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Category Archives: Chapter 7

Category Archives: Chapter 7

I am deciding between bankruptcy attorneys, one that costs less and will perform the bare minimum, and another that costs more and provides more, which one should I hire?

8 December 2012 Answer: Probably the one that plans to do more for you.  Here is one example of why hiring the best lawyer you can afford to file a bankruptcy for you, one who is more likely to stay current on the law, may be worth it.  It is In re Belforte, Case No. […]

How will my student loans be treated in a chapter 13 bankruptcy?

19 July 2012 This is a good question and is of some dispute in the legal field. We start with the rule that people generally know; student loans are not dischargeable in bankruptcy (with rare exceptions). Another general rule for chapter 13 filers is that unsecured creditors are usually paid a percentage of the total […]

Can I keep my vacation (or second) home if I file for chapter 7 bankruptcy?

1 June 2012 It depends. There are many factors to address and a thorough evaluation by a quality bankruptcy attorney is necessary. However, one recent opinion issued by a Massachusetts bankruptcy judge is worth taking a look at. In In re Lawrence the Debtors had two residences, one in Massachusetts and one in Maine. In […]

What does it cost to file bankruptcy in Massachusetts (in attorney’s fees)?

11 May 2012 This is common question posed by a prospective client when they are “shopping” for a bankruptcy attorney to file under chapter 7 or chapter 13, especially by those that put a significant emphasis (often an overemphasis) on price. This post raises one consideration for those that emphasize price when choosing an attorney […]

Will I be able to keep all of my assets if I file for chapter 7 bankruptcy? (Part 2)

3 December 2011 As stated in the prior blog posted on 2 November 2011, we are addressing a debtor’s ability to keep his assets upon the filing of a chapter 7 bankruptcy. We stated that once the case is filed, generally your assets become part of the bankruptcy estate and are subject to liquidation. We […]

Will I be able to keep all of my assets if I file for chapter 7 bankruptcy?

2 November 2011 The answer is maybe. But in most cases you will not know for sure that you will keep your assets until the case is closed. For a better understanding, please read on. This question is common for people to have and for bankruptcy blogs to address. Usually the truth is told that […]

The new bankruptcy rules are coming!

6 September 2011 The United States Supreme Court has approved significant changes to the Rules of Bankruptcy Procedure that will take effect 1 December 2011. The most notable changes are to Bankruptcy Rule 3001 regarding requirements for creditors in the claims they make in bankruptcy cases in general; and the addition of Bankruptcy Rule 3002.1 […]

Can I get a loan modification while in chapter 7 bankruptcy?

1 August 2011 The answer is yes. However, chapter 7 may not be the way to go if a loan modification is your goal. Many considerations are in order. People desirous of a loan modification want to keep their residential home, but at the same time they may not be able to afford the current […]

Can I keep my IRA if I file for bankruptcy?

21 April 2011 The answer is: most likely. The exemption scheme you choose is important. To understand the basics of what is happening with respect to assets when someone files for bankruptcy, please read the blog posted on 15 April 2011. Now that you have the introduction, we can take it to another level. Protecting […]

Can I keep my assets if I file for bankruptcy?

15 April 2011 The answer is: most likely, but it depends. This, and other questions a person that is contemplating bankruptcy may have, are very important because of what is at stake — your assets (at a minimum). To understand the answer to this question, one must understand what is in (legal) operation during a […]