A quick primer on the rules concerning short sales as opposed to filing personal bankruptcy: Homeowners with underwater houses are tempted to look first at a short sale as a way out of their predicament. There are at least three drawbacks to this approach. 1. Short sales can still leave you with a debt that […]
Author Archives: doug
Beat the winter blues by staying mentally tough
If the endless winter of 2011 has got you down, here are a few links that might help: Ten winter depression busters: (Psych Central). How to stay mentally tough: (MLive.com). Outsmarting the elements: (Boston Globe). Stay warm out there! By Doug Beaton
Posted in Just for fun
Comments closed
The bankruptcy rules: changes in the wind
Debtors file bankruptcy cases. In response, creditors often file claims. A claim is just what you would think it is: a formal statement that the creditor is asserting a debt is owed. Bankruptcy court being a government bureaucracy, claims are made by filling out an official standardized government form. Although claims can always be disputed, […]
Posted in Bankruptcy News, The Bankruptcy Code
Comments closed
Should you file for bankruptcy or try to pay off those credit cards?
As the February credit card bills start to pour in, a lot of folks are making that calculation for themselves. Just how long will it take to pay off your credit cards? You can use this handy calculator from Bankrate to figure it out! http://www.bankrate.com/calculators/credit-cards/credit-card-payoff-calculator.aspx If the answer shocks you out of complacency, it might […]
Posted in Credit cards, Practical tips
Comments closed
Bordering on bankruptcy
Borders — the book and music, cafe and store staple of strip mall America — is very close to bankruptcy. The filing could come next week. At least rumors are flying. Take a look at how their stock has been doing — not a pretty sight: According to Missouri bankruptcy attorney Wendell Sherk, there is […]
Posted in Bankruptcy News
Comments closed
Going to the well one more time for bankruptcy reform
Its that time of year again — time to consider when and how to reform the Bankruptcy Code. Specifically, should the bankruptcy code be amended to allow judges to force creditors to accept “cramdowns” — forced modifications — on first mortgages on a debtor’s house? This idea has been floating around for years now, and […]
Posted in Chapter 13, The Bankruptcy Code
Comments closed
Bankruptcy clients: not all of your creditors send you a bill!
As a corollary to the idea that you may have more creditors than you think, prospective bankruptcy filers need to check to see if they have creditors who aren’t sending them a bill every month. The most likely place to look for these low lying creditors is in the realm of liens filed against the […]
Posted in Secured loans
Comments closed
Bankruptcy court: not clothing optional
If you are going to file for bankruptcy, you don’t want to do it naked. But you would be surprised at how many people leave the space for clothing blank on their bankruptcy petitions. Really? Who is going to believe that? Certainly not the trustee who is questioning you under oath, and who can plainly […]
Posted in Practical tips
Comments closed
Misunderstanding the Chapter 7 means test rules for business debt
Orlando bankruptcy lawyer Jonathan Alper has written a nice piece reminding us that debtors — and sometimes lawyers, too, often don’t apply the means test rules on business debt correctly. A quick primer: Debtors usually must pass a Chapter 7 “means-test” in order to qualify to file under that chapter and discharge debt outright without […]
Posted in Uncategorized
Comments closed
Can a bankruptcy judge force you to run a business?
Could a bankruptcy judge force a debtor to keep operating a particular business? In the usual course of practicing bankruptcy law, such a ridiculous question wouldn’t even come up. Bankruptcy judges see more failed businesses and their downcast owners then anyone else. And there is no way that they are going to make a business […]
Posted in Uncategorized
Comments closed