A common question people ask is what happens if they are simply unable to make regular mortgage payments? First off, if you are able to make the payments, by all means do so. But people who know the end of the rope is near may consider “strategic defaults” — purposely not making payments in order […]
Author Archives: doug
No spousal equity in bankruptcy for Massachusetts tax refunds
I’ve written several posts here on how tax returns are handled in a consumer bankruptcy case, but now there is a new twist, at least for married couples living in Massachusetts. Got a tax refund coming? If you are married, think the bankruptcy court will divide it 50-50% if one spouse files for bankruptcy? Well, […]
Posted in Bankruptcy News
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Massachusetts homestead law changes for the better
Legislators changing laws for the benefit of the average citizen? Before you allow your deep-rooted cynicism to set in, it actually is occurring in Massachusetts today. I wrote back in December that sweeping changes to the Massachusetts homestead laws were slated to take effect in mid-March. Well, March is here, so time for a review […]
Posted in Real estate
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The basics of lien stripping and second mortgages
Time for a little stripping, anyone? I’m not suggesting that you show up at the Cabaret Lounge with a fistful of dollars; instead, I’m thinking you might want to know how to get rid of a second mortgage with a Chapter 13 bankruptcy case. Brett Weiss, an attorney from Maryland, explains the basics of how […]
Posted in Chapter 13
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Blockbuster bankruptcy affects North Andover
The Chapter 11 bankruptcy filing of the Blockbuster video store chain, reported here last September, has hit North Andover. The Blockbuster store on Route 114 near Royal Crest apartments in North Andover is one of those that will be closing soon due to the bankruptcy. Right now they are having a final closeout sale, if […]
Posted in Bankruptcy News
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The real impact of foreclosures
When I was on a trip to Florida last month, I stumbled on an awesome sight: The Ritchie Brothers’ auction facility on I-4 near Orlando. There basking in the warm sun was so much repossessed building equipment awaiting auction that it literally stretched as far as the eye can see: The idea that Florida real […]
Posted in Foreclosure
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Draconian bankruptcy laws
Thomas G. Donlan has an interesting opinion piece in Barron’s this week about how the opponents (and sometimes) the supporters of the federal budget cuts being debated in Congress this month are referring to the budget slashing as draconian measures. Which begs the question, where does this talk of draconian measures really come from? Or, […]
Posted in Just for fun
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Choosing a bankruptcy attorney — make sure you don’t get a lemon!
Fort Worth bankruptcy attorney Reed Allmand has a great post up about how to tell if your bankruptcy attorney is a lemon. Reed’s top five tipoffs: 1. The attorney has an exclusively on-line presence and you have never met him or her in person. (Note: some disagree with this, and think on-line only lawyering is […]
Posted in Practical tips
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Bankruptcy filers need to list all of their lawsuits
When you file for bankruptcy, you need to list all of the lawsuits that you are involved in, or have been involved in for the past year. Typically, this will involve listing one or several collection cases that have been filed against you in local forums such as the Lawrence District Court. But it also […]
Posted in Practical tips
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How to fill out Schedule G on a bankruptcy petition
Schedule G of your bankruptcy petition is the place for declaring your executory contracts. Say what? You are not alone in wondering what the term “executory contracts” means, as it is seldom used in any other area of the law outside the bankruptcy code. Fortunately, the answer is really not too complicated — an executory […]
Posted in Practical tips
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