Monthly Archives: February 2010

Tips from a seven month job search

By doug | Published: February 26, 2010

I don’t have to tell many of my clients how discouraging it is to look for work for months on end with little to show for it — they tell me! Kevin Mergens, a product manager form Illinois, just penned this list of tips for the Wall Street Journal. Struggling with long-term unemployment, he found […]

Posted in Bankruptcy News | Comments closed

If I file for bankruptcy, will my wife find out?

By doug | Published: February 25, 2010

Many clients come into my office with a version of the same worrisome thought on thier minds: “If I file for bankruptcy, will my wife (or husband) find out about it?” The answer depends on the client realizing that there are really several things going on here. First, married couples are not required to file […]

Posted in The Bankruptcy Code | Comments closed

Can I discharge business debt with a Chapter 7 bankruptcy?

By doug | Published: February 24, 2010

With many small busineses in trouble, owners are increasingly seeking out bankruptcy relief. One of their immediate questions is can they discharge business debts through a personal Chapter 7 filing? Generally, the answer is yes, if the business is a solo operation or a failed partnership. In the case of a business that is incorporated, […]

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Is there any way out of this awful cell phone contract?

By doug | Published: February 23, 2010

While it is seldom the driving reason to file a case, consumers should be aware that the bankruptcy code offers them a way out of onerous multi-year cellular telephone contracts. Whenever a bankruptcy case is filed under either Chapter 7 or 13, the debtor has the option of listing “executory contracts” on schedule G of […]

Posted in Chapter 13, Chapter 7 | Comments closed

Credit card rules and payday loans

By doug | Published: February 23, 2010

While the new credit card rules that are just taking effect do not legislate any maximum interest rate on the card, issuers will from now on have to give a 45 day warning of any interest rate increase. The credit card bloodsuckers are already adjusting. First Premier, an issuer of subprime credit cards, which have […]

Posted in Bankruptcy News, Credit cards | Comments closed

George Washington’s birthday

By doug | Published: February 22, 2010

Today is the real Washington’s Birthday, not the watered down version celebrated as President’s Day and marketed as just another excuse for reckless consumer buying. Still trying to pay for Christmas? No problem, go out and buy a new car! Massachustts attorney Doug Cornelius has a nice blog post on the history of the day, […]

Posted in Just for fun | Comments closed

New credit card rules going into effect

By doug | Published: February 21, 2010

As the new credit card rules passed by Congress are slated to go into effect on February 22nd, consumers should be on the alert for loopholes in the law. For example, although interest rates on existing balances are no longer supposed to be arbitrarily raised, there is no actual federal cap on high high the […]

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Americans finally catching up on their mortgages

By doug | Published: February 20, 2010

Americans may be finally catching up on their late mortgage payments — or at least may not be falling behind quite so fast. The number of homeowners who have missed a payment but are not yet in foreclosure dropped last month for the first time since 2007. More than 15% of home owners have either […]

Posted in Bankruptcy News, Real estate | Comments closed

In Memorium: Justice Michael T. Stella, Jr.

By doug | Published: February 19, 2010

The Lawrence Eagle -Tribune has reported the death of the Honorable Michael T. Stella, Jr. at age 65. Judge Stella, who retired from full-time service in 2004, was never a bankruptcy judge; instead, he served as a Massachusetts district court judge, most always presiding in the Lawrence District Court. This position nevertheless gave him a […]

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Federal mortgage relief program is a complete failure

By doug | Published: February 18, 2010

The U.S. government’s mortgage relief program has helped only 12 percent of the homeowners who have signed up in the year it has been available, according to the Boston Globe. According to Valparaiso University law professor Alan White, “I would say it’s a complete failure at this point.’’ Large banks also have huge volumes of […]