5 Important Questions to Ask BK Lawyer 5 9 2011

8/6/2019 5 Important Questions to Ask BK Lawyer 5 9 2011

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Attorney Jack Morrison

Law Offices Of John P. Morrison, P.

5/9/2011

5 Important Questions You Must

Ask A Bankruptcy Lawyer

BEFORE You Hire Him/Her ToHandle Your Case


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http://www.helpineedtofilebankruptcy.com

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DISCLAIMER

Legal Notice:- This digital eBook is for informational purposes only. While

every attempt has been made to verify the information provided in this report,

the author does not assume any responsibility for errors or omissions. Any

slights of people or organizations are unintentional and the development of

this eBook is bona fide. The trademarks, screen-shots, website links, productsand services mentioned in this eBook are copyrighted by their respective

owners. This eBook has been distributed with the understanding that we are

not engaged in rendering legal accounting or other professional advice. We do

not give any kind of guarantee about the accuracy of information provided. In

no event will the author be liable for any direct, indirect, incidental,

consequential or other loss or damage arising out of the use of the information

in this document by any person, regardless of whether or not informed of the

possibility of damages in advance. The author may be considered by law to be

a debt relief agency, helping people to file for bankruptcy using the U.S.

Bankruptcy Code. This may be deemed by state law to be legal advertising.

This EBook is copyright protected

2011 The Law Offices of John P. Morrison, P.C.

Jack Morrison, Esq.

Law Offices of John P. Morrison, P.C.

27 West Mountain Street Suite B1

Worcester, MA 016060

508.852-7800

[email protected]
http://www.helpineedtofilebankruptcy.com/http://www.helpineedtofilebankruptcy.com/mailto:[email protected]:[email protected]://www.helpineedtofilebankruptcy.com/mailto:[email protected]


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Table of Contents

Disclaimers .............................................................................................. 2Introduction ............................................................................................ 4

Questions:

1.Do I Qualify To File Bankruptcy? .................................................... 5

2.Are There Certain Things That I Dont Have To Include When

I File Bankruptcy ? .......................................................................... 7

3.Can I Keep A Credit Card And Not Include It When I File

Bankruptcy? ................................................................................... 8

4.Can I Keep My Car If I File Bankruptcy? ......................................... 9

5. If Im Behind On My Mortgage, And Cant Do A Loan

Modification, What Can I Do To Keep My Home? ....................... 11

Special Offer To Readers Of This EBook ............................................... 13
http://www.helpineedtofilebankruptcy.com/http://www.helpineedtofilebankruptcy.com/http://www.helpineedtofilebankruptcy.com/


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Introduction

Families experiencing overwhelming debt and consideringBankruptcy, should ask these 5 Questions to every Bankruptcy lawyerthey intend to interview to handle their matter. Its tough enough to be inyour situationYoure vulnerable and looking for help. Dont make aquick decision and get locked in with the WRONG Bankruptcy Lawyer.

These FIVE questions will give you a good basis to determine ifthe lawyer youre interviewing has a basic knowledge of bankruptcy.Also, listen to the answers you get from the various Bankruptcy lawyersyou interview. Are they looking out for your best interest or justlooking to get you in the door and sign you up.

Dont be afraid to ask questions. The more questions you ask tells

the lawyer that youve done your homework. You want to pick an

experienced attorney to handle your matter.

If you want more information, please contact our office at

(508)852-7800. Or visit our website at

www.helpineedtofilebankruptcy.com

Look at page 13 for the Special Offer to readers of this EBook.
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Question #1

Do I Qualify To File Bankruptcy?

ANSWER:

I get this question a lot. Do I qualify to file Bankruptcy?

Everyone qualifies to file Bankruptcy because its not whether youqualify, is more about what you could lose if you file Bankruptcy.

Let me explain. When you file Bankruptcy you dont loseeverything that you have. You get to keep certain things and they callthose things exemptions.

There are 2 types of exemptionsFederal and State. The Stateexemption is based upon where you live. You have to select either onewhen you file. Exemptions are things that you get to keep when you fileBankruptcy. You make the selection based upon what assets you haveand which exemption type provides you more protection for your assets.

Ill explain it another way. Think of chairs around a conference

table as exemptions. Each of the chairs/exemptions is labeled withdifferent categories. One chair/exemption is household furnishings...another chair/exemption is equity in a homeanother chair/exemptionis equity in a car.

