Generation to Generation

Identity theft happens when your personal information is stolen. Perhaps the thief steals your bank card or credit card, or the thief obtains your social security number and date of birth to open credit card accounts, credit lines or file for an income tax refund. Even the most prudent person can fall victim to identity theft. Sometimes we will never know how or where the thief obtained the victim’s information. If you are a victim of identity theft you should take these three actions.

1. File a police report with your local police department. This is a critical step, as it will allow you to place a seven year security freeze on your credit report. This will also serve to protect you in the future, because it establishes a record of the identity theft.

Every Massachusetts homeowner should be aware of the opportunities that are available for protecting the equity in the family home. A recent bankruptcy case, In re: Nealon, reminds us of one such opportunity – the Massachusetts homestead exemption -- and its power to stave off creditors, especially when the homeowner takes the simple steps necessary to maximize the amount entitled to protection.