Monthly Archives: July 2010

A-Rod files objection in Texas Rangers bankruptcy

By doug | Published: July 30, 2010

New York Yankees slugger Alex Rodriguez, who is rapidly closing in on hitting his 600th home run, appears to have one eye on on some other numbers, as he has filed a formal objection in the pending Texas Rangers bankruptcy case. The Rangers still owe A-Rod almost $25M in deferred compensation for the years he […]

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A little bankruptcy and mathematics

By doug | Published: July 29, 2010

Picture this scenario: You are thinking about bankruptcy because you haven’t paid your mortgage in many months and are now $36,000 in arrears, and the bank has begun the first steps to foreclosure. You think your house is worth about $230,000, and the payoff balance for the entire mortgage is $240,000. A little “under water,” […]

Posted in Chapter 13 | Comments closed

Be careful when hiring a bankruptcy attorney

By doug | Published: July 29, 2010

You need to be careful when you are hiring a bankruptcy lawyer. I wish I didn’t have to say that, and I am not claiming to be holier-than-thou with regards to other attorneys. I will do a good job on your bankruptcy case, but the plain fact is that there are dozens of other lawyers […]

Posted in Practical tips | Comments closed

The nine-digit ZIP code defense

By doug | Published: July 28, 2010

Can a creditor avoid trouble with the bankruptcy court by claiming they never received notice of the case because the notices were sent with an incorrect nine-digit ZIP code? Not in New Hampshire, it turns out. The debtor in the Mosher case was so incensed that her homeowner association kept sending her bills and letters […]

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Proposal floated to ban employers from looking at your credit reports

By doug | Published: July 28, 2010

Should employers be able to check up on their employee’s credit reports? A new proposal from Massachusetts state treasurer Tim Cahill would ban the practice in the Bay State. Cahill is running for governor as an independent, and as treasurer, he is not part of the legislature; hence, he would need to get a legislative […]

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“I want to file for bankruptcy, and I WANT to lose my home!”

By doug | Published: July 27, 2010

This is a followup to yesterday’s post, where I reassured debtors that filing a bankruptcy case does not in every instance lead to the loss of a home. Today we deal with those folks who WANT to walk away from their houses. Typically, these debtors are seriously upside-down on their mortages, and often months behind […]

Posted in Real estate | Comments closed

“If I file for bankruptcy, will I lose my home?”

By doug | Published: July 25, 2010

“If I file for bankruptcy, I’m going to lose my home, right?” No, not necessarily. Most every day I confront some variation on that question, so I thought I would go over it again in some detail. The first question to ask is does the debtor WANT to lose his home. Not so long ago, […]

Posted in Real estate | Comments closed

Walking away from a house: not a sure thing?

By doug | Published: July 23, 2010

It’s no surprise that with the economy in the dumper and the housing market at a standstill, more and more people are trying to use bankruptcy as a means to get rid of their house, rather than trying to save it. From a green-eyeshade point of view, bailing out of a home that is seriously […]

Posted in Bankruptcy News, Chapter 13, Foreclosure | Comments closed

Bay State bankruptcy filings soar

By doug | Published: July 22, 2010

Bankruptcy is popular in Massachusetts, and getting more so. According to banking industry consultants the Warren Group, BKs are up 25 % in Massachusetts for the first half of 2010. “A total of 11,847 filers statewide sought protection under Chapter 7, Chapter 13, and Chapter 11 of the U.S. bankruptcy code in the first two […]

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Massachusetts foreclosure rate called “staggering”

By doug | Published: July 21, 2010

This may be beginning to sound like a broken record, but the foreclosure rate in Massachusetts is way up again — enough so that the leader of the Warren Group that tracks banking news has called the situation “staggering.” Quoted in the Boston Globe, Timothy M. Warren, Jr. noted that more than 1000 Massachusetts homes […]

Posted in Bankruptcy News, Foreclosure | Comments closed
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