Consumers frequently ask if they have to have a certain level of debt to qualify for bankruptcy or if they have to be without assets to file. The answer to both questions is NO. Generally, all it takes to qualify to file some form of bankruptcy is a willingness to submit your non exempt assets [...]
January 2007
Only certain people such as creditors (when you apply for credit of some kind); employers (but only under certain circumstances and you must give authorization); and government agencies (including Child Support Enforcement). No one else will look at your credit report unless you give them permission to do so. In most locations, the public is [...]
A credit report is a record of how you have borrowed and repaid debts. Creditors usually like to look at this report to decide whether or not to grant you credit. What kind of information can be included in my credit report? Most common are identification and employment data, payment history on your accounts, a [...]
We’re pretty lucky in Massachusetts. We have a $500,000 homestead and it applies to home equity, not overall value. Equity is value minus mortgages. Not bad. (It’s not doubled if married, however.) You must have a valid Declaration of Homestead recorded with the Registry of Deeds. It costs $35.00, and the property description or deed [...]
I often times hear the comment if I could afford your fees I would not be in the financial mess that I am in. On average attorney’s fees to file a Chapter 7 will be in the neighborhood of $2,000. Attorney’s fees vary by area and most certainly by attorney. Sometimes the cost will be [...]
If you are reading this blog or other web sites to learn more about bankruptcy, you have no doubt seen a large number of references to the “new” bankruptcy law – called BAPCPA – that went into effect in October, 2005. This new law, which is now almost a year and a half old, has [...]
