Category Archives: Bankruptcy News

Median income levels for the bankruptcy means test

Median income levels are used by the bankruptcy court to determine whether a debtor qualifies for a Chapter 7 case, and also to determine if a Chapter 13 debtor must file a three year plan or a five year plan. As of 2017, the median income levels in Massachusetts and New Hampshire are as follows: […]

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New rules on credit reports may leave them looking skimpier — and less accurate

Starting July 1, 2017, important rules for credit reporting agencies have changed, and the changes may have a big impact on both the curious consumer who just wants to check his score, and the debtor seriously thinking about filing for bankruptcy. Going forward, civil judgments and tax liens data will no longer be reported by […]

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Midland Funding survives bankruptcy scare in Supreme Court

Midland Funding, the giant California-based debt buyer, narrowly escaped judgment in the United States Supreme Court in May 2017, when the nation’s highest justices ruled 5-3 that they couldn’t be sued by a bankrupt debtor for filing a stale claim — i.e. a claim involving a debt where the statute of limitations had expired — […]

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Getting a mortgage after bankruptcy just got a little easier

Here’s a little bit of good news for people who have filed for bankruptcy, but are wishing they could buy a property again. As of July 29, 2014, Fannie Mae has relaxed its rules for qualifying for a mortgage with a bankruptcy on your record. While bankruptcy can be listed on your credit record for […]

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Bankruptcy creditor blamed for arrest warrant

If a creditor is suing you in small claims court, and you file a bankruptcy case to put an end to the problem (which it should), and the creditor does nothing further to collect on the debt (which is proper), the creditor still can end up in hot water if bad things happen to you […]

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TelexFree owner on the run?

As a followup to yesterday’s piece on the TelexFree bankruptcy case, Boston Globe reporter Beth Healy writes today that one of the embattled company’s owners may have left the company for Brazil. Because criminal charges have not been brought in the case, there is nothing to stop that. TelexFree filed for Chapter 11 bankruptcy protection […]

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TelexFree bankruptcy case headed to Massachusetts

It looks like the TelexFree bankruptcy case is headed to Boston. According to a story by Beth Healy in the Boston Globe, a judge in Las Vegas has decided that the controversial company’s bankruptcy would be better off being heard in their home state of Massachusetts. TelexFree is a purveyor of free Internet telephone service, […]

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Wells Fargo in hot water over foreclosure manual

The New York Post reports that one of Wells Fargo’s own foreclosure manuals could be used against the bank in a bankruptcy trial. Or as the Post puts it more bluntly, “Wells Fargo is in a federal judge’s hot seat.” On March 12, The Post broke the news of a bankruptcy lawyer’s allegations in court […]

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Fee trap for Massachusetts bankruptcy lawyers

Here’s a heads-up for Massachusetts bankruptcy lawyers: Judge Joan Feeney in Boston has been taking a hard line on enforcement of the court’s 2013 standing order on attorney fees and representation. The standing order requires attorneys who have filed an appearance in a bankruptcy case to represent their clients in motions, contested matters, and adversary […]

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Massachusetts redraws the bankruptcy court map

The United States Bankruptcy Court announced that as of May 1, 2014 residents of seven Boston suburbs will henceforth file their cases at the courthouse in Worcester. The affected municipalities are ASHLAND, FRAMINGHAM, HOLLISTON, BELLINGHAM, FRANKLIN, and MEDWAY. The most significant is Framingham, a city of 68,000 twenty miles west of Boston, and the same […]

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