Credit Card Debt

Massachusetts Bankruptcy Lawyers Anthony Bucacci and Robert Simonian (508)673-9500

Getting Rid of Credit Card Debt With Bankruptcy

With a few exceptions, your credit card debt will be discharged in bankruptcy.

Many people file for bankruptcy because they’ve racked up excessive credit card debt, often using the credit to pay for necessities, like car repairs or medical bills. Both Chapter 7 and Chapter 13 bankruptcy can wipe out credit card debt, with a few exceptions.

Credit Card Debt in Chapter 7 Bankruptcy

Chapter 7 bankruptcy will discharge (wipe out) most or all unsecured, nonpriority debt. Medical bills, personal loans, and most credit card debt are typical examples of unsecured, nonpriority debt you can wipe out in bankruptcy. Examples of nondischargeable priority debts that you’ll remain responsible for paying include child support and certain tax debts.

In return, you must give up your nonexempt property, or property that isn’t protected by a bankruptcy exemption. The Chapter 7 bankruptcy trustee will sell your nonexempt property and distribute the proceeds to your creditors.

Exceptions to Discharging Credit Card Debt in Bankruptcy

In a few cases, you won’t be able to wipe out your credit card debt by filing for Chapter 7.

You Can’t Get Rid of Credit Card Debt Incurred Due to Fraud

Sometimes the creditor can challenge the discharge of your credit card debt. If successful, the court will not discharge the debt, and you’ll remain responsible for paying for it after your case ends. Here are a few common situations:

You made a false statement on your credit card application to deceive the creditor that was “material” to the credit card issuer’s decision to extend credit to you. For example, you grossly inflated your income.
You charged more than $725 to any single creditor for luxury goods or services within 90 days of your bankruptcy filing. In this situation, the law presumes that your intent was fraudulent.
You got a cash advance from a single creditor totaling more than $1,000 within 70 days of your bankruptcy filing.

The amounts are valid for three years as of April 1, 2019. (11 U.S.C. § 523(a)(2)(C)(i)(l).) Learn why it’s not a good idea to use credit cards before filing for bankruptcy and about other types of bankruptcy fraud.

You Can’t Keep the Property When the Credit Card Debt Is Secured

In rare situations, the credit card lender may take a security interest in some of your property in the credit card agreement. Jewelry, electronics, mattresses, furniture, and large appliances often are collateral securing the purchase—check your contract and receipt. If the debt isn’t unsecured, you’ll be able to wipe out the debt, but the creditor will be entitled to the property securing the obligation. Learn more about secured property.

Credit Card Debt in Chapter 13 Bankruptcy

In Chapter 13 bankruptcy, you repay your creditors in full or in part through a repayment plan that lasts three to five years. The plan usually provides for payment of only a portion of your unsecured, nonpriority debt, like credit card debt.

How much you’ll pay will depend on the amount of your disposable income and the value of your nonexempt property (you keep all of your property in Chapter 13, but you must pay for the nonexempt portion). You’ll pay the larger of the two amounts throughout your plan. Learn about calculating the repayment plan payment.

Most Chapter 13 filers pay only a small percentage of their credit card and other unsecured debts, and, at the end of the repayment period, the remaining credit card balance gets discharged.

Can I File Chapter 7 Bankruptcy on Credit Cards Only?

In Chapter 7, you must include all of your debt in your bankruptcy case. But, you can voluntarily repay creditors after the bankruptcy is over if you choose to do so. It would be very unusual to repay a credit card debt.

Can the Credit Card Companies Sue Me After I File for Bankruptcy?

No. Once you file for bankruptcy protection, bankruptcy’s automatic stay prohibits most creditors from continuing collection efforts against you. The stay extends to credit card companies and prohibits them from suing you, sending you collection letters, calling you, or engaging in other collection activities. Learn more about bankruptcy’s automatic stay.

Source : alllaw.com

Mortgage Relief and Foreclosure Prevention

Published June 9, 2021 | By Anthony Bucacci

There will be a great need for mortgage relief and foreclosure prevention in Massachusetts and the entire country. The CFPB stated today “we are at really an unusual point in history.” Nobody has ever before seen this many mortgages in forbearance at one time that are expected to exit forbearance all at one time.”

This may be the calm before the storm. If mortgage companies don’t get it right when all these forbearance periods end.

With stimulus money and no federal student loan payments, people have been able to firm up their finances. People are paying off car loans, clearing off credit card debts or other old debt. Many are actually establishing a savings account for the first time in a long while.

