Call our Boston bankruptcy attorneys to find out how you may begin rebuilding your future.
As sponsors of Total Bankruptcy, our Boston bankruptcy attorneys believe that educating the public is a vital part of their professional role. With the complexities of bankruptcy laws, this attitude is more important to their clients than ever before.
Our Boston bankruptcy attorneys strongly believe in fighting for the rights of individuals who are experiencing financial problems. They understand that the vast majority of their clients may file a case due to unforeseen problems such as uninsured medical bills.
Our Boston bankruptcy attorneys are convinced that consumers may have a hard time erasing their debts. After research on the bankruptcy laws, our Boston bankruptcy attorneys are convinced that they may prevent many Americans from qualifying for a "fresh start" Chapter 7 case in which debts are discharged.
Our Massachusetts bankruptcy attorneys have predicted that many of their clients may be forced to file Chapter 13 bankruptcy, which may require payment toward debt under a court-ordered payment schedule over three to five years.
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Consider these provisions in the bankruptcy laws
Under the bankruptcy laws, individuals who wish to file a Chapter 7 case must first be subjected to a "means test" to determine their eligibility. Individuals with incomes higher than the median income level in their state, and who have disposable income of $100 a month that may be used to repay $6,000 over five years, may be pushed into a repayment plan under Chapter 13.
The means test has been characterized as "over-inclusive" and "painfully inflexible." It follows guidelines set up by the IRS for tax evaders, and imposes severe limits for allowable expenses: about $200 a month for food and less than $800 for housing and utilities, for example. In addition, the means test may subject consumers to lengthy and expensive hearings in the courts.
While homes are exempt in certain states, these provisions require homeownership for a minimum of 40 months. In other words, if you file within 3.3 years of purchasing a home, it may no longer be off limits to creditors, even if the home is situated in a state that offers the homestead exemption.
Only a few new areas of exemption seem to be involved. Up to $1 million in retirement benefits may be shielded from creditors. And an unlimited amount of money may be stashed away in state-sponsored asset-protection trusts (available in five states) without interference from creditors.
If you would like to know more about how the bankruptcy laws affect your situation, call our toll free number, 1 (877) 349-1309. Or, fill out our secure online case evaluation form with a few details about your situation. All information is kept strictly confidential. One of our experienced legal professionals should contact you to set a convenient time for a free consultation.
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The purpose of this web site is to help you learn everything you need to know about bankruptcy, the process, your bankruptcy attorney and your legal rights. The best place to start is with the U.S. Bankruptcy Code. It delivers protection to people in financial jeopardy who are suffering under mountains of debt. Bankruptcy is your legal right.