Blog – Michael F. Barrett

Latest Blog Posts

How To Afford Bankruptcy Attorney Fees When You’re Broke

“If I had the money to pay you, I wouldn’t be in this mess!” That’s something that all bankruptcy attorneys hear, and while usually not true (I don’t charge nearly enough for that amount to be able to fix my clients’ finances), it’s a sensible feeling. Money is the problem, and to fix that problem … Continue reading How To Afford Bankruptcy Attorney Fees When You’re Broke

by Michael F. Barrett January 20, 2021

COVID “Relief” Bill Offers Little For Individuals

Some of my potential clients have been expressing hope that Congress would deliver substantial relief that would allow them to stave off bankruptcy. Unfortunately, it appears that the current relief bill will only offer minimal help for individuals. The most relevant provisions for my clients are the $600 direct relief payment and the $300 increase … Continue reading COVID “Relief” Bill Offers Little For Individuals

by Michael F. Barrett December 22, 2020

Can I Keep My Vehicle in Bankruptcy?

One of the most common concerns when considering bankruptcy is whether you can file and keep your car. While Buffalo has public transportation options, most people in Buffalo and the surrounding areas are dependent on a personal vehicle. The good news is that almost all bankruptcy filers can retain their vehicle in bankruptcy. In a … Continue reading Can I Keep My Vehicle in Bankruptcy?

by Michael F. Barrett November 20, 2020

Chapter 7 Meeting of Creditors – What Will the Trustee Ask?

The Chapter 7 Meeting of Creditors (a/k/a the 341 meeting) takes place about a month after the case is filed. At this meeting, the trustee assigned to the case asks questions of the filer relating mostly to assets and transfers. Most of the questions are a review of information already provided in the filed bankruptcy … Continue reading Chapter 7 Meeting of Creditors – What Will the Trustee Ask?

by Michael F. Barrett October 30, 2020

Bankruptcy Credit Counseling Requirements – An Easy Hoop to Jump Through

Virtually all individuals who file for bankruptcy must complete a pre-filing and a post-filing credit counseling course to be eligible to file and obtain a discharge of debts. These courses are usually completed on the internet, though telephone and in-person options are available. Each course typically lasts around 2 hours. There are many providers that … Continue reading Bankruptcy Credit Counseling Requirements – An Easy Hoop to Jump Through

by Michael F. Barrett October 15, 2020October 15, 2020

Retirement Accounts in Bankruptcy

For many people, a retirement account is their largest asset. Fortunately, most retirement assets are protected when filing a Chapter 7 or Chapter 13 bankruptcy. Pensions, 401(k) or 403(b) plans, and IRAs are the most common retirement assets, and the “fresh start” afforded by filing for bankruptcy includes the ability to keep these benefits. Potential … Continue reading Retirement Accounts in Bankruptcy

by Michael F. Barrett September 25, 2020

Insider Creditors – Don’t Repay Money Owed To Mom and Dad (yet)

In general, if you are even remotely considering bankruptcy as a solution, you should consult with an attorney before making any financial decisions because the law can affect you and those you care about in surprising ways. If you owe money to family and/or friends, it is natural to want to take care of them … Continue reading Insider Creditors – Don’t Repay Money Owed To Mom and Dad (yet)

by Michael F. Barrett September 11, 2020

Will the Trustee Take My Tax Refunds?

As I write this in August 2020, tax refunds may not be at the forefront of your mind. Most people have filed and received their refunds (if any) by now, even with the extension to file. However, this is the time of year when future tax refunds begin to play a larger role when planning … Continue reading Will the Trustee Take My Tax Refunds?

by Michael F. Barrett August 17, 2020

Review and Take Control of Your Credit Information

Reviewing your credit situation is worthwhile, whether you are sure you know who your creditors are and how much you owe, or are in the dark due to older debts that may have been sold or transferred. The information that credit bureaus and other companies have about you may simply be incorrect. You may have … Continue reading Review and Take Control of Your Credit Information

by Michael F. Barrett August 7, 2020