What Mortgage Relief and Foreclosure Prevention is Expected

The CFPB hopes to have a plan to prevent a sharp rise in foreclosures this fall. The present proposal would:

Establish a pre-foreclosure review period once forbearance ends
Delay the start of any Covid-related foreclosure to 2022
Provide mortgage servicers with streamlined loan modification options
Revise mortgage servicer communication rules to keep borrowers better informed.

Here is what to know.

The deadline for borrowers affected by Covid-19 to request or extend a forbearance plan is June 30. This is also the end of a foreclosure moratorium on federally backed mortgages. For borrowers who are behind in mortgage payments now, it’s imperative to act before June 30 to ask for a 180 day forbearance, and if needed, a second 180 day forbearance. This will get you a year. If that isn’t done, then the new CFPB rules would at least block servicers from filing a foreclosure lawsuit until after December 31, 2021.

The new rules if they are approved, will apply to all mortgages, not just those that are federally backed.

Certain fees such as late fees and stop payment fees would be waived. If a loan modification were to include any catch up payments, servicers will not be allowed to charge extra fees or interest on those payments. The new rules would be in effect until August 31, 2022 but may not apply to smaller lenders with less than 5,000 loans.

If you have the threat of a foreclosure, you can call us anytime or visit our website for more information.

BANKRUPTCY – UNDECIDED OR UNSURE WHAT TO DO?

Talk To Us About Your Options:

We always tell potential clients to talk to us first to see if bankruptcy is in their best interest. The consultation is always free. Talk with Attorney Robert Simonian or Attorney Anthony Bucacci in private and in total confidentiality to see if filing bankruptcy in Massachusetts is right for you.

We can almost always come up with a solution to your financial problem. We have filed over 10,000 cases in the past 26 years and there are very few scenarios that we have not seen. We are known for our hard work, diligence, creativity and problem solving abilities. Often we are the bankruptcy attorneys other attorneys come to with difficult cases. Call today to see what we can do for you and what options are available. Often people believe they are the only ones with financial problems and are embarrassed of their situation. This is simply not true and many famous people have had to file for bankruptcy to get a fresh start.

Why Call Bucacci & Simonian:

We are known as one of the best bankruptcy attorneys in Southeastern Massachusetts serving the Bristol County and Plymouth County areas. We can help you with mortgage foreclosure relief. Please inquire with anyone as to our reputation. Reputation is everything and we are very proud of ours. We have received numerous awards from various agencies and courts including the Bankruptcy Court in Boston, Massachusetts.

Using our knowledge and skill we have had several clients complete their five year Chapter 13 bankruptcy plans where they own their home FREE & CLEAR OF MORTGAGES. We understand how important it is to save clients’ homes from foreclosure, keep their cars from being repossessed and stop creditors from suing them and attaching their wages or attempting to seize their assets. This can be stopped almost instantly and we make every effort to be very available to your clients and can accommodate emergency situations. One of our most famous cases involved saving a clients’s multi-family home. https://www.courtlistener.com/opinion/1863802/in-re-brizida/

What to Avoid:

Do not attempt to file for bankruptcy on your own if you are seeking mortgage foreclosure relief. You can make your situation much, much worse. If the bankruptcy petition is not correct you could lose your home, your car or possessions or you could be asked to file a different kind of bankruptcy where you have to make monthly payments when it could have been avoided. If you are not properly represented a bankruptcy trustee may foreclose on your house, allow your car to be repossessed, seize a tax refund or other assets. You could file under the wrong chapter, apply the wrong exemptions, fail to file all of the necessary forms or not understand the significance of important forms.

Protect Yourself:

Call us today for a free and complete bankruptcy consultation. We can protect you from your creditors and protect your home, cars, jewelry and other assets. Creditors and collection lawyers have a job to do and it may seem that they are heartless and will take anything they can from you. They are represented and you should be too. Call us today. The Federal Bankruptcy Court indicated that seeking the advice of a qualified attorney is strongly recommended. https://www.uscourts.gov/services-forms/bankruptcy/filing-without-attorney

Posted in Raynham MA | Tagged Bankruptcy Attorney, Bankruptcy Law Firm, Bankruptcy Lawyer, Car Loan Payments, Credit Card Debt, Foreclosure, Sheriff Sale, Student Loan Debt

Famous people who filed for bankruptcy

Published June 3, 2021 | By Robert S. Simonian

There are many famous people who filed for bankruptcy. Bankruptcy can happen to anyone at any time and it is usually a result of unfortunate life events or you get caught in the trap of your paycheck being used to pay debts and credit cards used to buy necessities. Many famous people who filed for bankruptcy only to become successful afterwards. Your situation does not have to be any different. United States Presidents have had financial trouble. For inspiration, here are some famous people who filed personal bankruptcy or business bankruptcy and are now in a much, much better place.

