Blog Posts in January, 2010
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Posted on Jan 28, 2010 By Robert Kovacs
When contemplating filing bankruptcy, sometime individuals will max out their credit cards right before filing. This is a mistake, and could jeopardize your entire case. Some debts in bankruptcy are ...
Continue reading "Common Bankruptcy Mistake – Maxing out your Credit Cards before filing " »
Posted on Jan 27, 2010 By Robert Kovacs
Bankruptcy laws, like all laws, attempt to be fair (I admit not all laws actually are fair). In an effort to be fair to all creditors a bankruptcy debtor may not pay off one creditor in favor of ...
Continue reading "Common Bankruptcy Mistake – Paying off a loan from a relative shortly before filing " »
Posted on Jan 25, 2010 By Robert Kovacs
Chapter 13 bankruptcy is often called a payment plan. In chapter 13 bankruptcy the debtor will make a monthly payment for either 3 or 5 years. The amount of the payment is reasonable based on the ...
Continue reading "You can still file chapter 13 bankruptcy while on un-employment " »
Posted on Jan 25, 2010 By Robert Kovacs
If you live in or around Framingham your §341 meeting will be at: J.W. McCormack Post Office & Court House 5 Post Office Square, Room 325 Boston, MA 02109
Continue reading "I live in Framingham. Where is my §341 meeting? " »
Posted on Jan 24, 2010 By Robert Kovacs
If you file for bankruptcy and are behind on a public utility bill then you can discharge the arrearage and not lose service. What happens is the amount you are behind will be discharged in your ...
Continue reading "Your electricity, gas, or other public utility will NOT be shut off if you file bankruptcy" »
Posted on Jan 24, 2010 By Robert Kovacs
If you file bankruptcy you will keep your home; unless you want to surrender it to the bank. In order to keep your home you will need to at a minimum be able to make the current monthly payment on the ...
Continue reading "You can file bankruptcy and keep your home" »
Posted on Jan 22, 2010 By Robert Kovacs
Bankruptcy can help. As soon as your bankruptcy case is filed the “automatic stay comes into effect. (See 11 U.S.C. §362) The automatic stay is much like the name implies, it happens automatically by ...
Continue reading "Creditors are calling all the time" »
Posted on Jan 20, 2010 By Robert Kovacs
Leave it there. An individual filing a chapter 7 bankruptcy case you may be able to exempt up to $11,200 ($22,400 for a married couple) of cash and bank deposits. If the money is exempt it will not be ...
Continue reading "I have money in the bank what should I do? " »
Posted on Jan 20, 2010 By Robert Kovacs
No, your bankruptcy filing will not be in the newspaper. Your bankruptcy filing is public record, which means that someone could go down to the Court house and ask if you had filed bankruptcy; the ...
Continue reading "If I file bankruptcy will it be in the newspaper? " »
Posted on Jan 19, 2010 By Robert Kovacs
When looking for home loan help, please know that help from the Department of Housing and Urban Development is free. Below are some of the warning signs that HUD has put together: " Beware of ...
Continue reading ""Beware of Foreclosure Rescue Scams - Help Is Free!" " »
Posted on Jan 19, 2010 By Robert Kovacs
Student loans are typically non-dischargeable in bankruptcy. Therefore after your bankruptcy case is over you will still be personally liable on your student loans and have to pay them. In very rare ...
Continue reading "Student loans and Bankruptcy" »
Posted on Jan 17, 2010 By Robert Kovacs
If you filed bankruptcy under chapter 7 you will be able to obtain a new credit card very shortly after filing. Most banks will want your business, because (1) you have reduced your debt, (2) cannot ...
Continue reading "I filed Bankruptcy; Can I get a new credit card? " »
Posted on Jan 17, 2010 By Robert Kovacs
Yes, you can but you will need permission of the Court. While you are in chapter 13 bankruptcy you are prohibited from incurring new debt without permission of the Court. This means no new credit ...
Continue reading "I am currently in a chapter 13 plan; Can I get a new car loan? " »
Posted on Jan 17, 2010 By Robert Kovacs
To better serve our clients from Framingham, Natick, and all of Middlesex County the Law Office of Robert W. Kovacs, Jr. is pleased to announce the opening of our Framingham Office. The address is: ...
Continue reading "Framingham Office Opening " »
Posted on Jan 15, 2010 By Robert Kovacs
Worcester: Worcester U.S. Trustee Office 446 Main Street, 1st Floor Worcester, MA 01608 Boston: J.W. McCormack Post Office & Court House 5 Post Office Square, Room 325 Boston, MA 02109
Continue reading "Where is my § 341 meeting? " »
Posted on Jan 15, 2010 By Robert Kovacs
Filing bankruptcy does not prevent you from buying any property, including a new home or cars. However, the better question is; when will a bank give me a mortgage for a new home? Chapter 7 bankruptcy ...
Continue reading "How long after bankruptcy can I buy a new home? " »
Posted on Jan 15, 2010 By Robert Kovacs
Filing bankruptcy will automatically stay any foreclosure proceeding. So long as your bankruptcy case is filed prior to the actual foreclosure sale. If your intention is to permanently save your home ...
Continue reading "HELP! My home is going to be foreclosed on. " »
Posted on Jan 12, 2010 By Robert Kovacs
If you are unable to afford your car loan you may chose to voluntarily surrender the car to the bank. After the bank has the car they will sell the car at an auction. They will apply the proceeds of ...
Continue reading "I can no longer afford my car. What happens if I give it back to the bank? " »
Posted on Jan 12, 2010 By Robert Kovacs
The following is a list of FREE internet sites that may help in the valuing of your home: http://realestate.yahoo.com/Homevalues http://www.zillow.com/ http://www.cyberhomes.com/ ...
Continue reading "Internet Resources for valuing your home" »
Posted on Jan 10, 2010 By Robert Kovacs
The goal for most individuals in bankruptcy is to receive a discharge of their debts. A discharge is a release of your legal obligation to repay your debt. With limited exception the discharge will ...
Continue reading "I have Filed for Bankruptcy and my Bank has Asked me to Reaffirm my Car Loan. " »
Posted on Jan 10, 2010 By Robert Kovacs
The goal for most individuals in bankruptcy is to receive a discharge of their debts. A discharge is a release of your legal obligation to repay your debt. With limited exception the discharge will ...
Continue reading "What is Discharge? " »
Posted on Jan 8, 2010 By Robert Kovacs
This is called “Setoff.” A bank has the right to “setoff” one account against another. For example if you have a loan and a checking account (or other account with money on deposit) at the same bank ...
Continue reading "My Bank took money out of my checking account to cover a loan that I had not paid – Can they do this? " »
Posted on Jan 7, 2010 By Robert Kovacs
If you are struggling with your home payments you may be able to get a bank approved home loan modification. The government program is run through the Department of Housing and Urban Development. HUD ...
Continue reading "Home Loan Modification and Bankruptcy " »
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