What’s going to happen with short sales in Massachusetts and New Hampshire come 2014? It’s more than just another end-of-the-year speculation article: there seems to be some genuine disagreement as to whether the short sale will be a viable bail-out option for underwater real estate owners in the near future. Maryann Little, who offers a […]
Author Archives: doug
Where’s the line for tobacco on the new schedule J?
News flash: the new schedule J bankruptcy form doesn’t have any place for debtors to declare how much they spend on tobacco products per month. Full disclosure: the old Schedule J didn’t either. So smokers (and chewers, I suppose), where do you account for the financial damage for this habit? Under “Food and housekeeping supplies?” […]
Posted in Practical tips
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St. Nicholas, patron saint of pawn brokers
Perhaps no other figure in the history of organized religion has had the capacity to spawn legends like Saint Nicholas, whose actual feast day is not Christmas Eve, but December 6th. The historical prelate, a bishop in what would be the modern nation of Turkey, died in the year 342. But he has been making […]
Posted in Just for fun
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A bankruptcy lawyer is not your mother
When you are looking to file for bankruptcy, you are likely to get bombarded with advice, some well-meaning, and some self-serving. Like “It’s way too hard to do yourself. You definitely need to get a lawyer.” Or “It’s easy — if you hire me as your lawyer.” That last one is a little problematic, because […]
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Watch for the home upkeep trap on the new schedule J
Schedule J of the official bankruptcy forms is critical for consumer debtors, because it is where they report all their household expenses, from mortgage payments to mousetraps. This, in turn, determines if there is anything left over after the end of the month (don’t laugh), when then decides if you qualify for Chapter 7 or […]
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The new bankruptcy forms are here!
Its hard to get as excited as Steve Martin did about phone books in The Jerk, but as of December 1st, 2013, several new bankruptcy forms will go into use. By far the most important for most consumer cases are the the new Schedule I, on which debtors report their income, and the new Schedule […]
Posted in Bankruptcy News, Practical tips
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Would the IRS be happy if you filed for bankruptcy in December?
As the tail end of the year rolls around, perennial questions spook bankruptcy lawyers about the advisability of filing a year-end bankruptcy case for a client who owes taxes to the IRS or Mass. DOR, or both. Northern California consumer bankruptcy maven Cathy Moran has posted some the essentials on her site, which gives inquiring […]
Posted in Taxes
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Clarification on property value disputes in Massachusetts bankruptcy court
Disputes over real estate values are becoming a hot topic in bankruptcy court again, after years of dormancy due to the recession. A recent Massachusetts case decided by bankruptcy judge Melvin Hoffman in the Worcester division of the court gives a behind-the scenes look at some of the problems that crop up when debtors and […]
Posted in Practical tips, Real estate, Secured loans
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Does Green Tree Servicing really hold your mortgage?
In a Massachusetts bankruptcy case, a judge has been asked if Green Tree Servicing LLC can prove it really hold the mortgage it wants to foreclose on. In the Martin case (October 9, 2013), the married debtors house was underwater, they hadn’t made a mortgage payment since 2011, and they were perfectly willing to let […]
Posted in Foreclosure, Secured loans
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Loans stripped in Chapter 13 may not be means test deduction in Massachusetts
Bankruptcy debtors who are looking at Chapter 13 as a way to get rid of an unwanted second (or third) mortgage may have an additional obstacle to overcome if their case lands in Judge Melvin Hoffman’s courtroom. In an opinion released in the Garrepy case (November 6, 2013), Judge Hoffman said that if the married […]
Posted in Chapter 13, Real estate, Secured loans
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