Bankruptcy Filings in Massachusetts–March 2012 vs. March 2013 | Infographics
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Bankruptcy News and Updates
Bankruptcy Filings in Massachusetts–March 2012 vs. March 2013
Remainder Interest not Eligible for Massachusetts Homestead
Judge Boroff of the Massachusetts Bankruptcy Court has held that an owner of a remainder interest in a home could not claim a homestead exemption. The case is on re Gordon, Case No. 11-44524 (Bankr.D.Mass August 28, 2012). In Gordon, the debtor held a remainder interest in her home. All first-year law students learn...
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Massachusetts Bankruptcy Court Rules on Homestead Proceeds Exemption
Judge Hillman of the Massachusetts Bankruptcy Court days ago issued an opinion holding that a debtor could not extend his homestead to the surplus proceeds of a foreclosure sale. The court read the language of the statute quite literally: If a home that is subject to an estate of homestead is sold, whether voluntarily...
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Who Will Know I Filed Bankruptcy?
A lot of people are nervous, frightened, terrified–you pick the word–about who will find out that they filed bankruptcy? We get asked this quite often, and here’s the answer: Bankruptcy is a court proceeding and, therefore, creates a public record. The fact that a person filed bankruptcy will be available to anyone at the...
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Bankruptcy: The Great Financial Mercy
This is going to be a philosophical post about bankruptcy. If you’re looking for answers about anything substantive, you might try here, but what I write below is something that I have been thinking about recently. What are we to think about bankruptcy? Is it something that people get away with? When some people...
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The IRS and Plan-Busting Tax Claims
Unlike other creditors, taxing authorities like the IRS and the Massachusetts Department of Revenue can file proofs of claim in Chapter 13 bankruptcy cases for post-petition taxes. This right comes from Section 1305 of the Bankruptcy Code, and it usually happens when a bankruptcy debtor doesn’t stay up-to-date on taxes after the filing of...
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After Getting Sued on a Debt in Massachusetts: Supplementary Process and Capias Warrants
This post isn’t about bankruptcy, but it’s about something that a lot of people who are deciding to file bankruptcy deal with. What happens after you stop paying a debt? The basic timeline of debt default goes like this (if one does nothing): 1. Stop paying debt; 2. Calls from original creditor; 3. Debt...
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Massachusetts Bankruptcy Court Allows Federal Homestead Exemption in Second Home
In the interesting yet simple case of in re Lawrence, No. 11-42045-MSH (Bankr.D.Mass. 2012) the court confronted the following uncontested facts. On schedule C to their bankruptcy petition the Lawrences claimed an exemption in the Maine condominium, invoking the Massachusetts homestead exemption pursuant to Mass. Gen. Laws ch. 188 § 3. David M. Nickless,...
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How Long Does a Bankruptcy Case Last?
Understandably, bankruptcy is something people like to put behind them. That’s the whole concept: a court proceeding and a fresh start. The two types of bankruptcy individuals file, Chapter 7 and Chapter 13, have different timelines. The timeline of a normal consumer Chapter 7 case: After a Chapter 7 case is filed, the court...
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Means Test Median Income Figures to Change May 1, 2012
The median income figures dictating who will be subject to the bankruptcy means test (by state and family size) will change on May 1, 2012. Here are the new figures by family size: STATE 1 EARNER 2 PEOPLE 3 PEOPLE 4 PEOPLE * Alabama $39,531 $47,478...
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