With each of the chairs/exemptions there are caps or limits onthem. For the Federal Exemption the household goods exemption isnow $ 11,525; the equity in a home is $21,625 and the equity in a car is$3,450. The Federal exemptions change every 3 years.

The Federal exemptions have a wildcard that allow assets overthe limits to be protected.

The State (Commonwealth of Massachusetts) exemption recentlychanged on April 7, 2011. It has been a long time since Commonwealth


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of Massachusetts exemption statute was changed. The household goodsexemption is $15,000, and the equity in a home is up to $500,000 ifcertain conditions apply and the equity in a car is $7,500, if the debtor isdisabled or elderly the exemption is $15,000.

You can see that there are differences between the Federal andState Commonwealth of Massachusetts- exemptions. Generallyspeaking, most individuals will select the Federal exemptions unlessthere is equity in their homes is GREATER THAN $21,625 individuallyor $43,250 combined husband and wife). If the equity in your home isover $21,625 individually or $43,250 on a joint filing husband and wife,and you want to keep their home, then the selection of the State -Commonwealth of Massachusetts- exemptions will protect up to$500,000 equity in your home if certain conditions apply.

These are just some of the exemptions an experienced Bankruptcylawyer has to look at your assets to see if you have too much equity inany one item. If all of your possessions fit into the chairs/exemption,then you get to keep all of the assets, and theres no problem. If your

possessions dont fit into the exemption or exceed the exemptions, thenyou have a problem. The Trustee has the right to take that asset and

sell it and pay you the value of the exemption.Thats why I said earlier that anyone can file Bankruptcy. If all of

your assets fit into the exemption categories, then youre OK you canfile Bankruptcy and get rid of your debt without losing any of your

property- assets.

Its only if your assets are over the exemption limits that you haveto weigh the benefit of filing Bankruptcy verses loosing those assets.

Only you can decide if its worth it.


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Questions #2:

Are There Certain Things That I Dont Have To

Include When Filing Bankruptcy? (i.e. I dont want myhouse or my car included)

Answer:

No, you must include ALL of your assets and liabilities when you fileBankruptcy. By doing so, that doesnt mean that youre going to lose

those assets. It goes back to questions #1 above, can the exemptions youselect protect those assets you want to keep.

Most people have a common misunderstanding when it comes to filingBankruptcy, you can separate what you want to keep and let go all therest. Not true, entirely. It has to do with the equity you have in yourassets and whether the exemptions you select protect those assets.

For example: Your home. If you are current with your mortgage

payments and you want to keep your home, and as long as the equity in

your home is protected, (selecting the Federal Exemption or the State

(commonwealth of Massachusetts Exemption) you can keep you home.

Yes, you have to include the asset, your home- in your schedules when

you file Bankruptcy. Your mortgage company will know that you filed

Bankruptcy. If youre current with your mortgage payments at the time

of filing your Bankruptcy petition, your mortgage company CANNOT

TAKE YOUR HOME. Ill repeat the last sentence. If you have

continually paid your mortgage and at the time of filing your Bankruptcy

petition, you are current with the mortgage payments, your mortgage

company CANNOT TAKE YOUR HOME


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Question #3

Can I Keep A Credit Card And Not File Bankruptcy

Against It?Answer:

NO, you must include all of your debt when you file bankruptcy.

Legally, you have to include all of your debt. By keeping one credit

card, you have arbitrarily elected to pay one creditor and not pay all of

your other creditors. The Bankruptcy Code does not allow this.

Let me tell you why you dont want to keep any credit card if youfile Bankruptcy. First of all, when your credit card gets notice that you

filed Bankruptcy, therere not supposed to extend or give you other

credit. If you kept your card and filed Bankruptcy, you would soon

realize that you cant use your cardthe company will not extend credit

to you. Youre left with a bad situationa credit card that you didnt

include in your Bankruptcy petition and you now owe the money and

you cant use the credit card because the company stopped extendingcredit.

You should include ALL of your debt. You can always start

over financially once you obtained your discharge.

With credit cards, even after you file Bankruptcy and receive a

discharge, you will be solicited by credit card companies to use their

cards.


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Question #4

Can I Keep My Car If I File Bankruptcy?

Answer:

It depends. It depends upon the equity that you have in your

vehicle. Again, it goes back to question #1 and the equity you have in

your car. Equity is obtained by getting the market value of the vehicle

and subtracting any loan balance. You can get a market value of the

vehicle by going towww.kellybluebook.com. You have to get average

retail value.