If you are experiencing financial difficulties that are bringing you down emotionally and physically, contact bankruptcy attorney Robert Simonian and Anthony Bucacci for a free consultation. It is the first step towards getting a fresh start as the famous people below did.

Movie & television stars: Dino DeLaurentis, Larry King and Ed McMahon.

Authors and Writers: Mark Twain, Oscar Wilde, Robert Kiyosaki and Thomas Paine.

Muscians: Ted Nugent, Jerry Lee Lewis, Tom Petty, Merle Haggard, Cyndi Lauper, Tammy Wynette, M.C. Hammer, Johnny Paycheck, Marvin Gaye, Elton John, Vince Neil, Toni Braxton and David Cross.

Business owners: Henry Ford, H.J. Heinz, P.T. Barnum of Barnum and Charles Goodyear.

Actors and Actresses: Sherman Hemsley, Don Johnson, Kim Basinger, Lynn Redgrave, Mickey Rooney, Randy Quaid, Margot Kidder, Lorenzo Lamas, , Zsa Zsa Gabor, Isaac Hayes, Lorraine Bracco and Redd Foxx.

Athletes: boxers Joe Louis and Leon Spinks, Mike Tyson, Johnny Unitas, Bjorn Borg.

Presidents Abraham Lincoln and Ulysses Grant.

Bankruptcy is more and more common. There are many famous people who filed for bankruptcy. The current uncertain economic times and unemployment, lack of increased income to keep pace with inflation, all give rise to intense economic pressure. Bankruptcy is a very good tool to get a fresh start and get back on track.

BANKRUPTCY – UNDECIDED OR UNSURE WHAT TO DO?

Talk To Us About Your Options:

We always tell potential clients to talk to us first to see if bankruptcy is in their best interest. The consultation is always free. Talk with Attorney Robert Simonian or Attorney Anthony Bucacci in private and in total confidentiality to see if filing bankruptcy in Massachusetts is right for you.

We can almost always come up with a solution to your financial problem. We have filed over 10,000 cases in the past 26 years and there are very few scenarios that we have not seen. We are known for our hard work, diligence, creativity and problem solving abilities. Often we are the bankruptcy attorneys other attorneys come to with difficult cases. Call today to see what we can do for you and what options are available. Often people believe they are the only ones with financial problems and are embarrassed of their situation. This is simply not true and many famous people have had to file for bankruptcy to get a fresh start.

Why Call Bucacci & Simonian:

We are known as one of the best bankruptcy attorneys in Southeastern Massachusetts serving the Bristol County and Plymouth County areas. Please inquire with anyone as to our reputation. Reputation is everything and we are very proud of ours. We have received numerous awards from various agencies and courts including the Bankruptcy Court in Boston, Massachusetts.

Using our knowledge and skill we have had several clients complete their five year Chapter 13 bankruptcy plans where they own their home FREE & CLEAR OF MORTGAGES. We understand how important it is to save clients’ homes from foreclosure, keep their cars from being repossessed and stop creditors from suing them and attaching their wages or attempting to seize their assets. This can be stopped almost instantly and we make every effort to be very available to your clients and can accommodate emergency situations. One of our most famous cases involved saving a clients’s multi-family home. https://www.courtlistener.com/opinion/1863802/in-re-brizida/

What to Avoid:

Do not attempt to file for bankruptcy on your own. You can make your situation much, much worse. If the bankruptcy petition is not correct you could lose your home, your car or possessions or you could be asked to file a different kind of bankruptcy where you have to make monthly payments when it could have been avoided. If you are not properly represented a bankruptcy trustee may foreclose on your house, allow your car to be repossessed, seize a tax refund or other assets. You could file under the wrong chapter, apply the wrong exemptions, fail to file all of the necessary forms or not understand the significance of important forms.

Protect Yourself:

Call us today for a free and complete bankruptcy consultation. We can protect you from your creditors and protect your home, cars, jewelry and other assets. Creditors and collection lawyers have a job to do and it may seem that they are heartless and will take anything they can from you. They are represented and you should be too. Call us today. The Federal Bankruptcy Court indicated that seeking the advice of a qualified attorney is strongly recommended. https://www.uscourts.gov/services-forms/bankruptcy/filing-without-attorney

Posted in Taunton MA | Tagged Bankruptcy Attorney, Bankruptcy Law Firm, Bankruptcy Lawyer, Credit Card Debt, Financial Hardship

Common Myths About Filing Bankruptcy In Massachusetts

Published June 3, 2021 | By Robert S. Simonian

There are a lot of misunderstandings about filing for bankruptcy. Credit consolidation companies can mislead people and credit card companies can mislead you so you continue paying high interest payments. Many people rely on information that was true 25 years ago or from friends who have heard something from someone. A lot of the information available on the internet is often very, very general and vague that it does not apply to over 95% of the cases and distorts the truth.

