Author Archives: doug

Is Citi harrassing you, or refusing to modify your loan?

By doug | Published: April 1, 2010

If you are having problems with trying to modify a Citi  mortgage, or with Citi Bank collectors harassing you for credit card payments, why not try to talk things over with the owners? Turns out the largest owner of Citi — for now, anyway — is, you guessed it, the American people. As part of […]

Posted in Bankruptcy News | Comments closed

Debt settlement firms are mostly bogus

By doug | Published: March 30, 2010

Debt settlement companies that prey on the hopes of those behind on their bills often leave their customers in the lurch, to face just as many harassing calls and notices as before. Just ask Gloria Snowden of Baltimore, who signed up with a company that promised to negotiate away her $10,000 credit card debt. Snowden […]

Posted in Bankruptcy News, Practical tips | Comments closed

Creditors need to read their mail, too!

By doug | Published: March 29, 2010

Around here we are very familiar with the phenomenon of debtors who at some point just give up and stop opening their mail. Every week, they bring in the unopened bills, and I open them and add them up! But what about a creditor who misses something important because they didn’t open the mail? Suprisingly […]

Posted in Bankruptcy News, Chapter 13, Student loans | Comments closed

Got mortgage trouble? Stay tuned . . .

By doug | Published: March 26, 2010

Business news outlet CNBC is reporting that the Obama administration will announce important new initiatives to deal with the depressed housing markets later today. There will be changes to the battered-down Home Affordable Modification Program (HAMP), including a new emphasis on writing down the principal on troubled mortgage loans, and financial assistance to unemployed homeowners. […]

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

Massachusetts mortgage settlement met with skepticism

By doug | Published: March 25, 2010

A settlement agreement between Massachusetts Attorney General Martha Coakley and mortgage lenders Countrywide and Bank of America has been met with skepticism by some housing advocates, according to a report filed by Jenifer McKim in the Boston Globe. “Bank of America has been one of the worst loan servicers in offering homeowners help in this […]

Posted in Bankruptcy News, Foreclosure | Comments closed

Red flags for debt settlement scams

By doug | Published: March 24, 2010

I have written previously about why for most people bankruptcy filing is a better option than getting tied up with debt settlement companies, but for anyone who is determined to try one out, be wary of getting caught up in scams run by these organizations. How can you tell if a debt settlement offer is […]

Posted in Practical tips | Comments closed

So what is better, debt settlement or bankruptcy?

By doug | Published: March 24, 2010

So you have decided to tackle a debt problem. Congratulations — but you may immediately stumble on the question of just how to do it. For instance, should you sign up with a debt settlement company, or just declare bankruptcy? If you own a radio or a television, you can’t get away from a constant […]

Posted in Chapter 7, Practical tips | Comments closed

Massachusetts supreme court will decide foreclosure issues

By doug | Published: March 24, 2010

The Supreme Judicial Court in Massachusetts said yesterday that it will hear the Ibanez foreclosure case, which has caused turmoil in the banking and mortgage lending business. In 2009, the Land Court issued the original Ibanez ruling which required that the true mortgage holders be properly identified before foreclosure proceedings could continue. The pace of […]

Posted in Bankruptcy News, Chapter 13, Chapter 7, Foreclosure | Comments closed

Massachusetts homestead exemption is valid even if you plan to move

By doug | Published: March 23, 2010

The bankruptcy court in Massachusetts has ruled that a debtor can claim an exemption under the Massachusetts homestead law even when they are actively planning on moving out. Bankruptcy judge Joel B. Rosenthal  ruled that since the Massachusetts homestead law is written to protect anyone who occupies a building as a residence, the debtor’s intentions […]

Posted in Exemptions, Real estate | Comments closed

An example of exemptions at work — jewelry

By doug | Published: March 22, 2010

Following up on the idea that most people don’t lose their property when they file for bankruptcy, lets take a quick look at a situation that occurs over and over again in consumer bankruptcies — debtors who own jewelry. That would, of course, cover just about everyone, as it is rare to find a person  who […]

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