Cambridge Bankruptcy & Debt Lawyer, Massachusetts

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Matthew E. Scafidi

Corporate, Business Organization, Collection, Commercial Leasing
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           

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James H. Krumsiek

Banking & Finance, Bankruptcy, Commercial Real Estate, Foreclosure
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           

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Bruce D. Levin

Complex Litigation, Litigation, Business Organization, Bankruptcy
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           

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Richard N. Gottlieb

Litigation, Credit & Debt, Collection, Bankruptcy
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           

Sheri F. Murray

Bankruptcy, Child Support, Consumer Bankruptcy, Criminal
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           

Richard W. Gannett

Corporate, Franchising, Business Organization, Collection
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           

Kerry L. Moore

Antitrust, Banking & Finance, Bankruptcy, Business Organization
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           

Marisa S. Gregg

Real Estate, Estate, Divorce & Family Law, Bankruptcy & Debt
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           

Richard M. Schifone

Bankruptcy, Consumer Bankruptcy
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           

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Widmine L. Remy

Bankruptcy, Elder Law, Estate Planning
Status:  In Good Standing *Status is reviewed annually. For latest information visit here           

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Free Help: Use This Form or Call 800-814-6700

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Call me for fastest results!
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LEGAL TERMS

SECURED DEBT

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collater... (more...)
A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collateral, to satisfy the debt if you default. Compare unsecured debt.

NONEXEMPT PROPERTY

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typicall... (more...)
The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typically includes valuable clothing (furs) and electronic equipment, an expensive car that's been paid off and most of the equity in your house. Compare exempt property.

WORKOUT

A debtor's plan to take care of a debt, by paying it off or through loan forgiveness. Workouts are often created to avoid bankruptcy or foreclosure proceedings.

ABUSE

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because ... (more...)
Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because the debtor appears to have enough disposable income to fund a Chapter 13 repayment plan.

PREFERENCE

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commer... (more...)
A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commercial creditors) and within one year for insider creditors (friends, family members, and business associates). Because a preference gives the creditor who received the payment an edge over other creditors in the bankruptcy case, the trustee can recover the preference (the amount of the payment) and distribute it among all of the creditors.

AUTOMATIC STAY

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities,... (more...)
An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities, such as filing or continuing lawsuits, making written requests for payment, or notifying credit reporting bureaus of an unpaid debt.

SETOFF

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a countercl... (more...)
A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a counterclaim filed by a defendant in a lawsuit. Banks may try to exercise a setoff by taking money out of a deposit account to satisfy past due payments on a loan or credit card bill. Such an act is illegal under most circumstances.

FAIR CREDIT REPORTING ACT (FCRA)

A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to a... (more...)
A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to adopt reasonable procedures for gathering, maintaining and disseminating information and bars credit bureaus from reporting negative information that is older than seven years, except a bankruptcy, which may be reported for ten. If you notify a credit bureau of an error in your credit report, the FCRA requires the bureau to investigate your allegations within 30 days, review all information you provide, remove inaccurate and unverified information and adopt procedures to keep the information from reappearing. In addition, the law requires that creditors refrain from reporting incorrect information to credit bureaus.

FCRA

See Fair Credit Reporting Act.

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