Monthly Archives: July 2010

Bankruptcy has a broad definition of what a student loan is

By doug | Published: July 20, 2010

When it comes to student loans and bankruptcy, the news is typically grim all around. Student loans can’t be discharged through a typical Chapter 7 case, unless the debtor can prove they are an “undue hardship.” The procedure for claiming undue hardship involves filing suit against the lender and litigating with them; this will typically […]

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Valuing your real estate when you file for bankruptcy

By doug | Published: July 19, 2010

For most people, the real estate they own is the most valuable thing listed on their petitions when they file a bankruptcy case. This is usually the case whether it is a home or an investment, and whether the properties have equity or are underwater. Which means that the business of putting a dollar value […]

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Three situations where bankruptcy may be right for you

By doug | Published: July 19, 2010

If you are undecided about whether to file a bankruptcy case, a quick run through this checklist may help make your decision a little easier: 1. Will a bankruptcy case make a significant positive difference in your financial situation? If you are facing foreclosure, are at least four months behind on your debt payments, or […]

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Unemployment leads to foreclosure all across the country

By doug | Published: July 16, 2010

Recently I posted on how unemployment is now the biggest reason for the surge in foreclosures in the Merrimack Valley (it used to be predatory lending, the so-called “liar loans.”). It turns out that the situation here on the Massachusetts – New Hampshire border is just a reflection of what’s going on all over the […]

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Reasons why bankruptcy is a better option than a debt settlement service

By doug | Published: July 15, 2010

Thinking about comparing bankruptcy with one of those debt settlement services that are constantly on late night TV and radio? What’s the difference anyway? There are several differences, and bankruptcy typically comes out as the better option. Consider that in bankruptcy, you can eliminate virtually all unsecured debts, as opposed to the 50% that most […]

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Merrimack Valley foreclosures blamed on high unemployment

By doug | Published: July 15, 2010

More long-term homeowners with “good’’ fixed-rate mortgages are facing foreclosure, likely because of job losses, according to a University of Massachusetts Lowell researcher. The financial industry appears to have worked through much of the “bad’’ adjustable-rate mortgages from the housing bubble, many from predatory lenders, UMass Lowell researcher and writer Keith Vaillancourt told the Boston […]

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Bill collector facing federal bankruptcy fraud charges

By doug | Published: July 15, 2010

It’s never fun to write about other attorneys getting into serious problems, but the Boston Globe is reporting this morning that former Saugus attorney James Gregson is facing federal fraud charges relating to his own personal bankruptcy case. Prosecutors are alleging that Gregson bought the rights to winning lottery tickets, and then failed to report […]

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Baseball team on the auction block

By doug | Published: July 14, 2010

There is no live baseball tonight, with MLB players still enjoying the All-Star break, but that doesn’t mean that there can’t be any action off the field. The Texas Rangers’ bankruptcy case has taken a couple of twists, and that could lead to the team being up for auction as soon as early August. One […]

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“My house is in foreclosure, when do I go to court?”

By doug | Published: July 13, 2010

“My house is in foreclosure, when do I do to court?” A reasonable question, but also a trick question. If you live in Massachusetts your house can be sold at a foreclosure auction without you ever seeing the inside of a courthouse. Indeed, most are. Massachusetts has a fairly lengthy, complicated foreclosure process, but it […]

Posted in Chapter 13, Foreclosure | Comments closed

Americans’ credit scores hitting new lows

By doug | Published: July 12, 2010

A recent survey has found that the poor economy is causing the credit ratings of individual Americans to sink to all time lows. As of late April, more than 25% of Americans have a FICO score below 599. Paradoxically, the number of people with perfect scores of 800-850(sounds like the SAT, doesn’t it? ) has […]

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