Author Archives: doug

Mortgage servicers might really be out to get you!

By doug | Published: December 16, 2010

Following up on a previous post, now even the government agrees that mortgage servicers might not be on the side of the homeowners they collect monthly payments from. The Congressional Oversight Panel for the Troubled Asset Relief Program made public its findings yesterday. Companies that manage mortgage loans can profit from foreclosure-related fees and are […]

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Might your mortgage servicer be your enemy?

By doug | Published: December 15, 2010

Are the people who open up the envelope and cash your mortgage check each month out to get you? Could be, at least according to syndicated finance guru Suze Orman. Her point is that if you are asking for a loan modification, and they agree to arrange for a trial modification period, they could be […]

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Nationwide, fewer homes underwater

By doug | Published: December 14, 2010

Bloomberg is reporting that the number of homes in the United States that are “underwater,” that is, worth less than the amount owed on them is decreasing slightly. For the quarter ending September 30th, 22.5% of the homes with mortgages have negative equity. In the prior quarter, that figure was 23%. But what is causing […]

Posted in Bankruptcy News, Chapter 13, Real estate | Comments closed

Big Lottery hits are not necessarily defenses against bankruptcy

By doug | Published: December 13, 2010

Hit it big in the state lottery? Well we might see you in bankruptcy court in a few years anyway. Researchers have looked at whether winning the lottery in Florida prevented people from going bankrupt. Although winning big (from $50,000 to $150,000) helped stave off bankruptcy in the first couple of years, the odds of […]

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The Financial Management Course: Gimme just a little more time . . .

By doug | Published: December 9, 2010

Debtors filing bankruptcy cases have two course requirements they must fulfill: they must take a credit counseling session before even filing a bankruptcy case, and then they must take a “financial management course” after filing in order to receive a discharge. Procrastinator’s delight: as of December 1, 2010, the deadline for finishing the financial management […]

Posted in Bankruptcy News, Practical tips | Comments closed

Judge impeached over bankrupcy lie

By doug | Published: December 9, 2010

It isn’t everyday that a federal judge gets impeached, and it is certainly unusual for it to happen in part because of a bankruptcy filing. But yesterday the U.S. Senate ousted New Orleans judge G. Thomas Porteous from his lifetime position on the federal bench. One of the reasons why is that the judge was […]

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Pre-nup won’t necessarily help you in Chapter 13 bankruptcy

By doug | Published: December 8, 2010

Can having a valid pre-nuptual agreement help you out if you later decide to file Chapter 13 bankruptcy? Maybe, but don’t count on it, at least in Massachusetts. There, one debtor pointed out that her pre-nup called for each spouse to pay their own debts during the marriage, and in particular, called for the wife […]

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Twists and turns on the bankruptcy means test for newly unemployed debtors

By doug | Published: December 7, 2010

Debtors with relatively high incomes who suddenly lose their job have some unique hurdles to clear if they need to consider bankruptcy. This is because the “means test” that calculates whether or not a debtor is eligible for a Chapter 7 discharge is a backwards-looking thing; all calculations are based on your earnings in the […]

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New Hampshire Chapter 13 faces wide range of real estate estimates

By doug | Published: December 6, 2010

The problem of accurately estimating the value of real estate when fling a bankruptcy case is a long running theme here — its something that keeps cropping up again and again. A good illustration of this is a recent Chapter 13 bankruptcy case decided by Judge Deasy in New Hampshire. The Roy case concerns a […]

Posted in Chapter 13, Real estate | Comments closed

When filing Chapter 13 bankruptcy in Massachusetts, you can’t have everything your own way

By doug | Published: December 2, 2010

Chapter 13 bankruptcy can be a very powerful tool for homeowners trying to work their way out of a mortgage problem. The thing is, Chapter 13 has its own rules to comply with, and debtors probably don’t want to thumb their nose at them. One of the rules calls for secured debts to be paid off […]