Monthly Archives: February 2011

Borders now in Chapter 11 bankruptcy

By doug | Published: February 21, 2011

As forecast here just a couple of weeks ago, the Borders bookstore chain indeed filed a Chapter 11 bankruptcy case on February 16th in New York. Its debts are almost $1.3 billion. Although the chain has plans to close dozens of stores, the stores in Methuen’s Loop and Salem’s Mall at Rockingham Park appear to […]

Posted in Bankruptcy News | Comments closed

Bankruptcy filers: got a 1099-c? I’ve got the remedy

By doug | Published: February 18, 2011

If you’ve been to bankruptcy court recently, or are thinking of filing, you might be shocked out of your shoes when you receive a 1099-C from one of your creditors. A what??? IRS form 1099-C is issued when there is cancellation of debt that might be considered income. Now you really lost me, you say! […]

Posted in Practical tips | Comments closed

Bankruptcy claims still on the rise in Massachusetts

By doug | Published: February 17, 2011

2010 is in the books, and it officially set a four year high for bankruptcy cases in Massachusetts. So what to make of the news? Misery always loves company, for one thing, so if you haven’t filed a case yet, rest assured you have plenty of fellow travellers. Also, bankruptcy filings are a lagging indicator, […]

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Another take on short sales and bankruptcy

By doug | Published: February 16, 2011

Just a little while ago, I wrote this piece on short sales versus bankruptcy, with the general view that bankruptcy would be a much more preferable option for the majority of homeowners in trouble. But you might also want to consider the other side of the equation. Florida bankruptcy lawyer Chip Parker has posted a […]

Posted in Foreclosure, Real estate | Comments closed

Forgetfulness is not rewarded in bankruptcy court

By doug | Published: February 15, 2011

Here’s some good advice from California bankruptcy attorney Douglas Jacobs: be sure tell your attorney everything about all your income and expenses. Attorney Jacobs tells a little story about one of his clients who failed to do exactly that. This guy showed up at the meeting of creditors and suddenly “remembered” that he got a […]

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Chapter 13 bankruptcies might require you to do your taxes quickly

By doug | Published: February 14, 2011

A reminder, if you are thinking about filing a Chapter 13 bankruptcy case. You might want to consider doing your 2010 taxes quickly, and not putting it off until April 15th, or heaven forbid, October. One reason is that Chapter 13 plans have to pay priority claims in full. And the priority claim that is […]

Posted in Chapter 13, Taxes | Comments closed

Is Zillow an acceptable way of valuing real estate in bankruptcy court?

By doug | Published: February 11, 2011

The website Zillow.com (and other sites like it) is being used increasingly by people to figure out the value of real estate, whether they are buyers, sellers, or just homeowners, and whether they are professionals or amateurs at the real estate game. Beyond the weird name, (why must all websites have such weird names?), a […]

Posted in Real estate | Comments closed

Delayed mortgage aid for jobless might show up in March

By doug | Published: February 10, 2011

A new federal program that could help thousands of unemployed homeowners in Massachusetts temporarily cover their mortgages is expected to finally be up and running by mid-March, months after it was scheduled to start. Massachusetts is set to get $61 million of the federal funds. Homeowners should be able to apply on or about March […]

Posted in Bankruptcy News, Real estate | Comments closed

Apartment hunting after bankruptcy

By doug | Published: February 9, 2011

If you’re thinking about filing a bankruptcy case, and worried about where you will live after you file, Maryland attorney Brett Weiss has some practical advice: * Skip the large traditional apartment complexes (for example, Royal Crest in North Andover, although there are many others). They often have inflexible rules about credit checks. * Concentrate […]

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Short sales versus bankruptcy

By doug | Published: February 8, 2011

A quick primer on the rules concerning short sales as opposed to filing personal bankruptcy: Homeowners with underwater houses are tempted to look first at a short sale as a way out of their predicament. There are at least three drawbacks to this approach. 1. Short sales can still leave you with a debt that […]

Posted in Real estate, Secured loans | Comments closed
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