One of the most stubborn myths about filing bankruptcy is that debtors lose everything they have by doing so. In the real world, most debtors don’t lose a thing! Massachusetts, New Hampshire, as well as all the other states and the federal government have enacted lists of property that an individual may keep after filing […]
Author Archives: doug
The tragedy of subprime mortgages
Most foreclosure victims aren’t folks who have flipped a thousand homes or made and lost millions in the real estate boom-turned-bust. Most homeowners who are now victims of foreclosure, depended on the goodwill of the mortgage industry to provide safe mortgages that would allow them to fulfill their dreams of homeownership. But instead of long-term […]
Posted in Chapter 13, Foreclosure
Comments closed
Some reasons why a consumer might want to switch from Chapter 13 to Chapter 7 bankruptcy
When a debtor switches his or her case between different chapters of the bankruptcy code, we lawyers say they are “converting” the case from one chapter to another. This is usually done by having the debtor’s bankruptcy attorney file a simple motion with the judge. Why would a debtor who had gone to the trouble […]
Posted in Chapter 13, Chapter 7
Comments closed
Utility shut-offs and the bankruptcy law
If you are behind on your utility bills, a bankruptcy case may be a solution to your problem. Past due utility bills are dischargable in Chapter 7 bankruptcy cases. If you have been threatened with an impending shut off of electric, gas, propane service, etc., bankruptcy will delay it and may prevent it altogether. As […]
Posted in Chapter 7
Comments closed
This bankruptcy could be a Blockbuster!
Remember when video rental stores were the hottest thing? Soon they may go the way of telephone booths and manual typewriters. The Wall Street Journal reports that Blockbuster, Inc. is threatening for the second time in a year to file for bankruptcy under Chapter 11. “It may not be possible to turn Blockbuster’s business around,” […]
Posted in Bankruptcy News
Comments closed
How to conquer a monster debt problem
If you are in over your head with consumer debt, take a step back, a deep breath and try to formulate a way out. It’s not easy, so let me map it out for you in five sequential steps. First, get a grip on the size of the problem. People are often shocked to find […]
Posted in Practical tips
Comments closed
My advice: Don’t load up on debt before a bankruptcy
It might seem more than obvious, but debtors shouldn’t load up their credit cards or take on massive new debts right before they file a bankruptcy case. Doing so risks losing their chance for a discharge, allegations of fraud, and worse. But an interesting side issue made it to the Supreme Court last week: Can […]
Posted in Bankruptcy News
Comments closed
Another view of credit card reform
If you’re contemplating bankruptcy, a must-read is Detroit Free Press cartoonist Mike Thompson’s take on credit card reform. Click here and check it out!
Posted in Credit cards, Just for fun
Comments closed
Will bankruptcy stop wage garnishments?
In almost all cases, filing a bankruptcy case will stop wage attachments and garnishments. Creditors have to respect the “automatic stay” on collections activity that goes into place once you file. An important exception is child-support deductions from your pay. These can’t be eliminated or reduced through bankruptcy, although you may be able to use […]
Posted in Chapter 13, Practical tips
Comments closed
A tip on re-establishing credit after filing for bankruptcy
After going through a bankruptcy, most people are a little apprehensive, if not downright terrified, of building their credit rating back up. On the one hand no one wants to sleep in the motels that only take cash, so a little credit would be good, but on the other hand, you don’t want to get […]
Posted in Practical tips
Comments closed