Author Archives: doug

New credit card rules going into effect

By doug | Published: February 21, 2010

As the new credit card rules passed by Congress are slated to go into effect on February 22nd, consumers should be on the alert for loopholes in the law. For example, although interest rates on existing balances are no longer supposed to be arbitrarily raised, there is no actual federal cap on high high the […]

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Americans finally catching up on their mortgages

By doug | Published: February 20, 2010

Americans may be finally catching up on their late mortgage payments — or at least may not be falling behind quite so fast. The number of homeowners who have missed a payment but are not yet in foreclosure dropped last month for the first time since 2007. More than 15% of home owners have either […]

Posted in Bankruptcy News, Real estate | Comments closed

In Memorium: Justice Michael T. Stella, Jr.

By doug | Published: February 19, 2010

The Lawrence Eagle -Tribune has reported the death of the Honorable Michael T. Stella, Jr. at age 65. Judge Stella, who retired from full-time service in 2004, was never a bankruptcy judge; instead, he served as a Massachusetts district court judge, most always presiding in the Lawrence District Court. This position nevertheless gave him a […]

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Federal mortgage relief program is a complete failure

By doug | Published: February 18, 2010

The U.S. government’s mortgage relief program has helped only 12 percent of the homeowners who have signed up in the year it has been available, according to the Boston Globe. According to Valparaiso University law professor Alan White, “I would say it’s a complete failure at this point.’’ Large banks also have huge volumes of […]

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Grad’s student loan debt hits $555,000!

By doug | Published: February 18, 2010

Imagine waking up one day and finding that your student loan bills were more than half a million dollars. That is what has happened to Columbus, Ohio family practitioner Michelle Bisutti, according to the Wall Street Journal. She signed on for about half of that bill; when she graduated from medical school in 2003, she […]

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Can a bankruptcy trustee get your cash?

By doug | Published: February 17, 2010

Of the many problems faced by consumer debtors, having bundles of cash lying around isn’t usually one of them. Everyone has some cash, however, and most of us have its close cousin, bank accounts, and other similar liquid assets. Bankruptcy trustees typically would love to get their hand on your cash and cash equivilents, because […]

Posted in The Bankruptcy Code | Comments closed

Means test may not apply to cases converted to Chapter 7

By doug | Published: February 17, 2010

Since 2005, consumers wishing to discharge their debt through a Chapter 7 bankruptcy case have had to first prove their eligibility by passing a “Means Test,” which is a set of onerous forms attached to the bankruptcy petition designed to figure out whether the debtors have above-average income for the state they lives in. Consumers […]

Posted in Chapter 13, Chapter 7 | Comments closed

A split decision on avoiding judicial liens in Massachusetts

By doug | Published: February 16, 2010

So you are thinking about filing for bankruptcy, but worried because a creditor has already gone to court to get an attachment against your home (or some other piece of property)? Usually, this does not present much of a problem. Bankruptcy lawyers call these attachments “judicial liens” and by filing a bankruptcy case for you, […]

Posted in Real estate | Comments closed

Honesty, the best policy

By doug | Published: February 13, 2010

It should go without saying that bankruptcy petitions are supposed to be filled out accurately, after all, they are submitted to the court under penalty of perjury. Beyond that, things simply go smoother if the truth is being told and the figures on the forms are accurate. Not to be overlooked is the requirement that […]

Posted in The Bankruptcy Code | Comments closed

The Tug of war between foreclosures and loan modifications

By doug | Published: February 12, 2010

It looks like foreclosures are winning out over loan modifications, as banks remain more likely to seize real estate, in place of bargaining over it. Bloomberg News reports that one house out every 409 in the United States received some sort of foreclosure warning letter in the past month. Michelle Meyer, an economist in New […]

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