Last summer I examined some of the problems with Federal DOMA (the so-called "defense" of marriage act) on our firm's other blog. At the time, I expressed my concern that couples that were legally married were unable to obtain equal treatment in the bankruptcy courts because, pursuant to the Federal DOMA law, legally married same-sex couples are denied the protections of marriage under Federal law. Recently, a California bankruptcy court allowed a same-sex couple to proceed with a joint bankruptcy petition. In the case (In re Ziviello-Howell, No 11-22706 (N.D. Cal)), Judge Michael S. McManus denied a motion by the United States Trustee to dismiss the case alleging that the joint petition was improper and unauthorized because DOMA limits the definition of the term "spouse" as defined to a person of the opposite sex. The Court reasoned in part that “[w]hether or not the debtors are spouses under DOMA, because they are legally married, because their assets and liabilities belong to their community, and because it will not make any practical difference to anyone if this case proceeds as one or two cases, the court concludes that there is no cause for dismissal of this joint case.” Whether this case is appealed is left to the Justice Department, but this one case does not change the law, or the lay of the land.
If you are experiencing financial difficultly you should meet with a qualified bankruptcy attorney sooner rather than later to properly plan the best course of action to protect your assets from creditors. To schedule a free consultation with an experienced bankruptcy attorney, call the Law Offices of James Wingfield at 508-797-0200 or visit the contact page on our website.
Wednesday, June 8, 2011
Wednesday, May 11, 2011
The Truth About Loan Modifications
If you are facing foreclosure, load modification may be one avenue to explore. This article explains some of the pitfalls associated with loan modifications and recommends speaking with a qualified bankruptcy lawyer before beginning the process. To schedule a no-cost, no-obligation consultation call the Law Offices of James Wingfield at 508-797-0200, or visit the contact section of our website.
Thursday, March 24, 2011
Tips for Avoiding Bankruptcy
The advice in this article can help you to avoid a bankruptcy or rebuild your credit and wealth after a bankruptcy filing. If paying 20% of your income to reduce debt is not enough to help you climb out of a bad debt situation, however, you should consider consulting with a qualified bankruptcy attorney. To schedule a no-cost, no-obligation consultation call the Law Offices of James Wingfield at 508-797-0200, or visit the contact section of our website.
Monday, March 21, 2011
Perspective from a Ch. 7 Trustee
Ch. 7 Trustees are often bankruptcy attorneys themselves who represent debtors, creditors or both in their non-trustee practice. Here's an interview with a new Ch. 7 trustee on learning the ropes after only representing debtors: http://tinyurl.com/47hsx2z. It's important to find a qualified bankruptcy lawyer who understands the Trustee's perspective. To schedule a no-cost, no-obligation consultation call the Law Offices of James Wingfield at 508-797-0200 or visit the contact page on our website.
Opposition on the Hill to Consumer Protection
NY Times Op-Ed regarding the GOP attack on Elizabeth Warren: http://nyti.ms/i0GA9k
It's important to recognize that creditors have lawyers and lobbyists. Its important that for you to have a qualified bankruptcy attorney in your corner if you are experiencing trouble with debt. To schedule a no-cost, no-obligation consultation call the Law Offices of James Wingfield at 508-797-0200 or visit the contact page on our website.
It's important to recognize that creditors have lawyers and lobbyists. Its important that for you to have a qualified bankruptcy attorney in your corner if you are experiencing trouble with debt. To schedule a no-cost, no-obligation consultation call the Law Offices of James Wingfield at 508-797-0200 or visit the contact page on our website.
A Friendly Reminder That Banrkruptcy Relief is Intended for Honest Debtors
A Friendly Reminder That Banrkruptcy Relief is Intended for Honest Debtors. The former Mayor of Corona California learned this lesson the hard way. Before you attempt a bankruptcy talk to a qualified bankruptcy attorney and do not withhold facts. To schedule a no-cost, no-obligation consultation call the Law Offices of James Wingfield at 508-797-0200 or visit the contact page on our website.
