A very common bankruptcy question concerns the minimum debt levels required to file a case. There aren’t any. The bankruptcy code has no formal cutoff points for filing a case under any chapter. Many folks are often confused about this because they have read about tough new requirements that Congress enacted in 2004 to try […]
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What is the minimum amount of debt required to file for bankruptcy?
Posted in Chapter 13, Chapter 7, The Bankruptcy Code
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Racehorse Owner Tries Bankruptcy, But Still Has Troubles
One of America’s leading owners of thoroughbred racehorses has recently filed for bankruptcy, but that may not be the end of his woes. New Jersey businessman Ahmed Zayat campaigns more than 200 thoroughbreds under the name of Zayat Stables, and has had many prominent winners, including last year’s two year old champion, Lookin’ at Lucky, […]
Posted in Bankruptcy News
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What is a bankruptcy discharge, and what should I do with it?
Anyone enrolled in high school knows what the ultimate goal of those four years is — to graduate and earn a diploma, a key step toward the next goal in life. For those seeking bankruptcy protection, the goal of the case is typically a discharge of most of the debts that have been troubling them. […]
Posted in The Bankruptcy Code
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did the bad weather cost you your job?
Every year we say that March “comes in like a lion and goes out like a lamb.” But this year, February was the troublesome month, which came in with a Deep South snowstorm and went out with a Hawaiian tsunami. The extreme weather across the continent probably cost some Americans work, or at least the […]
Posted in Bankruptcy News, The Bankruptcy Code
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Limits on credit card penalties in the works
The next wave of credit card reform could include strict limits on the penalites that credit card issuers love to tack on to your bills. These new rules will not take effect until the summer. Under a proposal outlined by the Federal Reserve, one big change would be to cap over-the-limit fees to the dollar […]
Posted in Credit cards
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Massachusetts Bankruptcy Court cracks down on terms of loan modification agreements
The bankruptcy courts in Massachusetts have begun a crackdown on loan modification agreements that seek to reduce the court’s power over lenders. In a standing order issued on March 2nd, the court has nullified any provision in a loan modification agreement that tries to eliminate a debtor’s automatic stay if they default after filing a […]
Posted in Bankruptcy News, Real estate
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Foreclosures slowing down in Massachusetts?
The Warren Group, peripatetic observers of the Massachusetts real estate lending scene, report that the number of foreclosure petitions filed in Massachusetts in January was the lowest monthly level in a year. Foreclosure deeds, however, have risen to a four year high. A foreclosure deed is recorded at the end of the foreclosure process, after […]
Posted in Bankruptcy News, Chapter 13, Real estate
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Tree Huggers
If you cut down your neighbor’s trees, and then get sued for it, can the bankruptcy court bail you out? The answer may depend on whether you cut down the trees mistakenly or maliciously. Surprisingly, this very issue has now been litigated in the Massachusetts bankruptcy courts at least three times. The latest decision, in […]
Posted in Bankruptcy News
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Sifting through the fine print of the new credit card rules
Now that the new federal credit card rules are in effect, card issuers have to give consumers advance warning of upcoming rate increases, right? Not so fast. If the rate is one that is tied to another variable rate or financial index, such as “prime plus X percent,” no warning is required. Also, if you […]
Posted in Credit cards
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Can I keep a credit card when I file for bankruptcy?
It is the eternal question at any bankruptcy attorney’s office: “If I file a bankruptcy case, can I keep one of my credit cards?” Unfortunately, the short answer is probably no. We live in an age of increasing communication speeds. Most major credit card companies are wired into both the credit reporting agencies and the […]
Posted in Credit cards
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