Author Archives: doug

Struggling Massachusetts bio-tech firm files for bankruptcy

By doug | Published: March 30, 2011

PeptiImmune, Inc., a Massachusetts biotech concern, has had to declare Chapter 7 bankruptcy. The Somerville company was trying to develop and market long-lasting drugs to treat multiple sclerosis. Unfortunately, they had stiff competition from generic version of MS drugs that are about to hit the market. When a corporation files for Chapter 7, it involved […]

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The worst day ever in bankruptcy court

By doug | Published: March 29, 2011

How do you know that you have just suffered the worst day ever in bankruptcy court? It’s probably when the judge tells you you that despite your bankruptcy filing, you still have to pay your attorney fees to your ex-wife’s divorce lawyer! That was the sad fate of the debtor in the Johnson case, recently […]

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It matters what you do with a tax refund before filing bankruptcy

By doug | Published: March 28, 2011

You just got a few thousand dollars from your tax refund and you want to know what to do with it. You know you will likely be filing for bankruptcy in the near future because you can’t keep up on your bills. Does it matter what you do with your tax refund? Yes it does. […]

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Why fees for bankruptcies vary

By doug | Published: March 25, 2011

Bankruptcy isn’t free — not even close. If you’re nose deep in debt, that may sound like a cruel hoax, but that is the reality that has to be dealt with. The actual cost of filing, however, can vary from place to place and from law office to law office. Attorney Susan Robicsek, who practices […]

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Don’t take the bankruptcy financial management course? Why one debtor didn’t want to

By doug | Published: March 24, 2011

In order to get a discharge in a consumer bankruptcy case, the 2005 version of the bankruptcy code requires debtors to go to school — that is take and finish a 2 hour course on “financial management” (what used to be called family budgeting), and file the course certificate with the court. No certificate, no […]

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Massachusetts lawyer sentenced for bankruptcy fraud

By doug | Published: March 23, 2011

A Massachusetts lawyer will serve three years in federal prison for bankruptcy and tax fraud, after being sentenced in federal court yesterday. The Boston Globe reported that James Gregson received a thirty six month sentence in a case that had its roots in winning lottery tickets. Gregson, who had a law practice in Saugus, purchased […]

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Everything you ever wanted to know about the tax consequenses of debt forgiveness in bankruptcy

By doug | Published: March 22, 2011

Forgiving debt is basically good, right? I mean its a big part of the Lord’s prayer, just for starters. But wait until lawyers get a hold of the idea. This time it is tax attorneys that get to twirl their moustaches in the manner of Snidely Whiplash, and play the bad guy. In the twisted […]

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Leaning: how quick do banks react to bankruptcies?

By doug | Published: March 21, 2011

If you are not making payments on a mortgage, a second mortgage, or some other type of secured loan, like a car payment, and you file a Chapter 7 bankruptcy case, how long will it take for the bank to request a chance to do a foreclosure? Like most legal questions, the answer can be […]

Posted in Foreclosure, Real estate | Comments closed

Methuen and Salem escape Borders bankruptcy cuts again

By doug | Published: March 19, 2011

The Borders Group book and music store chain, which filed for bankruptcy in February, is trimming more stores to try to stay alive. Twenty-eight more outlets are now slated for closure, including two in Massachusetts. But for now, the Borders at the Loop in Methuen and the smaller outlet at the Mall at Rockingham Park […]

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Can a bankruptcy trustee tell you where to do your banking?

By doug | Published: March 18, 2011

Can a bankruptcy trustee force you to do business with a certain bank after a case is filed? In Massachusetts, the answer appears to be “no,” but it’s not for lack of trying. In a Chapter 13 case, if the debtor is self-employed or runs a small business, they are required to establish a new […]

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