Author Archives: doug

“If I file for bankruptcy, will I lose my home?”

By doug | Published: July 25, 2010

“If I file for bankruptcy, I’m going to lose my home, right?” No, not necessarily. Most every day I confront some variation on that question, so I thought I would go over it again in some detail. The first question to ask is does the debtor WANT to lose his home. Not so long ago, […]

Posted in Real estate | Comments closed

Walking away from a house: not a sure thing?

By doug | Published: July 23, 2010

It’s no surprise that with the economy in the dumper and the housing market at a standstill, more and more people are trying to use bankruptcy as a means to get rid of their house, rather than trying to save it. From a green-eyeshade point of view, bailing out of a home that is seriously […]

Posted in Bankruptcy News, Chapter 13, Foreclosure | Comments closed

Bay State bankruptcy filings soar

By doug | Published: July 22, 2010

Bankruptcy is popular in Massachusetts, and getting more so. According to banking industry consultants the Warren Group, BKs are up 25 % in Massachusetts for the first half of 2010. “A total of 11,847 filers statewide sought protection under Chapter 7, Chapter 13, and Chapter 11 of the U.S. bankruptcy code in the first two […]

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Massachusetts foreclosure rate called “staggering”

By doug | Published: July 21, 2010

This may be beginning to sound like a broken record, but the foreclosure rate in Massachusetts is way up again — enough so that the leader of the Warren Group that tracks banking news has called the situation “staggering.” Quoted in the Boston Globe, Timothy M. Warren, Jr. noted that more than 1000 Massachusetts homes […]

Posted in Bankruptcy News, Foreclosure | Comments closed

Bankruptcy has a broad definition of what a student loan is

By doug | Published: July 20, 2010

When it comes to student loans and bankruptcy, the news is typically grim all around. Student loans can’t be discharged through a typical Chapter 7 case, unless the debtor can prove they are an “undue hardship.” The procedure for claiming undue hardship involves filing suit against the lender and litigating with them; this will typically […]

Posted in Student loans | Comments closed

Valuing your real estate when you file for bankruptcy

By doug | Published: July 19, 2010

For most people, the real estate they own is the most valuable thing listed on their petitions when they file a bankruptcy case. This is usually the case whether it is a home or an investment, and whether the properties have equity or are underwater. Which means that the business of putting a dollar value […]

Posted in Real estate | Comments closed

Three situations where bankruptcy may be right for you

By doug | Published: July 19, 2010

If you are undecided about whether to file a bankruptcy case, a quick run through this checklist may help make your decision a little easier: 1. Will a bankruptcy case make a significant positive difference in your financial situation? If you are facing foreclosure, are at least four months behind on your debt payments, or […]

Posted in Practical tips | Comments closed

Unemployment leads to foreclosure all across the country

By doug | Published: July 16, 2010

Recently I posted on how unemployment is now the biggest reason for the surge in foreclosures in the Merrimack Valley (it used to be predatory lending, the so-called “liar loans.”). It turns out that the situation here on the Massachusetts – New Hampshire border is just a reflection of what’s going on all over the […]

Posted in Foreclosure | Comments closed

Reasons why bankruptcy is a better option than a debt settlement service

By doug | Published: July 15, 2010

Thinking about comparing bankruptcy with one of those debt settlement services that are constantly on late night TV and radio? What’s the difference anyway? There are several differences, and bankruptcy typically comes out as the better option. Consider that in bankruptcy, you can eliminate virtually all unsecured debts, as opposed to the 50% that most […]

Posted in Practical tips | Comments closed

Merrimack Valley foreclosures blamed on high unemployment

By doug | Published: July 15, 2010

More long-term homeowners with “good’’ fixed-rate mortgages are facing foreclosure, likely because of job losses, according to a University of Massachusetts Lowell researcher. The financial industry appears to have worked through much of the “bad’’ adjustable-rate mortgages from the housing bubble, many from predatory lenders, UMass Lowell researcher and writer Keith Vaillancourt told the Boston […]