Once you determine the equity you have in your vehicle, you then

have to look at the exemptions for vehicles. The Federal exemption is

$3,450 as of the date of this report. In Massachusetts, the exemption

law changed April, 7, 2011 the new exemption is $ 7,500.

Lets use an example. Suppose you own a 2003 Ford Explorer

with 80,000 miles. You look up the value onwww.kellybluebook.comand find the car has a private sale value of $7,425.

Table 4A Auto Exemptions With No Loan Balance

Using Federal Exemption Using State Exemption

Market Value $7,425 $7,425

Loan Balance $ 0.00 $ 0.00

Equity $7,425 $7,425

Exemption Allowance $3,450 $7,500

Amount unprotected $3,975* $ 0.00
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Question #5

If I Am Behind On My Mortgage And Dont Qualify

For A Loan Modification, What Can I Do To Keep MyHome?

Answer:

File a chapter 13 Bankruptcy.

A Chapter 13 Bankruptcy is a re-payment plan. How does a

Chapter 13 Bankruptcy work?

Suppose that you are 10 payments behind on your mortgage and

your monthly payment is $2,000. That means that you have to pay

$20,000 to get caught up on your mortgage payment. The mortgage

lender tells you that you dont qualify for a loan modification. Your

lender wants to foreclose. You want to keep your home. What can

you do?

Most people dont have $20,000 lying around to get caught up.

By filing a Chapter 13 Bankruptcy, you can get caught up by

paying $20,000 over 3 years or 5 years. That $555 per month or $333

per month respectively.

Once you filed a Chapter 13 Bankruptcy case, you would have to

make your normal monthly mortgage payment each month directly to

your mortgage company. In addition, you would pay into the Chapter13 Trustee, the monthly amount you owe your mortgage company plus a

10% dividend to the Chapter 13 Trustee.

Again, lets use the same example as above: A family pays $2,000

per month in mortgage payments and is 10 months behind. The family


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files a Chapter 13 Bankruptcy on May 9, 2011 with a 5 year Chapter 13

plan what are their payments?

The family has to make their normal monthly mortgage payment

thats due, June 1, 2011 on time, and in the amount of $2,000 to theirmortgage company. Within 30 days after filing, the family has to pay

the Chapter 13 Trustee approximately $370. ($20,000 / 60 months =

$333 X 10% = $370).

As long as the mortgage payment and the Chapter 13 Trustee are

paid monthly, the family can keep their home.

This is an OVERSIMPLIED example used to illustrate how aChapter 13 Bankruptcy works. An experienced Bankruptcy Lawyer can

analyze your particular situation and provide specific direction to

achieve your financial goals.


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Find Out EXACTLY What You Need To Do

To Qualify For BankruptcyWithout Guessing Or

Leaving It To Chance

Experiencing Severe Financial Debt is Humiliating, Depressing, andOverwhelming. There is a lot of information online and published onBankruptcybut, its not easy to get the answers you need, or solutions to yourspecific situation. What are you to do?

If Only There Was Someone Who Could Tell You EXACTLY What

You Need To Do To Qualify For Bankruptcy.

For Massachusetts Residents experiencing Severe Financial Distress andUnable To Pay All their bills, A COMPLIMENTARYTelephone consultation isoffered to discuss your situation. The telephone consultation takes place at aconveniently scheduled time. You dont have to come into my office. You candiscuss whatever you need to know to resolve your financial situation.

There is no cost of obligation for the telephone consultation.

Contact our office, Law Offices of John P. Morrison, P.C. by telephone(508)852-7800 and ask for Melanie. Melanie will schedule a time to discuss your

situation with Attorney Jack Morrison

If you are unable to contact Melanie directly, send an [email protected] her with a good time for Melanie to contact you, please

provide Melanie with a telephone number to call you back.

If youre experiencing severe financial debt, youre not living, you just exist.Until you can resolve your debt, youll struggle needlessly to achieve the life youwant or the life you deserve. Call now (508)852-7800 to get the FREE telephoneconsultation.
http://www.helpineedtofilebankruptcy.com/http://www.helpineedtofilebankruptcy.com/mailto:[email protected]:[email protected]://www.helpineedtofilebankruptcy.com/mailto:[email protected]

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5 Important Questions to Ask BK Lawyer 5 9 2011