The heart of any voluntary bankruptcy petition are the schedules attached to the petition itself — they are lettered from A to H, and each require a debtor to provide crucial information about himself and the case. The starting point, of course, is Schedule A, which contains a large blank space for listing “real” property. […]
Author Archives: doug
Bankruptcy and positive thinking?
How could a downbeat topic like filing for bankruptcy ever jive with the upbeat world of positive thinking and self-motivation? Maybe it’s not a natural fit, but just consider that each bankruptcy case is for someone a chance to start over, with the result of the re-start as uncertain as any other. Or to put […]
Posted in Just for fun
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Failure to modify mortgages spurs Massachusetts bankruptcies and foreclosures
The foreclosure rate in Massachusetts set another record in July, with 1243 homes lost, an 80% increase over the previous year, according to the Boston Globe. Reasons for the spike in foreclosures are many, housing specialists and economists say, including the failure of government programs to spur lenders to modify mortgage loans. “They are foreclosing […]
Posted in Foreclosure
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Should you re-affirm a mortgage or simply stay-and-pay?
Many if not most homeowners who have to file for bankruptcy would like to stay in their homes, if possible. Sometimes staying put is even the primary, or only, reason for filing the case in the first place. If a homeowner is current on their mortgage, keeping the house will not be a problem. One […]
Posted in Real estate, Secured loans
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Nolan Ryan snags Texas Rangers at bankruptcy auction
With the baseball pennant races heating up, (and with the Texas Rangers currently in first place in the American League’s West division), it’s time for a final report on the results of the Rangers’ bankruptcy case, which saw the team go on the auction block in early August. The winning bidders: Hall of Fame pitcher […]
Posted in Bankruptcy News, Just for fun
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Creditor says to Trustee: Stick ’em up!
In a truly strange result in a bankruptcy case from Orlando, Fla., a sharp-witted quick acting creditor has snatched a debtors funds right from the hands of a Chapter 13 bankruptcy trustee! Florida attorney Carmen Deluttri analyzed a case where the debtor couldn’t afford his Chapter 13 payments, and the judge in the case therefore […]
Posted in Bankruptcy News
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A costly mistake: draining your retirement account before bankruptcy
One of the biggest mistakes that average people can make when they are under the stress of financial problems is to start raiding their IRA or 401(k) retirement accounts to pay routine bills. By the time they think about filing for bankruptcy, little or even nothing may be left of their retirement savings. And then […]
Posted in Practical tips
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What you don’t want if you file for bankruptcy
If you file a bankruptcy case, you probably don’t want it to end up like Joseph DiStasio’s. This debtor was the owner of two tree cutting companies in Quincy, but found his bankruptcy case on the front page of the Boston Globe this week. Most of you would think that was bad enough — seeing […]
Posted in Bankruptcy News, Practical tips
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Everything people believed about the US economy has been turned upside down
The US economy is on its own as federal stimulus programs start to expire. The federal tax credit for new home buyers expired in April, and sales of homes have all but collapsed by July — which should be the best season for real estate, at least historically. According to an article by Robert Gavin […]
Posted in Bankruptcy News
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Should considering bankruptcy be your last resort?
Bankruptcy is the last resort for people who can’t pay their bills, right? Maybe not, or perhaps I should say “not necessarily.” North Carolina attorney Susanne Robicsek has written a nice article that might make people re-think how long they should go without considering a bankruptcy case. Robicsek thinks the two worst scenarios for debtors […]
Posted in Practical tips
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