The following is a list of beliefs people have about filing bankruptcy that are SIMPLY NOT TRUE:

My Credit will be destroyed forever and I will never get credit again.
I will lose my house, my car and everything I own.
You can only have one automobile if you file bankruptcy.
If I have a car loan or a home mortgage I have to give up my car and home.
The whole world will know I filed for bankruptcy.
If you are married both husband and wife must file for bankruptcy.
Only bad people file for bankruptcy.
Filing for bankruptcy is too expensive and I can not afford a lawyer.
Even if I file bankruptcy I heard you have to pay everything back.
It is difficult to file for bankruptcy and they changed the laws to make it difficult.
I will never be able to own anything or have money in the bank after filing bankruptcy.
You can only file bankruptcy once in your lifetime.
You have to have some minimum amount of debt to file bankruptcy.
You can not discharge IRS taxes or State taxes in bankruptcy.
I will lose all of my future tax refunds.
I can be fired or lose my job if I file bankruptcy.

All of the above are common beliefs that people think are true about filing bankruptcy. They are simply NOT TRUE. It is important to speak to an experienced bankruptcy attorney for real answers to your questions. It becomes very difficult to make a decision when you hear all kinds of information from unreliable sources. We are available to accurately answer your questions and concerns anytime.

BANKRUPTCY – UNDECIDED OR UNSURE WHAT TO DO?

Talk To Us About Your Options:

We always tell potential clients to talk to us first to see if bankruptcy is in their best interest. The consultation is always free. Talk with Attorney Robert Simonian or Attorney Anthony Bucacci in private and in total confidentiality to see if filing bankruptcy in Massachusetts is right for you.

We can almost always come up with a solution to your financial problem. We have filed over 10,000 cases in the past 26 years and there are very few scenarios that we have not seen. We are known for our hard work, diligence, creativity and problem solving abilities. Often we are the bankruptcy attorneys other attorneys come to with difficult cases. Call today to see what we can do for you and what options are available. Often people believe they are the only ones with financial problems and are embarrassed of their situation. This is simply not true and many famous people have had to file for bankruptcy to get a fresh start.

Why Call Bucacci & Simonian:

We are known as one of the best bankruptcy attorneys in Southeastern Massachusetts serving the Bristol County and Plymouth County areas. Please inquire with anyone as to our reputation. Reputation is everything and we are very proud of ours. We have received numerous awards from various agencies and courts including the Bankruptcy Court in Boston, Massachusetts.

Using our knowledge and skill we have had several clients complete their five year Chapter 13 bankruptcy plans where they own their home FREE & CLEAR OF MORTGAGES. We understand how important it is to save clients’ homes from foreclosure, keep their cars from being repossessed and stop creditors from suing them and attaching their wages or attempting to seize their assets. This can be stopped almost instantly and we make every effort to be very available to your clients and can accommodate emergency situations. One of our most famous cases involved saving a clients’s multi-family home. https://www.courtlistener.com/opinion/1863802/in-re-brizida/

What to Avoid:

Do not attempt to file for bankruptcy on your own. You can make your situation much, much worse. If the bankruptcy petition is not correct you could lose your home, your car or possessions or you could be asked to file a different kind of bankruptcy where you have to make monthly payments when it could have been avoided. If you are not properly represented a bankruptcy trustee may foreclose on your house, allow your car to be repossessed, seize a tax refund or other assets. You could file under the wrong chapter, apply the wrong exemptions, fail to file all of the necessary forms or not understand the significance of important forms.

Protect Yourself:

Call us today for a free and complete bankruptcy consultation. We can protect you from your creditors and protect your home, cars, jewelry and other assets. Creditors and collection lawyers have a job to do and it may seem that they are heartless and will take anything they can from you. They are represented and you should be too. Call us today. The Federal Bankruptcy Court indicated that seeking the advice of a qualified attorney is strongly recommended. https://www.uscourts.gov/services-forms/bankruptcy/filing-without-attorney

Posted in Westport MA | Tagged Bankruptcy Attorney, Bankruptcy Law Firm, Bankruptcy Lawyer, Car Loan Payments, Common Questions About Filing Bankruptcy, Credit Card Debt, Foreclosure, Tax Liens