Collecting an unemployment compensation check after being laid off from your job shouldn’t prevent you from filing a bankruptcy case if you need to, right? Well, in the topsy-turvy underworld of consumer bankruptcy law, you just never know. At issue is whether unemployment compensation should be counted towards the “means-test” that determines whether a debtor […]
Author Archives: doug
Debtors shouldn’t have to choose between collecting unemployment and filing for bankruptcy
Posted in Practical tips
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Bankruptcy trustee collects massive fee
For the typical debtor filing a routine Chapter 7 bankruptcy case, his or her bankruptcy trustee will collect the royal sum of $60 for administering the case. That money comes out of the $299 filing fee debtor’s pay when they file cases. The trustee can supplement this income by auctioning off property that can not […]
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Should you be able to make monthly payments to your bankruptcy lawyer?
Let’s say you have decided to file a bankruptcy case. And you have also decided to hire a bankruptcy lawyer to put together the paperwork and to represent you. Smart move. But how exactly are you going to pay attorney’s fees to hire this lawyer? Most bankruptcy clients are inherently in a catch-22 situation: they […]
Posted in Chapter 13
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Bankrupt candidate wins election, nominated for Congress
A candidate who filed a personal bankruptcy case just a few years ago emerged victorious in his Massachusetts primary election battle. Hopedale businessman Thomas Wesley secured the Republican nomination for the second district U.S. Congress seat by outpolling Dr. Jay Fleitman by a 60%-40% margin. The 2nd Congressional District encompasses 41 cities and towns in south […]
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Is there ever a good reason for reaffirming a debt?
After filing a bankruptcy petition, debtors should not be surprised if they are approached (through their attorney) about signing a reaffirmation agreement with one or more creditors. Simply put, a reaffirmation agreement is an agreement to pay an existing debt despite the bankruptcy. Most attorneys and quite a few bankruptcy judges are leery of encouraging […]
Posted in Foreclosure, Practical tips, Secured loans
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Lawrence and Methuen’s biggest bankruptcy case ever
One of the biggest bankruptcy cases ever in Lawrence and Methuen was the second filing involving Malden Mills, the Polartec manufacturer hard by the Spickett River that employed so many residents in the Merrimack Valley, and which fell on hard times after a devastating 1995 fire. The last time Malden Mills filed for bankruptcy was […]
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How to fill out Schedule C of a bankruptcy petition
In many ways, Schedule C is the heart and soul of an individual or couple’s bankruptcy petition. That is because it is here that a debtor declares the exemptions that apply to their property, and it is the exemptions that determine what property a debtor will keep after the filing, which in turn determines the […]
Posted in Practical tips
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Bankruptcy and politics collide in Massachusetts
The Associated Press reported that one of the candidates for Congress in Massachusetts filed for bankruptcy in 2002. According to an article by Lyle Moran, Hopedale businessman Thomas Wesley, a Republican candidate for the 2nd District seat in the western part of the state, discharged $140,000 through his bankruptcy filing. This included $8,000 of unpaid […]
Posted in Bankruptcy News
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Piling interest upon interest?
Here is a vexing question that stumped many bankruptcy practitioners (including law professors and judges) for a long time: In a Chapter 13 case, where the debtor is trying to catch up on a mortgage arrearage by making monthly payments to the bankruptcy trustee, must the debtor add interest to those payments? Just think, in […]
Posted in Chapter 13
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A new government foreclosure plan
President Obama announced earlier this week yet another federal plan for dealing with the national surplus of foreclosures. This one could take effect as early as next week, and would allow the Federal Housing Administration to give refinanced loans backed by the government to strapped homeowners. For the lenders, the kicker is that they would […]
Posted in Chapter 13, Foreclosure
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