Category Archives: Bankruptcy News

Lawrence and Methuen’s biggest bankruptcy case ever

By doug | Published: September 13, 2010

One of the biggest bankruptcy cases ever in Lawrence and Methuen was the second filing involving Malden Mills, the Polartec manufacturer hard by the Spickett River that employed so many residents in the Merrimack Valley, and which fell on hard times after a devastating 1995 fire. The last time Malden Mills filed for bankruptcy was […]

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Bankruptcy and politics collide in Massachusetts

By doug | Published: September 11, 2010

The Associated Press reported that one of the candidates for Congress in Massachusetts filed for bankruptcy in 2002. According to an article by Lyle Moran, Hopedale businessman Thomas Wesley, a Republican candidate for the 2nd District seat in the western part of the state, discharged $140,000 through his bankruptcy filing. This included $8,000 of unpaid […]

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Nolan Ryan snags Texas Rangers at bankruptcy auction

By doug | Published: August 30, 2010

With the baseball pennant races heating up, (and with the Texas Rangers currently in first place in the American League’s West division), it’s time for a final report on the results of the Rangers’ bankruptcy case, which saw the team go on the auction block in early August. The winning bidders: Hall of Fame pitcher […]

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Creditor says to Trustee: Stick ’em up!

By doug | Published: August 30, 2010

In a truly strange result in a bankruptcy case from Orlando, Fla., a sharp-witted quick acting creditor has snatched a debtors funds right from the hands of a Chapter 13 bankruptcy trustee! Florida attorney Carmen Deluttri analyzed a case where the debtor couldn’t afford his Chapter 13 payments, and the judge in the case therefore […]

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What you don’t want if you file for bankruptcy

By doug | Published: August 27, 2010

If you file a bankruptcy case, you probably don’t want it to end up like Joseph DiStasio’s. This debtor was the owner of two tree cutting companies in Quincy, but found his bankruptcy case on the front page of the Boston Globe this week. Most of you would think that was bad enough — seeing […]

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Everything people believed about the US economy has been turned upside down

By doug | Published: August 27, 2010

The US economy is on its own as federal stimulus programs start to expire. The federal tax credit for new home buyers expired in April, and sales of homes have all but collapsed by July — which should be the best season for real estate, at least historically. According to an article by Robert Gavin […]

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Will Park Seed grow again?

By doug | Published: August 26, 2010

The Park Seed Company, whose ubiquitous catalogs light up our winter evenings with dreams of summer gardens, has been sold at a bankruptcy auction. According to an article in Greenhouse Grower magazine, the South Carolina mail order seed company was purchased by a venture capital firm in Maryland. The purchase price was $13 million. In […]

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Mortgage relief program falling short of goals

By doug | Published: August 21, 2010

The New York Times is reporting that the federal “Making Homes Affordable Program” can only help one-sixth of the people it was intended to. The program, which encourages lenders to give trial loan modifications to embattled homeowners, flunked out 96,000 homeowners just in the month of July. Those numbers are leading some housing specialists to […]

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More people tapping into retirement accounts

By doug | Published: August 21, 2010

Fidelity Investments is reporting that more Americans are raiding their retirement savings to stave off eviction or foreclosure, pay for college, or buy a home. Early withdrawals from retirement savings jumped 38 percent in the second quarter, according to the Boston Globe. And the number of people borrowing money against 401(k) accounts is at a […]

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Debtors take it on the chin trying to get rid of second mortgages

By doug | Published: August 1, 2010

The Bankruptcy Code has a well deserved reputation for favoring consumers who litigate under it, but that doesn’t mean that consumer debtors win every case or every argument. A group of Florida debtors were handed a significant loss last week in their attempt to “strip off” second mortgages on their underwater homes. U. S. Bankruptcy […]

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