Author Archives: doug

If I run away and join the circus, can I still file for bankruptcy?

By doug | Published: March 1, 2010

Someone being hounded by debt collectors may well feel like running away, but if you actually have a job which requires the nomadic life of, say, a circus troupe, is it even possible to file a case with a bankruptcy court? In a nutshell, the answer is yes. The general rule for individuals is that […]

Posted in The Bankruptcy Code | Comments closed

No fooling – Chapter 13 debt limits set to rise on April 1st

By doug | Published: March 1, 2010

It’s not an April Fool’s joke — the debt limits for Chapter 13 cases are scheduled for a periodic increase. Effective April 1, 2010, the upper limits for debtors considering Chapter 13 will be $1, 081, 400 of secured debt, and $360, 475 of unsecured debt. This represents about a 7% increase over present levels. […]

Posted in Chapter 13 | Comments closed

Pay the mortgage or just walk away?

By doug | Published: March 1, 2010

As the housing market continues to drag, just walking away from home is becoming a more tempting option for many Americans. Walking away isn’t risk-free. A foreclosure stays on a consumer’s credit record for seven years and can send a credit score (based on a scale of 300 to 850) plunging by as much as […]

Posted in Real estate | Comments closed

Can we fix the homeowner default trap?

By doug | Published: March 1, 2010

An excessive rate of home foreclosures has bad consequences all the way down the line — the homeowner eventually has to move out, property taxes don’t get paid, so the town or city starts going broke, the banks have excess inventory of homes that can’t be sold, which drives prices down even further. Buildings go […]

Posted in Chapter 13, Real estate | Comments closed

Tips from a seven month job search

By doug | Published: February 26, 2010

I don’t have to tell many of my clients how discouraging it is to look for work for months on end with little to show for it — they tell me! Kevin Mergens, a product manager form Illinois, just penned this list of tips for the Wall Street Journal. Struggling with long-term unemployment, he found […]

Posted in Bankruptcy News | Comments closed

If I file for bankruptcy, will my wife find out?

By doug | Published: February 25, 2010

Many clients come into my office with a version of the same worrisome thought on thier minds: “If I file for bankruptcy, will my wife (or husband) find out about it?” The answer depends on the client realizing that there are really several things going on here. First, married couples are not required to file […]

Posted in The Bankruptcy Code | Comments closed

Can I discharge business debt with a Chapter 7 bankruptcy?

By doug | Published: February 24, 2010

With many small busineses in trouble, owners are increasingly seeking out bankruptcy relief. One of their immediate questions is can they discharge business debts through a personal Chapter 7 filing? Generally, the answer is yes, if the business is a solo operation or a failed partnership. In the case of a business that is incorporated, […]

Posted in Chapter 7 | Comments closed

Is there any way out of this awful cell phone contract?

By doug | Published: February 23, 2010

While it is seldom the driving reason to file a case, consumers should be aware that the bankruptcy code offers them a way out of onerous multi-year cellular telephone contracts. Whenever a bankruptcy case is filed under either Chapter 7 or 13, the debtor has the option of listing “executory contracts” on schedule G of […]

Posted in Chapter 13, Chapter 7 | Comments closed

Credit card rules and payday loans

By doug | Published: February 23, 2010

While the new credit card rules that are just taking effect do not legislate any maximum interest rate on the card, issuers will from now on have to give a 45 day warning of any interest rate increase. The credit card bloodsuckers are already adjusting. First Premier, an issuer of subprime credit cards, which have […]

Posted in Bankruptcy News, Credit cards | Comments closed

George Washington’s birthday

By doug | Published: February 22, 2010

Today is the real Washington’s Birthday, not the watered down version celebrated as President’s Day and marketed as just another excuse for reckless consumer buying. Still trying to pay for Christmas? No problem, go out and buy a new car! Massachustts attorney Doug Cornelius has a nice blog post on the history of the day, […]

Posted in Just for fun | Comments closed
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