Right after writing about the Stallworth case and the dangers of putting houses into trusts before filing a bankruptcy case — and telling the story of a Massachusetts man who lost a lot of home equity in bankruptcy court that way — there comes another Massachusetts bankruptcy case involving, you guessed it, trusts and the […]
Author Archives: doug
More problems with homes, trusts, Massachusetts homesteads, and bankruptcy
Posted in Bankruptcy News, Exemptions, Real estate
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Sharp eyed bankruptcy trustee invalidates a recorded mortgage
A recent dispute between a bankruptcy trustee and Citi Mortgage that went to bankruptcy court in Boston shows just how sloppy the mortgage industry got during the heady days of the real estate boom in the mid-2000s. Bankruptcy trustee Marc DiGiacomo filed a motion to eliminate a mortgage on a debtor’s home because it wasn’t […]
Posted in Real estate, Secured loans
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Electronic filing and the bankruptcy courts: you better know what you’re doing!
Since 2003, the bankruptcy courts in Massachusetts and New Hampshire have required cases to be filed over the internet using the court’s own “Case Management / Electronic Case Filing” system. CM/ECF, as its known, was adopted a little earlier in some other states, and a bit later in others. Nowadays, it is in use coast-to-coast […]
Posted in Practical tips
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Selling a house while you are in bankruptcy
What happens if you file a bankruptcy case, and then afterwards suddenly find the perfect buyer (i.e. one who can get financing and will actually go through with the purchase) for your home? A lot will depend on what chapter your case is filed under. If its a Chapter 7, like the majority of cases, […]
Posted in Practical tips, Real estate, The Bankruptcy Code
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Gimme shelter: finding a place to live after filing a bankruptcy case
The advantages of filing for bankruptcy — a clean slate, no more annoying debt collectors or court appearances — would be worthless if bankruptcy meant you ended up sleeping in a gutter. Fortunately, that sort of ending is virtually unheard of. There are so many people filing recently in the Merrimack Valley that any stigma […]
Posted in Practical tips, Real estate
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Snafu with bankruptcy costs Massachusetts debtor his home equity
Massachusetts has a generous homestead exemption, which comes in handy when a homeowner needs to file a bankruptcy case. Typically, up to $500,000 can be declared “exempt,” bankruptcy lingo for “untouchable by the bankruptcy court or trustee.” But there are always exceptions, and one South Shore homeowner who filed bankruptcy in 2009 just found out […]
Posted in Bankruptcy News, Exemptions, Real estate
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Massachusetts debt collection has its limits
Did you know that in Massachusetts, debt collectors are not allowed to make unlimited phone calls in order to collect on a past due bill? Under regulations put out by the Massachusetts Division of Banks, third party debt collection firms can only call you two times in a seven day period on your home phone. […]
Posted in Credit cards, Practical tips
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More cheap bankruptcy courses — take the “second course” for $11
Consumers filing bankruptcy cases need to take two courses before they can get a discharge. Lately the price of these courses, which are given by various “non-profit” firms has been dropping; so long as the quality of customer service stays the same (or at least is tolerable), the consumer debtor benefits. A little while ago […]
Posted in Practical tips
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Bankrupt and Injured? Don’t despair!
Imagine if you have been in financial trouble for a while, and then get in a car accident. Or imagine you’ve been hurt in an accident and its completely drained your finances — now you are swimming in medicals bills. Is it possible to file both a personal injury lawsuit and a bankruptcy case? If […]
Posted in Exemptions
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The age of the $5 bankruptcy credit counseling course is here
If you are looking to file a bankruptcy case, it won’t be long before you find out that you must complete an approved credit counseling session before you file. Completing the session will result in a certificate being issued that must be attached to your bankruptcy filing. Married couples can attend a single session and […]
Posted in Practical tips
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