Monthly Archives: January 2011

Worried about your debts? Just be thankful you’re not a lawyer!

By doug | Published: January 18, 2011

You think you have it bad? Something like this? “I don’t open the e-mail alerts with my credit score,” he adds. “I can’t look at my credit score any more.” But that’s not one of my bankruptcy clients talking — its a newly minted law school graduate. He’s only 27 years old, but has $250,000 […]

Posted in Student loans | Comments closed

Worried about your debts? Here is some help for worriers

By doug | Published: January 15, 2011

It should be no surprise that people considering bankruptcy are often beset with worry over their debts. And of course, the debt collection agencies play in to those fears, and do their best to fan the flames. But worry need not consume anyone’s life. Here is some good practical advice from the Positivity Blog on […]

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Hidden gem buried in Supreme Court bankruptcy decision

By doug | Published: January 14, 2011

The Supreme Court’s decision in the Ransom case, where the court said that only debtors who actually pay car loans can take a means test deduction for “vehicle ownership expenses,” at first looks like a loss for the consumer debtor, and it is. But read on, and you may find that the Supreme Court has […]

Posted in Bankruptcy News | Comments closed

Supreme Court deals bankruptcy debtors a blow on vehicle expenses

By doug | Published: January 13, 2011

The Supreme Court issued a long awaited bankruptcy ruling on January 12th, but the result wasn’t very consumer friendly. The Court limited the number of deductions that high income debtors can take on the means test, which “tests” them to see if they qualify for Chapter 7. For above-average income debtors, the bankruptcy code allows […]

Posted in Bankruptcy News, The Bankruptcy Code | Comments closed

After the holidays comes the hard part — the bills

By doug | Published: January 12, 2011

They are already on the way. Or they’ll be here soon. Now here comes the hard part of the holiday season — paying the bills. New Mexico bankruptcy attorney Gini Nelson has put up a nice post about how wanting a time out from everyday life during the holiday rush can cause trouble down the […]

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Foreclosure crisis spreads to Massachusetts suburbs, small towns

By doug | Published: January 11, 2011

Rural and suburban Massachusetts is not immune to the ongoing foreclosure crisis. That’s the message of an excellent Boston Globe article today. The piece emphasizes how people in small towns such as Asburnham in Central Mass. have struggled, especially with layoffs peaking. Globe writer Jenifer McKim chronicles the Law family in Ashburnham, where husband Brian […]

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Extra benefit from new Massachusetts bankruptcy exemption law

By doug | Published: January 10, 2011

Massachusetts legislators recently increased the bankruptcy exemption for automobiles, but the new law doesn’t stop there. The new law, signed by the governor last week, and slated to take effect in early April, also allows debtors who use the Massachusetts bankruptcy exemptions to keep up to $2,500 in a savings or checking bank account when […]

Posted in Exemptions | Comments closed

Law boosting Massachusetts auto exemption will take effect in April

By doug | Published: January 8, 2011

Governor Deval Patrick has now signed into law a long awaited provision increasing the automobile exemption that Massachusetts debtors can claim when filing for bankruptcy. Under the new law, Massachusetts debtors can keep automobiles in which they have up to $7, 500 in equity when they file a bankruptcy case. This is an increase from […]

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Changes in store for Massachusetts bankruptcy exemptions

By doug | Published: January 6, 2011

It’s not a done deal yet, but there are possible changes coming down the pike for Massachusetts debtors in the form of updated bankruptcy exemptions under state law. The most important of the changes raises the exemption allowed for equity in an automobile from a measly $700 to a more modern level of $7,500. For […]

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Two takes on bankruptcy as a new year resolution

By doug | Published: January 5, 2011

It will never be a popular a losing weight, but filing for personal bankruptcy (and otherwise getting one’s financial house in order) is often a popular resolution at the start of the New Year. Here are a couple of different takes on the idea of a resolution. First, California attorney Cathy Moran offers up the […]

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