Click Here To Receive FREE Email Updates!

Author Archive

Massachusetts Homestead Act Applies to Pre-Declaration Contracts »

Any reader of the Massachusetts Homestead Act must conclude that it only protects homes from contracts incurred after the declaration is recorded. This is not true in the bankruptcy context.
This reading was first confirmed by the Van Rye Massachusetts bankruptcy court decision in 1995. A different bankruptcy judge then ruled otherwise in the 1996 Boucher [...]

Beware of Refinancing and Bankruptcy »

Refinancing can be a fraudulent transfer in bankruptcy

Attorney-Client Privilege Not Eroded By Textron Case »

attorney client privilege in bankruptcy applies

Can I Get Rid Of An Excise Tax If I File For Bankruptcy? »

Say you get a tax bill from your state, or municipality, for owning a motor vehicle or other personal property excise tax (BUT NOT REAL ESTATE PROPERTY TAXES !!!).  These excise tax bills reflect the government having “assessed” a tax on you, which means nothing more than a decision on what you owe it.  That [...]

Can I Keep My CD If I File For Bankruptcy? »

Is your Certificate of Deposit protected if you file a bankruptcy case? Maybe.  What else do you have, and are you using the federal or a state’s list of exemptions (protected assets)?
The federal list has special protected values for special assets, not including cd’s.  It also has a wild card exemption, which you can apply [...]

What’s The Rule Of Thumb For A Trustee To Take An Asset? »

There are protected amounts for assets when one files bankruptcy, but that does not mean that a trustee will automatically seize and sell an asset having a value slightly over the protected amount.
Much depends on the region you file, the particular pressures on a trustee from Washington when you file, the type of asset, the [...]

Can I Make A Maximum IRA Contribution To Protect My Cash? »

retirement ira contributions protected exempted fraudulent bad faith good faith

Who Owes The Debt When A Family Member Dies? »

It happens all too often, and it is always sad.  A family member dies with outstanding debts, and the collectors call the survivors.
You are generally not responsible simply because you were a relative, although there may be a special law in your state for some limited purpose.  In Massachusetts, a spouse is obligated for “necessaries” [...]

Warranty Claims Against a Bankrupt Company »

You may have purchased something from a company now in bankruptcy, and you have to make a warranty claim.
If the company is in Chapter 11, it will very likely honor your claim for the good will it generates (you’ll tell your friends that it’s okay to do business with the company) even though the company [...]

Family Medical Leave and Chapter 13 Payments »

If your Chapter 13 payments are set by the Means Test and not only by mortgage and priority tax arrears, then a Family Medical Leave can reduce your payments.
The Means Test looks at your average monthly income for the six month period ending with the month before your filing.  If you have not yet filed [...]