Worcester County Bankruptcy Lawyer | Discharge: Information and News

Posted By Robert Kovacs 29-Nov-2014

A Bankruptcy Lawyer Discusses Chapter 7 Bankruptcy

A Bankruptcy Lawyer Discusses Chapter 7 Bankruptcy Bankruptcy Lawyer Being in debt can be overwhelming. If this applies to you, consider filing for bankruptcy. There are two primary types of bankruptcies for individuals: Chapter 7 and Chapter 13 ...

Posted By Robert Kovacs 5-Nov-2014

Our Bankruptcy Lawyer Explains the Rules Regarding Tax Debt

Our Bankruptcy Lawyer Explains the Rules Regarding Tax Debt Bankruptcy Lawyer One of the persistent myths about Chapter 7 bankruptcy is that no debt owed to the Internal Revenue Service (IRS) is dischargeable. The truth is that you can include ...

Posted By Robert Kovacs 16-Dec-2013

Bankruptcy as an Option for Credit Card Debt Relief

Bankruptcy as an Option for Credit Card Debt Relief Consumers typically go out of their way to avoid getting in trouble financially. Unfortunately, sometimes factors beyond their control create a situation where a consumer can find they need credit ...

Posted By Robert Kovacs 16-Oct-2013

Coping with Medical Debt as a Senior Citizen

Coping with Medical Debt as a Senior Citizen Medical expenses are a major source of debt for people of all ages, but especially for senior citizens who, on average, require more extensive and costly medical treatments. Even people who have health ...

Posted By Robert Kovacs 6-Jul-2013

Tips for Getting through Personal Bankruptcy

Tips for Getting through Personal Bankruptcy Personal Bankruptcy Bankruptcy is a scary word for many people. In fact, the stigmas that are often associated with bankruptcy often prevent people who need it from filing. Once you are aware of how it ...

Posted By Robert Kovacs 2-Feb-2013

Christy's of Cape Code - Files for Chapter 7 Bankruptcy

Christy's of Cape Code – Files for Chapter 7 Bankruptcy On January 31, 2013, Christy's of Cape Cod, filed for chapter 7 bankruptcy. Unlike a personal chapter 7 bankruptcy, Christy's will not receive a bankruptcy discharge. The ...

Posted By Robert Kovacs 5-Jan-2013

Violation of discharge injunction

Recently, the Bankruptcy Court, for the District of Organ ( In Re Culpepper, 481 BR 650) ordered a mortgage lender pay $5,000 in sanctions for violating the bankruptcy discharge. In this case the mortgage lender continued to solicit the debtor for a ...

Posted By Robert Kovacs 17-Dec-2012

Student Loans and Bankruptcy Prior to October 7, 1998

Student Loans and Bankruptcy Prior to October 7, 1998 Prior to October 7, 1998 student loans, federal or private, were dischargeable in bankruptcy. However, the loan had to be in repayment for more than 7 years. I think this was more than fair to ...

Posted By Robert Kovacs 11-Aug-2012

Common Bankruptcy Question - I am planning on Filing Bankruptcy, Can I stop paying my monthly bill.

Common Bankruptcy Question – I am planning on Filing Bankruptcy, Can I stop paying my monthly bill. Yes, but be careful. First off, if you are planning on filing bankruptcy you MUST stop using your credit cards right away. IF you continue to ...

Posted By Robert Kovacs 26-May-2012

Student Loan debt discharged due to Asperger's Syndrome

Student Loan debt discharged due to Asperger's Syndrome The American Bar Association is reporting that an individual suffering with Asperger's Syndrome has recently received a discharge of his student loan debt of about $339,000. Student ...

Posted By Robert Kovacs 7-May-2012

"S.1102 -- Fairness for Struggling Students Act of 2011 (Introduced in Senate - IS)" --

Proposed law to allow private, non-government, student loans to be discharged in bankruptcy Below is the full text of the proposed change to the bankruptcy code, allowing private student loans to be discharged in bankruptcy. This change would not ...

Posted By Robert Kovacs 7-May-2012

Ask Your Lawmaker to Cosponsor Student Loan Dischargeability

"NACBA is committed to working with you and our lawmakers to provide the fresh start that families need, including relief from student loan debt. Recently, S. 1102, the “Fairness for Struggling Students Act,” sponsored by Sen. Durbin ...

Posted By Robert Kovacs 18-Mar-2012

Are debts discharged in bankruptcy taxable?

Are debts discharged in bankruptcy taxable? No. As in you can see from our last blog post, "Gross Income Defined" almost everything is taxable "expect as otherwise provided." The good news is, that debts discharged in bankruptcy ...

Posted By Robert Kovacs 11-Feb-2012

The Student Loan "Debt Bomb": America's Next Mortgage-Style Economic Crisis?

