Monthly Archives: September 2010

How to fill out Schedule D of a bankruptcy petition

By doug | Published: September 19, 2010

Schedule D is where debtors in all chapter of the bankruptcy code — 7, 11, and 13 — list their secured debts. The form itself isn’t very complicated. There are spaces for listing the name and address of the creditor, the last four digits of the account number, and a basic description of the debt […]

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Debtors shouldn’t have to choose between collecting unemployment and filing for bankruptcy

By doug | Published: September 18, 2010

Collecting an unemployment compensation check after being laid off from your job shouldn’t prevent you from filing a bankruptcy case if you need to, right? Well, in the topsy-turvy underworld of consumer bankruptcy law, you just never know. At issue is whether unemployment compensation should be counted towards the “means-test” that determines whether a debtor […]

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Bankruptcy trustee collects massive fee

By doug | Published: September 17, 2010

For the typical debtor filing a routine Chapter 7 bankruptcy case, his or her bankruptcy trustee will collect the royal sum of $60 for administering the case. That money comes out of the $299 filing fee debtor’s pay when they file cases. The trustee can supplement this income by auctioning off property that can not […]

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Should you be able to make monthly payments to your bankruptcy lawyer?

By doug | Published: September 16, 2010

Let’s say you have decided to file a bankruptcy case. And you have also decided to hire a bankruptcy lawyer to put together the paperwork and to represent you. Smart move. But how exactly are you going to pay attorney’s fees to hire this lawyer? Most bankruptcy clients are inherently in a catch-22 situation: they […]

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Bankrupt candidate wins election, nominated for Congress

By doug | Published: September 15, 2010

A candidate who filed a personal bankruptcy case just a few years ago emerged victorious in his Massachusetts primary election battle. Hopedale businessman Thomas Wesley secured the Republican nomination for the second district U.S. Congress seat by outpolling Dr. Jay Fleitman by a 60%-40% margin. The 2nd Congressional District encompasses 41 cities and towns in south […]

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Is there ever a good reason for reaffirming a debt?

By doug | Published: September 14, 2010

After filing a bankruptcy petition, debtors should not be surprised if they are approached (through their attorney) about signing a reaffirmation agreement with one or more creditors. Simply put, a reaffirmation agreement is an agreement to pay an existing debt despite the bankruptcy. Most attorneys and quite a few bankruptcy judges are leery of encouraging […]

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Lawrence and Methuen’s biggest bankruptcy case ever

By doug | Published: September 13, 2010

One of the biggest bankruptcy cases ever in Lawrence and Methuen was the second filing involving Malden Mills, the Polartec manufacturer hard by the Spickett River that employed so many residents in the Merrimack Valley, and which fell on hard times after a devastating 1995 fire. The last time Malden Mills filed for bankruptcy was […]

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How to fill out Schedule C of a bankruptcy petition

By doug | Published: September 13, 2010

In many ways, Schedule C is the heart and soul of an individual or couple’s bankruptcy petition. That is because it is here that a debtor declares the exemptions that apply to their property, and it is the exemptions that determine what property a debtor will keep after the filing, which in turn determines the […]

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Bankruptcy and politics collide in Massachusetts

By doug | Published: September 11, 2010

The Associated Press reported that one of the candidates for Congress in Massachusetts filed for bankruptcy in 2002. According to an article by Lyle Moran, Hopedale businessman Thomas Wesley, a Republican candidate for the 2nd District seat in the western part of the state, discharged $140,000 through his bankruptcy filing. This included $8,000 of unpaid […]

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Piling interest upon interest?

By doug | Published: September 10, 2010

Here is a vexing question that stumped many bankruptcy practitioners (including law professors and judges) for a long time: In a Chapter 13 case, where the debtor is trying to catch up on a mortgage arrearage by making monthly payments to the bankruptcy trustee, must the debtor add interest to those payments? Just think, in […]

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