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June 2016 Archives

What is the trustee's role in a personal bankruptcy?

When a Massachusetts resident files for Chapter 7 or Chapter 13 bankruptcy, a bankruptcy court judge will be in charge of the case. But, the person who makes many decisions on a day-to-day basis will be the court-appointed bankruptcy trustee. What exactly is a bankruptcy trustee, and what is their role in a personal bankruptcy?

A trusted lawyer can help you through personal bankruptcy

For most people in Massachusetts, filing for bankruptcy is a relatively painless process. Nonetheless the debtor must make some important decisions in the course of a personal bankruptcy proceeding. Understanding the available options and making the best decisions for the situation requires a sophisticated knowledge of federal bankruptcy law and procedure, as well as state laws that affect the rights of debtors.

Personal bankruptcy and mandatory credit counseling

Under federal law, any individual filing for personal bankruptcy is required to participate in two credit counselling sessions. The first session takes place before filing and the second near the end of the process, before the bankruptcy discharge is entered. Massachusetts residents who are considering filing for personal bankruptcy should not be put off by the required counseling sessions -- they don't take long and they are relatively simple and straightforward.

Government seeks rules on payday debt

The U.S. Consumer Financial Protection Bureau recently proposed rules seeking to end loan traps that supposedly assure debt relief. The CFPB claimed that risky payday loan practices intentionally create conditions where consumers cannot repay their loans and then face the choice between defaulting, borrowing or not meeting living expenses.

Could I lose my job if I file for personal bankruptcy?

In last week's post we talked about the issue of employers firing or refusing to hire a person due to negative information in the person's credit report. As we discussed then, the Fair Credit Reporting Act does not protect a consumer from this form of employment discrimination. Massachusetts workers facing severe financial challenges are thus at risk of becoming trapped in a downward spiral of unemployment and increasing debt.

Credit card debt could hurt your job prospects

When a person falls behind in their credit card payments, the delinquencies show up on their credit report. This can have a number of serious consequences for a Massachusetts resident, including the inability to get a mortgage or car loan, rent an apartment or find a job.