Student Loan Discharge Recently the National Association of Consumer Bankruptcy Attorneys wrote a report about student loan debt entitled The Student Loan "Debt Bomb": America's Next Mortgage-Style Economic Crisis? This report ...

Posted By Robert Kovacs 10-Feb-2012

Can I Keep my Tax Refund?

Can I Keep my Tax Refund? A common question this time of year for individuals considering bankruptcy is: Can I keep my tax refund? Yes you can. All cases are different and do need an individual legal analysis of all your assets, however, most ...

Posted By Robert Kovacs 28-Jan-2012

What is an Adversary Complaint?

What is an Adversary Complaint? Federal laws protect an individual from creditor harassment during a bankruptcy case. Sometimes disputes arise during the case and a creditor, the trustee, or the bankruptcy debtor needs the issue tried by a court. In ...

Posted By Robert Kovacs 8-Jan-2012

When a Creditor Violates the Bankruptcy Discharge

When a Creditor Violates the Bankruptcy Discharge Your bankruptcy discharge is a court ordered permanent injunction prohibiting certain creditors from taking collection action against you. A debt discharged by your Massachusetts bankruptcy cannot be ...

Posted By Robert Kovacs 19-Nov-2011

Contested Lien Strip Victory - Second Mortgage Eliminated

Contested Lien Strip Victory – Second Mortgage Eliminated Many people are unaware that in bankruptcy you may complete eliminate second mortgages and equity lines of credit on their home or investment property and keep your home through ...

Posted By Robert Kovacs 9-Nov-2011

How EBay Can Help Your Bankruptcy

How EBay Can Help Your Bankruptcy EBay is an online auction website where people and businesses buy and sell goods. You probably already know that. What you may not know is how EBay can help you during your Massachusetts bankruptcy. First, EBay can ...

Posted By Robert Kovacs 16-Oct-2011

Are You A Bankruptcy Phoenix?

Are You A Bankruptcy Phoenix? The ancient world has many stories of the firebird, or phoenix. The phoenix is mythical bird of great beauty that lives a very long time. At the end of its life the phoenix builds a nest and then self-combusts, burning ...

Posted By Robert Kovacs 11-Oct-2011

Making Good Choices During The Holiday Season

Making Good Choices During The Holiday Season The holiday season is fast approaching, so it is important to start making wise financial decisions if you are considering bankruptcy. Below are three areas that Massachusetts bankruptcy debtors can ...

Posted By Robert Kovacs 21-Sep-2011

When Does My Bankruptcy Case End?

When Does My Bankruptcy Case End? "When does my bankruptcy case end?" may sound like a simple question, but the answer can be very confusing. There are several different milestones that affect your Massachusetts bankruptcy case and cause ...

Posted By Robert Kovacs 19-Sep-2011

IRS Tax Amnesty Programs Collects Billions

IRS Tax Amnesty Programs Collects Billions The Wall Street Journal reports that 15,000 individuals took advantage of a recent Internal Revenue program offering limited amnesty for taxpayers with undeclared offshore accounts. The deadline for the ...

Posted By Robert Kovacs 5-Sep-2011

Chapter 7 Debtors Should Beware Hoggish Behavior

Chapter 7 Debtors Should Beware Hoggish Behavior There is an old saying among Massachusetts bankruptcy attorneys, "Pigs get fat and hogs get slaughtered." Bankruptcy attorneys know that the bankruptcy laws are intended to give an honest ...

Posted By Robert Kovacs 21-Aug-2011

The Positives of Bankruptcy!

The Positives of Bankruptcy! Massachusetts residents who use the bankruptcy laws most successfully are generally those with the best attitudes and the proper perspectives. As one writer asked, "Is the glass half empty, half full, or twice as ...

Posted By Robert Kovacs 16-Aug-2011

How Bankruptcy Empowers

How Bankruptcy Empowers Many Massachusetts residents struggling with debt also feel powerless. Collection agents are skilled at making you feel stressed and hopeless through embarrassing phone calls at work and home; threatening letters; and ...

Posted By Robert Kovacs 10-Aug-2011

Renting As A Tenant After Bankruptcy

Renting As A Tenant After Bankruptcy Renting a house or apartment after your Massachusetts bankruptcy discharge can be a little intimidating. Some landlords will run a credit check during the application process, and a credit may be considered a ...

Posted By Robert Kovacs 8-Aug-2011

Can I Keep A Credit Card If I File Bankruptcy?

Can I Keep A Credit Card If I File Bankruptcy? Many Massachusetts bankruptcy debtors need a credit card for work. Whether it is necessary for business purchases or travel, it is common for clients to ask, "Can I keep one of my credit ...

Posted By Robert Kovacs 27-Jul-2011

Your Personal "Debt Ceiling"

Your Personal "Debt Ceiling" On July 25, President Obama addressed the country asking the American public to encourage their Congressmen to raise our nation's debt ceiling. The debt ceiling is the legal limit on the amount of money the ...

