The Rumor Mill and Bankrutpcy Filing

There are many rumors that surround bankruptcy filing. Consumers believe the bankruptcy court or trustee will show up at their homes, ready to conduct a sale of goods. Consumers worry about equity in their homes, if they have it, or losing a cherished family heirloom that ultimately has more sentimental value than monetary value that is attractive to the bankrutpcy trustee.

Discuss the valuables you own with an attorney who will run an analysis for you based on actual debts, actual income and actual values of items you own. There is usually a fee for this analysis, however, it will provide you with a clear picture of your options or pitfalls, which will tell you whether a bankruptcy filing is appropriate for your personal situation.

Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.

New Homestead Information

March 21, 2011
A new Homestead Act became effective in Massachuestts. To view a my PowerPoint, which explains the update, see my website at:
http://michaelrileylaw.com/realestate.html
Click on the "PowerPoint" icon on the left of the screen!

Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.

Americans Suffer Before Filing Bankruptcy

According to a study conducted by the Harvard Bankruptcy Data Project, Americans suffer greatly before filing for bankruptcy since BACPA, the Bankruptcy Reform Act. By the time people file for bankruptcy, they have more debt than before the reform.

If you find yourself in a situation where you wonder about options, it is a good idea to consult with a bankruptcy attorney sooner than later. Even if you decide not to file, or to wait to file, you will at least have some information that might ease your burden.

Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.

Consumer Bankruptcy Filings Increase in February 2011

According to the American Bankruptcy Institute, consumer bankruptcies witnessed an 11% increase in February of 2011. There were 92,669 filings in January and 111,693 filings in February. Of these, 30% were Chapter 13 filings.

Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.

2010 Witnesses Increase in Bankruptcy Filings

The American Bankruptcy Institute released figures for 2010 bankruptcy filings, which increased by 8 percent over 2009 figures. Total filings were 1,593,081 for 2010. Since the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, known as BAPCPA, became effective, bankruptcy filings have increased each year. 

For the full press release, see the ABI website: http://www.abiworld.org/AM/Template.cfm?Section=Home&TEMPLATE=/CM/ContentDisplay.cfm&CONTENTID=63153


Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.

Even the States Face Financial Woes

When debt and financial obligations overwhelm us, we often feel as if we're quite alone in our predicament. Even if we search the "numbers" and see figures that show thousands of people filing for bankruptcy, we may not know anyone personally who has this situation to face. If someone does file bankruptcy, it is often information they keep to themselves.

In the current economy, states and municipalities face crippling debt and expenses, just like the every day person. Check out the Wall Street Journal article on this topic at the following link:

http://online.wsj.com/article/SB10001424052748704364004576132091316245506.html

So, if you are faced with debt and financial obligations, don't feel so alone. Your town or city might be in the same boat!

Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.

Bankruptcy Blast Fact

In Massachusetts, in 2009, there were 20,613 bankruptcy filings. This represents a 6.5% increase over the 2008 figures.

82% of filings were Chapter 7 and 18% were Chapter 13.

(Information based on figures provided by the American Bankruptcy Institute.)

Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.