Category Archives: Bankruptcy News

Bank of America needs weeks to untangle its foreclosure mess

By doug | Published: October 15, 2010

On Friday, Bank of America became the first major US bank to suspend foreclosure sales in all 50 states after questions were raised about whether it and other banks had illegally seized homes without the proper documentation. In a deposition filed in a Massachusetts lawsuit, a Bank of America official said she signed as many […]

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Bankruptcy lawyers buzzing over foreclosure revelations

By doug | Published: October 14, 2010

The news wires are just packed with stories on foreclosures lately. In just a small sampling: * All 50 state attorney generals appear to be circling the wagons around the large banks, questioning their handling of residential foreclosure procedures; * Syndicated columnist Candice Choi raises the spectre of disbarred lawyers trying to scam homeowners based […]

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Debt settlement firms face new rules

By doug | Published: October 12, 2010

As outlined by nationally syndicated columnist Michelle Singletary, debt settlement companies are already facing new rules from federal regulators concerning their practices. New rules require debt-relief companies to make specific disclosures, such as how long it will take to get results, how much the service will cost, and the potential negative consequences. The firms are […]

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Ally Financial’s GMAC mortgage company in hot water over foreclosures

By doug | Published: September 24, 2010

Ally Financial Inc.’s GMAC Mortgage unit has suspended foreclosures in 23 states amid suggestions that all the necessary paperwork is not in order. The states affected are so-called judicial foreclosure jurisdictions, where a judge must sign off on the right to foreclose in court. Both Massachusetts and New Hampshire are not judicial foreclosure states, so […]

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For love or Money? Shacking up to save a buck

By doug | Published: September 24, 2010

According to Associated Press reporter Hope Yen, Census Bureau honchos are scratching their heads over a sudden spike in the the number of unmarried couples living together in the United States. The number of opposite sex unmarried couples jumped 13 percent in just the last year. Unable to pinpoint any stunning sexual trends behind the […]

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Requiem for Blockbuster

By doug | Published: September 24, 2010

The Boston Globe put up a good editorial on the Blockbuster bankruptcy case this morning, noting that “the video chain’s troubles are still sad for anyone who discovered a love of movies on the amply stocked aisle of a Blockbuster store.” Its not often that a major newspaper shows some love for a chain store, […]

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Blockbuster of a bankruptcy!

By doug | Published: September 23, 2010

Remember going to the video store? Like pumping bath water from a town well, for many Americans a trip to the local Blockbuster outlet is also a quaint reminder of a bygone time. Blockbuster filed for Chapter 11 bankruptcy today, a move that has been in the works for a while. According to the Associated […]

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A good way to screw up a bankruptcy case, part 2

By doug | Published: September 22, 2010

It probably goes without saying that debtors should take care to file their bankruptcy under their own names and social security numbers — you wouldn’t want an accidental (or purposeful) mistake in this regard! Since 2002, the first order of business at every debtor’s creditors meeting is to check the debtor’s photo ID and social […]

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Bankruptcy trustee collects massive fee

By doug | Published: September 17, 2010

For the typical debtor filing a routine Chapter 7 bankruptcy case, his or her bankruptcy trustee will collect the royal sum of $60 for administering the case. That money comes out of the $299 filing fee debtor’s pay when they file cases. The trustee can supplement this income by auctioning off property that can not […]

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Bankrupt candidate wins election, nominated for Congress

By doug | Published: September 15, 2010

A candidate who filed a personal bankruptcy case just a few years ago emerged victorious in his Massachusetts primary election battle. Hopedale businessman Thomas Wesley secured the Republican nomination for the second district U.S. Congress seat by outpolling Dr. Jay Fleitman by a 60%-40% margin. The 2nd Congressional District encompasses 41 cities and towns in south […]

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