Monthly Archives: August 2010

Mortgage relief program falling short of goals

By doug | Published: August 21, 2010

The New York Times is reporting that the federal “Making Homes Affordable Program” can only help one-sixth of the people it was intended to. The program, which encourages lenders to give trial loan modifications to embattled homeowners, flunked out 96,000 homeowners just in the month of July. Those numbers are leading some housing specialists to […]

Posted in Bankruptcy News, Foreclosure | Comments closed

More people tapping into retirement accounts

By doug | Published: August 21, 2010

Fidelity Investments is reporting that more Americans are raiding their retirement savings to stave off eviction or foreclosure, pay for college, or buy a home. Early withdrawals from retirement savings jumped 38 percent in the second quarter, according to the Boston Globe. And the number of people borrowing money against 401(k) accounts is at a […]

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Why you need to list all your property when you file for bankruptcy

By doug | Published: August 18, 2010

It’s no exaggeration to say that the bankruptcy laws require every person and corporation to give a full and complete list of their property when they file a bankruptcy case. Real estate is listed on Schedule A of the bankruptcy forms, and “personal property” (that is to say, everything else besides real estate) is listed […]

Posted in Practical tips | Comments closed

“Will I qualify for bankruptcy?”

By doug | Published: August 17, 2010

“Will I qualify for bankruptcy?” This common question can usually be answered “yes,” although it is not always possible to determine what Chapter of the bankruptcy code should be used until consulting with a bankruptcy attorney. Horror stories, rumours, and just plain wrong information abounds out there. It is rare that someone wouldn’t qualify for […]

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We are not on the short list for foreclosure relief

By doug | Published: August 6, 2010

The Obama administration announced the second round of states that will be receiving foreclosure relief aid, and neither Massachusetts nor New Hampshire is on the list. Instead, North Carolina, Ohio, Oregon, Rhode Island, and South Carolina will divvy up $600M in aid. The first round of states receiving aid, which were announced in June, were […]

Posted in Chapter 13, Foreclosure | Comments closed

“How many of those crazy fees can they really tack on?”

By doug | Published: August 4, 2010

Here’s a bankruptcy situation that is all too common: The debtors, a married couple called the Shepards, filed a Chapter 13 case in Boston in part because they were behind on their mortgage. On their bankruptcy petition, they listed the debt to the mortgage company as $227,000. The mortgage company responded by filing a secured […]

Posted in Chapter 13, Practical tips | Comments closed

What is all this talk about the “automatic stay,” and what does it do for me?

By doug | Published: August 3, 2010

You can’t talk to a bankruptcy lawyer for very long before the phrase “automatic stay” pops out of his mouth. And that’s a very good thing, because the automatic stay is one of the most powerful concepts in the bankruptcy code, and one of the most important from the debtor’s point of view. But “automatic […]

Posted in The Bankruptcy Code | Comments closed

How come everyone is a debt relief agency?

By admin | Published: August 3, 2010

If you’ve been searching around for a bankruptcy lawyer, you may have started wondering why nearly every one of them claims to be a “debt relief agency” or “federal debt relief agency.” The answer turns out to be simple: since 2005, the bankruptcy code has mandated that lawyers include those words in public communications including […]

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New exemption for firearms in the works

By doug | Published: August 2, 2010

By the time hunting season rolls around this fall, the federal bankruptcy code may have a specific exemption allowing debtors to keep firearms when they file a bankruptcy case. The House of Representatives has passed a bill that will create a new exemption covering “the debtor’s aggregate interest, not to exceed $3,000 in value, in […]

Posted in Exemptions | Comments closed

Debtors take it on the chin trying to get rid of second mortgages

By doug | Published: August 1, 2010

The Bankruptcy Code has a well deserved reputation for favoring consumers who litigate under it, but that doesn’t mean that consumer debtors win every case or every argument. A group of Florida debtors were handed a significant loss last week in their attempt to “strip off” second mortgages on their underwater homes. U. S. Bankruptcy […]

Posted in Bankruptcy News, Chapter 7 | Comments closed
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