Category Archives: Bankruptcy News

Important changes to the Massachusetts Homestead exemption

By doug | Published: December 18, 2010

We briefly interrupt your holiday preparations for breaking news — Massachusetts governor Deval Patrick has signed into law some of the biggest changes in the Massachusetts homestead exemption in many a year. When the new law takes effect in mid-March of 2011, it will no longer be necessary for every homeowner contemplating a bankruptcy case […]

Also posted in Exemptions, Real estate | Comments closed

Nationwide, fewer homes underwater

By doug | Published: December 14, 2010

Bloomberg is reporting that the number of homes in the United States that are “underwater,” that is, worth less than the amount owed on them is decreasing slightly. For the quarter ending September 30th, 22.5% of the homes with mortgages have negative equity. In the prior quarter, that figure was 23%. But what is causing […]

Also posted in Chapter 13, Real estate | Comments closed

Big Lottery hits are not necessarily defenses against bankruptcy

By doug | Published: December 13, 2010

Hit it big in the state lottery? Well we might see you in bankruptcy court in a few years anyway. Researchers have looked at whether winning the lottery in Florida prevented people from going bankrupt. Although winning big (from $50,000 to $150,000) helped stave off bankruptcy in the first couple of years, the odds of […]

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The Financial Management Course: Gimme just a little more time . . .

By doug | Published: December 9, 2010

Debtors filing bankruptcy cases have two course requirements they must fulfill: they must take a credit counseling session before even filing a bankruptcy case, and then they must take a “financial management course” after filing in order to receive a discharge. Procrastinator’s delight: as of December 1, 2010, the deadline for finishing the financial management […]

Also posted in Practical tips | Comments closed

Judge impeached over bankrupcy lie

By doug | Published: December 9, 2010

It isn’t everyday that a federal judge gets impeached, and it is certainly unusual for it to happen in part because of a bankruptcy filing. But yesterday the U.S. Senate ousted New Orleans judge G. Thomas Porteous from his lifetime position on the federal bench. One of the reasons why is that the judge was […]

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The Fed steps in to foreclosure / bankruptcy mess

By doug | Published: October 26, 2010

Complicating already roiled waters, the Federal Reserve yesterday got involved in the foreclosure fiasco, saying it will look into the accusations that mortgage lenders cut corners and used flawed documents to foreclose on homes. The Associated Press reports that Federal Reserve chairman Ben Bernanke added weight to those efforts yesterday by saying the central bank […]

Also posted in Foreclosure | Comments closed

Crystal Catherdral files for bankruptcy

By doug | Published: October 20, 2010

Hey, a bankruptcy lawyer would never be sad to hear about a new bankruptcy case, right? Not so, at least for me, for today brought the news that the Crystal Cathedral, the Garden Grove, Calif. megachurch founded by Rev. Robert Schuller, has filed for reorganization under Chapter 11 of the bankruptcy code. Rev. Schuller started […]

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Supreme Court to hear two bankruptcy cases

By doug | Published: October 20, 2010

It’s October, the time of year when the United States Supreme Court re-opens for business. The Court’s 2011 term will run through the end of June, and it is already known that two bankruptcy cases will be decided. More could be added to the docket as the term progresses. Because bankruptcy is a federal law, […]

Also posted in Chapter 13 | Comments closed

The life of a robo-signer

By doug | Published: October 20, 2010

I found this fascinating tidbit in an article by Alan Zibel on Bank of America’s continuing mortgage and foreclosure woes. A deposition released by the Florida attorney general’s office revealed that the office manager at a Florida law firm under investigation for fabricating foreclosure documents signed 1,000 files a day without reviewing them. The manager […]

Also posted in Foreclosure | Comments closed

Credit card write downs ease, but card holders not really catching up

By doug | Published: October 16, 2010

Credit card default rates fell last month, but recent improvements in getting late payers to catch up slowed down instead. According to the Associated Press, the major banks all said that charge-offs fell in September to the lowest level of 2010. Charge-offs usually represent accounts that are more than six months behind — or in […]

Also posted in Credit cards | Comments closed
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