Monthly Archives: February 2010

Grad’s student loan debt hits $555,000!

By doug | Published: February 18, 2010

Imagine waking up one day and finding that your student loan bills were more than half a million dollars. That is what has happened to Columbus, Ohio family practitioner Michelle Bisutti, according to the Wall Street Journal. She signed on for about half of that bill; when she graduated from medical school in 2003, she […]

Posted in Student loans | Comments closed

Can a bankruptcy trustee get your cash?

By doug | Published: February 17, 2010

Of the many problems faced by consumer debtors, having bundles of cash lying around isn’t usually one of them. Everyone has some cash, however, and most of us have its close cousin, bank accounts, and other similar liquid assets. Bankruptcy trustees typically would love to get their hand on your cash and cash equivilents, because […]

Posted in The Bankruptcy Code | Comments closed

Means test may not apply to cases converted to Chapter 7

By doug | Published: February 17, 2010

Since 2005, consumers wishing to discharge their debt through a Chapter 7 bankruptcy case have had to first prove their eligibility by passing a “Means Test,” which is a set of onerous forms attached to the bankruptcy petition designed to figure out whether the debtors have above-average income for the state they lives in. Consumers […]

Posted in Chapter 13, Chapter 7 | Comments closed

A split decision on avoiding judicial liens in Massachusetts

By doug | Published: February 16, 2010

So you are thinking about filing for bankruptcy, but worried because a creditor has already gone to court to get an attachment against your home (or some other piece of property)? Usually, this does not present much of a problem. Bankruptcy lawyers call these attachments “judicial liens” and by filing a bankruptcy case for you, […]

Posted in Real estate | Comments closed

Honesty, the best policy

By doug | Published: February 13, 2010

It should go without saying that bankruptcy petitions are supposed to be filled out accurately, after all, they are submitted to the court under penalty of perjury. Beyond that, things simply go smoother if the truth is being told and the figures on the forms are accurate. Not to be overlooked is the requirement that […]

Posted in The Bankruptcy Code | Comments closed

The Tug of war between foreclosures and loan modifications

By doug | Published: February 12, 2010

It looks like foreclosures are winning out over loan modifications, as banks remain more likely to seize real estate, in place of bargaining over it. Bloomberg News reports that one house out every 409 in the United States received some sort of foreclosure warning letter in the past month. Michelle Meyer, an economist in New […]

Posted in Bankruptcy News, Real estate | Comments closed

The Frightful Sound of Liquidation

By doug | Published: February 10, 2010

Debtors comtemplating a Chapter 7 bankruptcy filing are sometimes put off by the idea that the case involves a “liquidation” of their assets. Sometimes this occurs when they are given government required warnings by their attorneys, or by the trustee’s office at the meeting of creditors. Worried as they are by debt, they may conjure […]

Posted in Chapter 7 | Comments closed

Tax refunds in New Hampshire, redux

By doug | Published: February 9, 2010

The United States Bankruptcy Court for the District of New Hampshire has reinforced its viewpoint that in Chapter 13 cases, income tax refunds belong to the trustee, and not the debtors. The latest twist involves low income debtors who file Chapter 13 cases. Typically, they will file a plan to pay down their debts over […]

Posted in Chapter 13, Taxes | Comments closed

A Super Bowl Indicator for Bankruptcy Filings?

By doug | Published: February 8, 2010

Stock market pundits annually get a lot of fun out of the so-called Super Bowl indicator, which purports to forecast the direction of the markets by checking out the identity of the pigskin titleholder. Under a commonly used version of the indicator, whenever a team which was with the National Football League prior to its […]

Posted in Just for fun | Comments closed

Home price insurance program

By doug | Published: February 3, 2010

Would you be intersted in an insurance plan that would cover you if the price of your house went down? Northeastern University dean Barry Bluestone has come out in favor of an interesting type of proposed stimulus program to jumpstart the real estate market: he wants the federal government to sell insurance to home buyers […]