Author Archives: doug

File for bankruptcy without seeing a judge

By doug | Published: June 1, 2010

Did you know that most people who file a bankruptcy case will never see a bankruptcy court judge? There are exceptions, of course, but the vast majority of people filing bankruptcy in Massachusetts or New Hampshire never appear before a judge. They all have a meeting with a trustee, however, which is required by the […]

Posted in Chapter 7, Practical tips | Comments closed

Stressed over debt? Many people are in the same boat

By doug | Published: June 1, 2010

The Associated Press has come out with a new poll showing that 46% of Americans are experiencing a significant level of stress caused by too much debt. Families with total incomes under $50,000 per year have seen a sharp increase in their stress levels, although only a very small increase in actual debt levels. For […]

Posted in Bankruptcy News | Comments closed

Considering Bankruptcy? Lindsay Lohan may beat you to it!

By doug | Published: May 28, 2010

If you are having a tough time financially, file this in the “misery loves company” folder. Actress and bon vivant Lindsay Lohan apparently owes $600,000 on her credit cards and can’t even pay her rent. Add to that a reported drug abuse problem and a decline in demand for her acting services, and the outlook […]

Posted in Bankruptcy News | Comments closed

Baseball and bankruptcy: Texas Rangers go belly-up while looking for new owner

By doug | Published: May 27, 2010

The Texas Rangers filed for bankruptcy on Monday, making them the only current major league baseball franchise  seeking court protection from creditors. The Chapter 11 filing was pre-planned, seemingly with the intention of clearing the way for a sale of the team to a new ownership group that includes former Ranger and Hall of Famer […]

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What will bankruptcy do to your credit rating?

By doug | Published: May 26, 2010

One of the most common questions bankruptcy lawyers get is some version of “what will a bankruptcy do to my credit rating?” Surprisingly, there is no real answer to the question, as the client is really asking me for a prediction, not a legal or practical opinion. It is just like asking if the Red […]

Posted in Practical tips | Comments closed

What not to do when hiring a bankruptcy lawyer

By doug | Published: May 25, 2010

Missouri bankruptcy attorney Wendell Shark has written a great post on what not to do if you are thinking of hiring a bankruptcy attorney. Among his no-no’s are: 1. Holding back on information during an initial consultation. Lawyers are trained to help get people out of jams when they can, but are basically powerless to […]

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When do Chapter 13 plan payments start?

By doug | Published: May 24, 2010

Debtors who file consumer bankruptcy cases under Chapter 13 are usually attempting to “dig themselves out of the hole” by making regular payments to a bankruptcy trustee, who, after deducting a commission, will distribute the funds to help pay creditors. Once these debtors file a case, or right before they intend to file, they may […]

Posted in Chapter 13 | Comments closed

Don’t think your bank is your friend when you file for bankruptcy

By doug | Published: May 21, 2010

California bankruptcy guru Cathy Moran makes a good point: although many consumers have personal relationships with their banks, and sometimes some good feeling for the institution, your bank is not necessarily your friend when you are filing for bankruptcy. The principal problem is that banks have a legal right of “setoff,” meaning that they can […]

Posted in Practical tips, Secured loans | Comments closed

You can get a co-debtor stay through bankruptcy

By doug | Published: May 21, 2010

A chapter 13 bankruptcy filing often contains several advantages over a conventional chapter 7 case, one of which can be the use of the “co-debtor stay” that chapter 13 allows. First, a bit of legal jargon. Filing any bankruptcy case creates an “automatic stay” concerning collection efforts against the debtor. It is this provision that […]

Posted in Chapter 13 | Comments closed

Credit card companies at it again!

By doug | Published: May 20, 2010

If you were wondering why not a lot of people feel sorry for credit card issuers, and their problems with individuals filing for bankruptcy on their accounts, look no further than the companies latest attempt to get around reform legislation. A law that went into effect earlier this year requires credit card companies to credit […]

Posted in Credit cards | Leave a comment
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