Debtors in chapter 7 bankruptcy will get a little break with new rules that go into effect December 1, 2010. Individual debtors now have 60 days to file a statement of completion of a course in personal financial management (official form 23). The clock starts running from the first date set for the meeting of [...]
November 2010
I’m fortunate, that’s the biggest one. I have my own business and can make a living, and live in my own home in a beautiful part of the country (Santa Fe, New Mexico). I work daily with many who are less fortunate, as my practice is a mix of bankruptcy and divorce. With the harsh [...]
Today, I am going to add a new chapter to the continuing saga of how your Tax Returns, and more importantly, Tax Refunds, impact your Bankruptcy. I am a firm believer in planning the bankruptcy and the future. Do you remember when you were married. The traditional marriage vows contain the language, in sickness and [...]
You can use your state exemptions to protect assets. If your state law permits, you can choose to use federal exemptions instead. Can you use both? The Massachusetts homestead will protect $500,000 of home equity. It protects your family, not just you. For example, your ownership interest is protected if your children reside in the home [...]
In most cases, your attorney must continue representing you throughout your Bankruptcy case. There are some Bankruptcy Courts that allow attorneys to limit their representation to certain specific matters. Other Bankruptcy Courts require attorneys to continue to represent their bankruptcy clients even if the lawyer is not getting paid. In the Northern District of New York Bankruptcy [...]
Since the mortgage market collapsed, loan modifications to avoid foreclosure have become industry and government policy. Many people hope to modify their mortgages to avoid having to give up their homes and file bankruptcy. The process is deceptively simple to get involved in – and easy to get burned by, even if you are working [...]