Posted By Robert Kovacs 24-Jul-2011

Picking and Choosing Debts to Discharge

Picking and Choosing Debts to Discharge There are many myths circulating regarding bankruptcy in Massachusetts. One of the most popular myths is that a bankruptcy debtor can pick and choose which debts are included in the bankruptcy discharge. This ...

Posted By Robert Kovacs 21-Jul-2011

When Can I Stop Paying Credit Cards?

When Can I Stop Paying Credit Cards? Many of my Massachusetts bankruptcy clients ask, "When can I stop paying on my credit cards?" The answer seems obvious: "immediately." If you are filing bankruptcy and discharging your credit ...

Posted By Robert Kovacs 20-Jul-2011

Bankruptcy Can Provide Leverage to Underwater Homeowners

Bankruptcy Can Provide Leverage to Underwater Homeowners The Washington Post recently reported that the Obama administration is not planning another large federally funded program to relieving the troubled housing market. This news comes despite the ...

Posted By Robert Kovacs 17-Jul-2011

Can Bankruptcy Discharge Student Loans?

Can Bankruptcy Discharge Student Loans? Discharging student loans through the Massachusetts bankruptcy court is extremely difficulty. Since 1978 Congress has increased restrictions on bankruptcy debtors seeking to discharge student loan debt. Today, ...

Posted By Robert Kovacs 13-Jul-2011

"CAPITAL ONE BANK (USA) N.A. WILL REFUND MORE THAN $2 MILLION"

From the Us Trustee's Office. For the full article please visit http://www.justice.gov/ust/eo/public_affairs/press/docs/2011/pr20110118.htm January 18, 2011 CAPITAL ONE BANK (USA) N.A. WILL REFUND MORE THAN $2 MILLION IN MONIES IMPROPERLY ...

Posted By Robert Kovacs 7-Jul-2011

Debts Excluded From Chapter 7 Discharge

Debts Excluded From Chapter 7 Discharge The purpose of a Chapter 7 bankruptcy is to liquidate all of the debtor's non-exempt property to pay creditors, and to legally discharge any remaining debt the debtor is unable to pay. The creditors get ...

Posted By 5-May-2011

Discharging Tax Debt in Bankruptcy

Discharging Tax Debt in Bankruptcy Certain debts have been given special status by the Bankruptcy Code and are generally excluded from the debtor's bankruptcy discharge. Child support obligations, student loans, and income tax debts are three of the ...

Posted By 4-May-2011

Bankruptcy's Instant Relief

Bankruptcy's Instant Relief Individuals struggling with financial difficulty experience many forms of debt-related stress. Harassing phone calls, embarrassing collection letters, lawsuits, garnishments, foreclosure, repossession. . . financial ...

Posted By Robert Kovacs 21-Mar-2010

Recent Discharge Violation Case Settles for $15,000

A recent discharge violation case of mine has settled for $15,000.00 In this case a creditor continued to call and send bills to a family after they had filed for bankruptcy and after they had received their bankruptcy discharge. The creditors ...

Posted By Robert Kovacs 20-Mar-2010

Creditors that continue to attempt to collect on discharged debt are violating the law.

At the conclusion of most individual bankruptcy cases a Debtor receives a “discharge” of his debts. The discharge is a release of your personal legal obligation to repay your debts. In part that discharge serves as an injunction against the ...

Posted By Robert Kovacs 15-Feb-2010

What is Bankruptcy Counseling? Pre-Discharge Education

Individual debtors filing bankruptcy are required to complete both pre and post discharge counseling courses. Pre-filing counseling or “Credit Counseling” must be completed before the filing of bankruptcy. After the filing of bankruptcy debtors must ...

Posted By Robert Kovacs 1-Feb-2010

Common Bankruptcy Mistake – Transferring an asset out of your name

In order to protect an asset a person thinking about filing bankruptcy may transfer an asset out of her name and into the name of another. This can include a home, vacation home, car, boat, plan, motorcycle, or even cash in the bank. This is a huge ...

Posted By Robert Kovacs 24-Jan-2010

Your electricity, gas, or other public utility will NOT be shut off if you file bankruptcy

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 bankruptcy. Anything you incur for a charge after the ...

Posted By Robert Kovacs 10-Jan-2010

What is Discharge?

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 discharge all your debt including credit card bills, ...

Posted By Robert Kovacs 10-Jan-2010

I have Filed for Bankruptcy and my Bank has Asked me to Reaffirm my Car Loan.

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 discharge all your debt including your car loan. ...

Posted By Robert Kovacs 27-Dec-2009

What can I do if I charged too much on my credit cards during the holidays?

If you can no longer meet your financial obligations bankruptcy may be able to relieve the stress related with too much debt. There are two concerns if you have recently charged a lot on your credit cards prior to filing bankruptcy. First, luxury ...

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