What Happens to Your Vehicle When You File Chapter 7 Bankruptcy in Massachusetts

A common question for those who are considering filing Chapter 7 bankruptcy is whether or not the court will use your car or truck to help pay off your creditors. To answer that question, we must look at several issues, including the equity (value) of your car or truck and the specific laws regarding bankruptcy exemptions. In Massachusetts, you may be able to keep your vehicle if you have already paid it off and its market value is less than … Continued

Can You Keep Your Tax Refund In Chapter 7 Bankruptcy?

Depending upon when you file your Chapter 7 petition and how much, if any, exemption you have available, you may not be able to keep all of your tax refund for the current or prior year. When you file your petition after a tax year has closed, but before you receive your refund, you’ll be expected to forfeit that money to the trustee when it comes —unless there is an exemption available for it. Bankruptcy Attorney Gregory Oberhauser will be … Continued

Do I Qualify For Chapter 7 or Chapter 13 Bankruptcy?

These critical documents are useful for Attorney Oberhauser to review to determine whether you may have a valid Chapter 7 or Chapter 13 personal bankruptcy case: Copies of your most recent 6 months of paystubs, or a profit-and-loss statement if self-employed or own a corporation; 3 years of income tax returns, along with their corresponding W-2 forms; Copy of credit report(s); Evidence of debt: copies of credit card, medical, student loan, utility and other pertinent bills…

Credit Counseling is Required Before Filing Bankruptcy in Massachusetts

In 2005, the Federal Trade Commission made it mandatory that people must go through a government-approved credit counseling program at least six months prior to filing for bankruptcy. Though the counseling can take place over the phone, in person, or online, a certificate of completion will be required by the court where you will be filing for bankruptcy…

Four Bankruptcy Bills Signed Into Law

Are you drowning in debt and unsure of your options?  Could bankruptcy be the life preserver that you seek? Bankruptcy laws have changed.  President Trump signed four new bankruptcy bills on August 23, 2019. Three of the bills took effect immediately upon signing and the fourth will go into effect February 19, 2020. Learn About the Four 2019 Bankruptcy Laws If you are contemplating bankruptcy, then it is imperative that you learn about the four 2019 bankruptcy bills. In many … Continued

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