Author Archives: doug

Keep your 401(k) when you file for bankruptcy

By doug | Published: August 8, 2011

Did you know you can keep your 401 (K) retirement account when you file for bankruptcy? You can keep all of it, in fact. Which brings up one of the most fundamental rules of bankruptcy law practice — don’t raid your retirement accounts to pay bills if you think you might have to file for […]

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Payday loans — a bad deal that can be fixed through the bankruptcy court

By doug | Published: August 4, 2011

When you’re running out of cash, it’s not uncommon for folks to turn to payday loan centers for the little extra they need to get by until their next check arrives. It’s almost always a bad deal. They know its a bad deal, too (hey, 400% interest can’t be good, right?), but they are stuck, […]

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The myth of the $399 Massachusetts bankruptcy attorney fee

By doug | Published: August 2, 2011

Pick up a copy of the Boston Herald and way in the back with the sports pages and classifieds, you are bound to find several advertisements from attorneys or law firms advertising bankruptcy services from $399, $499, or maybe even $299. Is this real? Can you believe it? Is it just too good to be […]

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Recovering from a bankruptcy by delaying gratification

By doug | Published: August 1, 2011

It’s August 1st, and just about every bankruptcy blog in the nation is fixated on the latest news regarding the debt ceiling and the proposed compromise bill now before Congress, so I thought it would be better to tread a little different ground. Just for the record though, the United States as a whole can’t […]

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Attorney general enters the debate over MERS; efforts may help bankrupt homeowners

By doug | Published: July 28, 2011

The Boston Globe recently reported that Massachusetts Attorney General Martha Coakley is not backing off her invetigation into the practices of the Mortgage Electronic Registration System known as MERS. Recently, a Massachusetts bankruptcy judge found no fault in the use of MERS to record mortages in dummy names at the registry of deeds statewide and […]

Posted in Foreclosure, Real estate, Secured loans | Comments closed

A potential advantage to Chapter 13 bankruptcy

By doug | Published: July 27, 2011

One difference between filing for bankruptcy under Chapter 7 and filing under Chapter 13 concerns how the means test for the different chapters treat contributions to retirement accounts such as 401(k) and IRA plans. In Chapter 7, any contributions you make are ignored. However, in Chapter 13, contributions to a retirement plan can reduce the […]

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Could electronic banking lead you to bankruptcy?

By doug | Published: July 25, 2011

With the increasing advent of electronic banking options, and cards of all kinds, can you really keep up with it all anymore. More importantly, could the proliferation of debit and credit options actually dive comsumers closer to bankruptcy? I think so. In the days when people reconciled their statements, and debited their own accounts with […]

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In bankruptcy, auto leases do not need to be reaffirmed

By doug | Published: July 21, 2011

A few years ago, the bankruptcy code was amended to “encourage” debtors to reaffirm thier auto and truck loans; if no reaffirmation agreement was signed within a specified time after filing the bankruptcy case, lenders got back their repossession rights without having to go to court and ask permission. But what happens if you lease […]

Posted in Secured loans | Comments closed

Borders bankruptcy liquidation could start as early as Friday in Methuen

By doug | Published: July 20, 2011

Just a quick update: the Borders bankruptcy liquidation sales could start as early as Friday July 22 at the remaining stores in the Methuen Loop, and the Borders Express in Salem, NH. The Boston Globe has an excellent article on one of the factors that did in the chain bookstore: excessive browsing. Many folks used […]

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Ways that you can’t pay a bankruptcy lawyer

By doug | Published: July 19, 2011

It’s not financially easy for many people to hire a bankruptcy attorney, and they might try to think up some “creative” ways to swing the deal. Here’s one that won’t work: giving your lawyer a series of post-dated checks, intending him to cash them at various points AFTER the case is filed. It’s a little […]

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