sold (liquidated) in order to pay your creditors. Estate assets that can be liquidated in Chapter 7 include inheritances. But there is a special rule under bankruptcy law for inheritances that you should be aware of. The rule allows the trustee to take … Continued

Filing For Bankruptcy: What Happens To A Cosigned Loan?

What happens if someone cosigned a loan with me and I file for bankruptcy? When you file for bankruptcy, your cosigner’s obligation to cover the loan amount or any outstanding balance remains in place. In the worst case, your cosigner could become liable for thousands of dollars they don’t have available to satisfy the loan. This could lead them to also consider filing for bankruptcy. There are alternatives for co-debtors. Read on for details. What Is a Co-signer? A cosigner … Continued

Can Unpaid Property Taxes Be Discharged In Bankruptcy?

Bankruptcy law does not allow for the relief of property taxes assessed and payable within one year of filing for bankruptcy. Your personal liability for older property bills may be relieved, but if a lien issues, it will survive a final bankruptcy. The focus of this article is on a Chapter 7 proceeding because it is the direct path to eradicating debt. If you file for Chapter 13, you will be rescheduling your debts into a structured repayment plan. The … Continued

My Credit Card Company Sued Me, What Should I Do?

If you received a Summons and Complaint from a credit card company, you need to act fast to prevent a judgement. In Massachusetts, a lawsuit action begins with the summons and complaint. If a credit card company serves you with a summons and complaint, you are on notice they are suing you for money owed. The first step you need to take is to read the complaint to find the following information: The court where the complainant filed; The date … Continued