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February 2017 Archives

Filing for bankruptcy can put an end to debt anxiety

One of the worst things about being in debt is the anxiety and stress it creates. It's hard to enjoy life when you are constantly worried about how you are going to pay the bills. It's exhausting to always have to choose between paying the electric bill or the credit card bill.

An increasing number of older Americans are filing for bankruptcy

Most people in Massachusetts hope to retire someday. But, for an increasing number of people, the retirement years are becoming years of financial challenges. One statistic that reflects this is the rising number of elderly Americans who are filing for bankruptcy.

When is a debtor's transfer of property void in Massachusetts?

In a Chapter 7 bankruptcy, the debtor's non-exempt assets can be sold to pay creditors. Sometimes a debtor who anticipates filing for bankruptcy will transfer an asset to another person, to avoid having the asset become part of the bankruptcy estate and subject to a creditor's claims. This is known as a fraudulent transfer, and under either the Bankruptcy Code or Massachusetts law, the bankruptcy trustee can generally undo the transfer and recover the asset for the estate.