Tuesday, March 16, 2010
What the Means Test Means To You
In 2005 Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), which instituted sweeping changes to the United States Bankruptcy Code. Among the many changes to the code was the imposition of a "Means Test" for all consumer bankruptcy cases. The Means Test determines which individuals may seek relief from their creditors under Chapter 7 and which must utilize Chapter 13. On Monday, the IRS issued updated median income figures for each state, which are used in the Means Test, so this seems like as good a time as any to discuss the Means Test, and what it means to you.
In its simplest form, the Means Test takes the Median Income compares the median income for a family of the same size as yours in your state with your family income. If your family income is below the median income for your state then you are eligible to file for relief under Chapter 7; if your family income is above the median, then you are not eligible for Chapter 7 and will likely have to consider filing for Chapter 13.
In theory, individuals with enough income will be pushed out of Chapter 7, and into Chapter 13 where they will be forced to make payments on a portion of their unsecured debt for a period of between three and five years. The public policy rationale is that if an individual can make certain payments toward their debt, they should at least pay something. In many cases, people making just over the median income (based on double the actual gross income for the past 6 months) are forced into a lengthy and expensive Chapter 13 case, where these families who are already struggling will have to make monthly payments to a Chapter 13 trustee for as much as 60 months, while those making only slightly less can reach a discharge in as few as 4 months, with no payments to a trustee in a Chapter 7 case.
In Massachusetts, where I practice, the median income for a person living alone (as of the date of this entry) is $53,315.00, $69,204.00 for a family of two, $82,297.00 for a family of three, etc.. (You can find more information about the median income in your state here: http://www.justice.gov/ust/eo/bapcpa/20100315/bci_data/median_income_table.htm) While these numbers may seem high to some readers, the median income in Massachusetts has been trending down for the past year, as a result of the down economy.
The median income is not a static number, but the comparison is not. There are "deductions" from your income for certain allowed living expenses (health care, automobile maintenance, payments to secured creditors) which will turn the basic calculation on its ear.
A qualified bankruptcy attorney can, after some number crunching, tell you whether you "pass" the means test and are then eligible for a Chapter 7 case, or if you must consider Chapter 13. More importantly, your bankruptcy attorney can help you determine if a Chapter 13 case might be more beneficial to you regardless of how "score" on the means test. If you have questions about the means test please call the Law Offices of James Wingfield at 508-797-0200, or visit our website at www.wingfieldlaw.com.
In its simplest form, the Means Test takes the Median Income compares the median income for a family of the same size as yours in your state with your family income. If your family income is below the median income for your state then you are eligible to file for relief under Chapter 7; if your family income is above the median, then you are not eligible for Chapter 7 and will likely have to consider filing for Chapter 13.
In theory, individuals with enough income will be pushed out of Chapter 7, and into Chapter 13 where they will be forced to make payments on a portion of their unsecured debt for a period of between three and five years. The public policy rationale is that if an individual can make certain payments toward their debt, they should at least pay something. In many cases, people making just over the median income (based on double the actual gross income for the past 6 months) are forced into a lengthy and expensive Chapter 13 case, where these families who are already struggling will have to make monthly payments to a Chapter 13 trustee for as much as 60 months, while those making only slightly less can reach a discharge in as few as 4 months, with no payments to a trustee in a Chapter 7 case.
In Massachusetts, where I practice, the median income for a person living alone (as of the date of this entry) is $53,315.00, $69,204.00 for a family of two, $82,297.00 for a family of three, etc.. (You can find more information about the median income in your state here: http://www.justice.gov/ust/eo/bapcpa/20100315/bci_data/median_income_table.htm) While these numbers may seem high to some readers, the median income in Massachusetts has been trending down for the past year, as a result of the down economy.
The median income is not a static number, but the comparison is not. There are "deductions" from your income for certain allowed living expenses (health care, automobile maintenance, payments to secured creditors) which will turn the basic calculation on its ear.
A qualified bankruptcy attorney can, after some number crunching, tell you whether you "pass" the means test and are then eligible for a Chapter 7 case, or if you must consider Chapter 13. More importantly, your bankruptcy attorney can help you determine if a Chapter 13 case might be more beneficial to you regardless of how "score" on the means test. If you have questions about the means test please call the Law Offices of James Wingfield at 508-797-0200, or visit our website at www.wingfieldlaw.com.
Subscribe to:
Posts (Atom)
