If you are considering bankruptcy to eliminate your debts, you may be wondering: Will I be allowed to keep my car if I file for bankruptcy? Most people are surprised to learn that in most individual bankruptcy cases, they are allowed to keep a personal vehicle. Massachusetts Motor Vehicle Exemptions: Bankruptcy filers in Massachusetts are allowed to…
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For the average person, the idea of filing for bankruptcy likely sounds pretty awful. For many people struggling to pay their bills, bankruptcy may seem like a last resort, rock bottom, or an acknowledgment of failure. It is, after all, the worst outcome in both Wheel of Fortune and Monopoly. However, in real life bankruptcy…
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If you have been considering filing for bankruptcy as a way to eliminate your debts, you are probably wondering what the process of filing for bankruptcy is like, whether you will be required to go to court and what that entails. In every bankruptcy case, there is a “meeting of creditors” required by § 341…
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If you have fallen three or more payments behind on your mortgage, you may have begun receiving foreclosure notices from your mortgage company. If you’re behind on payments and have been unable to work out a payment plan with the bank, your property could be sold at foreclosure to satisfy the mortgage. In Massachusetts, foreclosures…
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Earlier this year, President Biden signed the Bankruptcy Threshold Adjustment and Technical Corrections Act (the “Act”) updating certain statutory thresholds for eligibility to be a debtor in Chapter 13 and Subchapter V of Chapter 11. The changes significantly increased the ceiling for eligibility for Chapter 13 relief. Previously, to be a debtor in Chapter 13,…
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This month, Governor Charlie Baker signed into law An Act to Clarify Homestead Estates which provides important updates to the Massachusetts Homestead Act, which was last substantially updated in 2010. In general, a Massachusetts homeowner who resides in the home as their principal residence may exempt up to $500,000 in equity from judgment and execution…
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One of the many benefits of personal bankruptcy is the ability to avoid a judgment lien on your residence. Judgment liens are liens imposed by a court order after a legal judgment has been entered against you. A judgment lien can remain on the property’s title for up to 26 years, carrying interest at a…
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Personal bankruptcy filings, particularly Chapter 13 bankruptcy have been rising steadily this year, according a recent article in the Wall Street Journal. October 2021 saw 10,764 personal Chapter 13 bankruptcy filings nationally, the highest level this year and the fifth monthly increase since May, although that is still far below the average filings in 2019.…
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When an individual files for bankruptcy, they are required to file schedules disclosing their household income and household expenses. Depending on your circumstances and which bankruptcy chapter you file under, your household income can affect your eligibility to obtain a discharge of your debts and how much you may be required to pay your creditors.…
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Following the onset of the Covid-19 pandemic in Massachusetts 2020, hundreds of thousands of Massachusetts residents filed to collect unemployment insurance benefits. In 2020 alone Massachusetts paid out more than $6 billion in unemployment benefits. Now, it turns out, the Commonwealth has determined that tens of thousands of those residents were ineligible to receive some…
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