Most people would like to avoid bankruptcy if they can. Sometimes alternatives are worth trying, but it pays to know the risks. A good bankruptcy lawyer never pushes someone into bankruptcy but, instead, lays out the options and lets the individual decide. Here’s a bit of information about commonly-tried bankruptcy alternatives. 1. Debt consolidation: If [...]
Nicholas Ortiz, Boston Bankruptcy Attorney
This is a question we hear a lot: who will find out if I file bankruptcy? It’s a good question with a pretty simple answer, but like a lot of things about bankruptcy, people tend to worry about it. First of all, bankruptcy is a court proceeding. The fact that you filed bankruptcy will be [...]
People sometimes spend down the last of their cash and then decide they need bankruptcy. This seems like common sense: you go broke and then you go bankrupt. But this is not how it works. There’s a saying that goes, “bankruptcy is not for paupers.” This means that bankruptcy costs money and is usually not [...]
Should I try a short sale, file bankruptcy, or both? That is the question. Do short sales and bankruptcy make sense together? The answer is, not usually. Often when people are in the eye of a financial storm they address problems piecemeal. They may try credit counseling for credit card debt, an offer in compromise [...]
For bankruptcy cases filed after April 1, 2010, new dollar limits will apply. The changes can be viewed here: http://www.bkmass.com/misc/output.pdf. Most notably, the homestead cap will increase to $146,450. Also worth mentioning: the Chapter 13 debt limits and the dollar amounts of the federal exemptions will increase.
Today, the Massachusetts Bankruptcy Court issued a new, emergency standing order pertaining to mortgage modifications. The order voids provisions in proposed loan modifications stating that the automatic stay will be lifted or waived after default on the loan modification payments. More can be found on my blog, here. The order is an artful one: it [...]
