Author Archives: doug

What will filing for bankruptcy do to your credit score?

By doug | Published: January 27, 2012

It may sound obvious but most people contemplating bankruptcy are behind on their bills, and have rapidly deteriorating (or bottomed-out) credit scores. But everyone who contemplates filing a bankruptcy case is entitled to consider what impact the case will have on their lives going forward. When it comes to credit scores, there are a lot […]

Posted in Credit cards, Practical tips | Comments closed

Leigh Steinberg — the “real” Jerry Maguire, has filed for bankruptcy

By doug | Published: January 26, 2012

The need to file a bankruptcy case can happen to anyone. Just recently ESPN brought the news that once high-flying sports agent Leigh Steinberg, known as the inspiration for the “show me the money” character of Jerry Maguire in the movie of that name, has filed a Chapter 7 case in California. In his heyday, […]

Posted in Bankruptcy News, Chapter 7 | Comments closed

The central purpose of the consumer bankruptcy laws

By doug | Published: January 25, 2012

“To everything there is a season, and a time for every purpose under heaven,” said the son of David in the biblical book of Ecclesiastes. But did you ever wonder what the official purpose behind having a bankruptcy system was? An creditor who has just had an account file for bankruptcy might be tempted to […]

Posted in The Bankruptcy Code | Comments closed

Billy Graham comments on the propriety of consumer bankruptcy

By doug | Published: January 24, 2012

The famous evangelist Billy Graham was recently asked in his local newspaper’s question-and answer forum whether it was morally wrong for a married couple to file a consumer bankruptcy case. The couple wrote to Graham’s newspaper advice column saying they had gotten into a financial bind when they moved, couldn’t sell their old house, and […]

Posted in Bankruptcy News, The Bankruptcy Code | Comments closed

A fascinating look at America’s abusive debt collectors

By doug | Published: January 23, 2012

Here’s a short bit from a fascinating article by Gary Rivlin in Newsweek about the underbelly of the debt collection industry: David Mullins is one of the unlucky ones. For Mullins, a 57-year-old from the Baltimore area who lays cable for Comcast, the nightmare began when the financing arm of General Electric mistakenly hit him […]

Posted in Practical tips | Comments closed

Kodak “one of the most angry companies to file for bankruptcy”

By doug | Published: January 20, 2012

Commentary keeps rolling in on the decision by Eastman Kodak to file for Chapter 11 bankruptcy. Here is a short video by three Wall Street Journal commentators: I was amazed that the expected drop in film sales (by industry analysts) was 10%; the secret internal expected drop at Kodak’s top management was 20%; and the […]

Posted in Bankruptcy News | Comments closed

North Andover cartoonist has a “Wicked Local” take on the Twinkies bankruptcy

By doug | Published: January 19, 2012

Editorial cartoonist Dave Granlund has this take on the recent bankruptcy filing of Twinkies maker Hostess Foods on the North Andover Wicked Local website, and I couldn’t resist putting it here too: Twinkies are still being sold — the company is in Chapter 11, not liquidation — and there are still a lot of people […]

Posted in Bankruptcy News, Just for fun | Comments closed

Why you may be better off filing for bankruptcy than getting a loan modification

By doug | Published: January 18, 2012

Hoping to modify your mortgage this year? The last thing this blog is about is killing hope, but good luck with that. Why are mortgage modifications so hard to get, in Massachusetts and elsewhere? Because your mortgage servicer really doesn’t want you to succeed! Amazing, but true. And that proposition now has some academic backing, […]

Posted in Real estate, Secured loans | Comments closed

How to keep a Chapter 13 bankruptcy trustee happy

By doug | Published: January 17, 2012

If you are filing for bankruptcy, one thing you might want to keep in mind is your upcoming relationship with the trustee assigned to the case. Although debtor-trustee relationships are sometimes combative, they don’t have to be, and usually aren’t. All in all, debtors fare better, and things go smoother, when the trustee is in […]

Posted in Chapter 13, Practical tips | Comments closed

Bankrupts beware! Lenders are increasingly claiming security interests

By doug | Published: January 16, 2012

The purpose of filing a consumer bankruptcy case is pretty obvious; to eliminate debts that can’t be paid, so that the debtor can receive a financial “fresh start.” That ideal is compromised, however, when debts don’t go away despite filing the case. Sometimes this is a matter of public policy (e.g. the current law on […]

Posted in Practical tips, Secured loans | Comments closed
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