Chapter 7 Bankruptcy

The 2005 Bankruptcy Reform Act’s “means test” for chapter 7 bankruptcy filers was weakened by a recent ruling from a Texas bankruptcy court.  Under this ruling, student loans incurred for the purpose of obtaining a professional degree to be used in business are not “consumer debts” under section 707(b) of the bankruptcy code.  This new […]

A health savings account (HSA) belonging to a Mounds View, Minnesota, police officer was not exempt in bankruptcy, the 8th Circuit Bankruptcy Apellate Panel ruled.  The appeals court upheld the bankruptcy court’s order that in Minnesota, an HSA is property of the bankruptcy estate pursuant to 11 U.S.C. section 541(a), and that HSA’s cannot be claimed exempt […]

You may be wondering what happens if you file Chapter 7 bankruptcy and you own assets that cannot be exempted or sheltered under the applicable exemption laws in your district. There may be instances where you need to file bankruptcy to stop a pending lawsuit but you do not have the income to support a […]

Massachusetts Mortgage 150-Day Right to Cure and Bankruptcy

by Nicholas Ortiz, Boston Bankruptcy Attorney

July 23, 2013

July 23, 2013 Massachusetts has a new mortgage law that requires mortgage servicers to send a right to cure notice before foreclosure allowing homeowners 150 days to get caught up on their mortgage. You can read about the details of that new law here. One of the key details is that, during the 150-day right […]

Over the past dozen or so years, the bankruptcy process known as chapter 13 lien stripping has become universally accepted by the courts.  Recently, advocates of lien stripping have expanded their efforts in the next logical direction: gaining judicial recognition of lien stripping in chapter 7 bankruptcy cases. Indeed, a three-judge panel of the Eleventh […]

Chapter 7 offers many advantages over Chapter 13: faster process – 5 months vs. 5 years lower cost more complete relief from debts When I meet with a prospective client, I start my evaluation by by asking “can this person fit into a Chapter 7?”