Category Archives: Bankruptcy News

Massachusetts foreclosures tick up, bankruptcies to follow?

By doug | Published: April 27, 2012

There was a big increase in both new and completed foreclosures in March 2012, perhaps portending a coming increase in bankruptcy filings. According to the Warren Group, which tracks real estate market activity, 850 Massachusetts properties were lost to foreclosure in March, an increase of 36% over the prior year. There were a whopping 1621 […]

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What do bankruptcy lawyers talk about when they get together?

By doug | Published: April 25, 2012

Ever wonder what a bunch of bankruptcy lawyers would hash over when they get together for a confab? Well, one of the largest meetings of bankruptcy lawyers starts on April 26th in San Antonio, Texas when the National Association of Consumer Bankruptcy Attorneys convenes its annual meeting. Some of the topics up for discussion are […]

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Another NFL quarterback needs to file for bankruptcy — this time it’s Warren Sapp

By doug | Published: April 23, 2012

Financial writer Michelle Singletary reported over the weekend that former NFL star Warren Sapp has filed a Chapter 7 bankruptcy case. Sapp was best known for quarterbacking the Houston Oilers in the days before the franchise moved to Tennessee. His financial troubles — which consumed the estimated $60M in paychecks he cashed as an elite […]

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Massachusetts church uses bankruptcy laws to stave off foreclosure

By doug | Published: March 21, 2012

The congregation of Roxbury’s Charles Street African Methodist Episcopal Church has authorized its leaders to file a Chapter 11 bankruptcy petition in order to stop foreclosure proceedings scheduled for later in the week. One of the leading churches in Boston’s black community, they need to use the bankruptcy law to try to restructure a balloon […]

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More problems with homes, trusts, Massachusetts homesteads, and bankruptcy

By doug | Published: March 16, 2012

Right after writing about the Stallworth case and the dangers of putting houses into trusts before filing a bankruptcy case — and telling the story of a Massachusetts man who lost a lot of home equity in bankruptcy court that way — there comes another Massachusetts bankruptcy case involving, you guessed it, trusts and the […]

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Snafu with bankruptcy costs Massachusetts debtor his home equity

By doug | Published: March 9, 2012

Massachusetts has a generous homestead exemption, which comes in handy when a homeowner needs to file a bankruptcy case. Typically, up to $500,000 can be declared “exempt,” bankruptcy lingo for “untouchable by the bankruptcy court or trustee.” But there are always exceptions, and one South Shore homeowner who filed bankruptcy in 2009 just found out […]

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Old debts might still result in bankruptcy court claims

By doug | Published: February 21, 2012

Just because a debt is as old as the hills doesn’t mean that a creditor can’t file a claim for it in bankruptcy court. How about a debt that everyone agrees is way past the statute of limitations? If the debtor is sued in a Massachusetts state court, she can use the statute of limitations […]

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Friendly’s emerges from bankruptcy with a new strategy

By doug | Published: February 15, 2012

The Friendly’s Ice Cream bankruptcy case is over. The restaurant chain emerged from Chapter 11 protection in January, 2012, after filing the case in October, 2011. Over 100 restaurants were shuttered as part of the case, typically an indication of too-high lease payments. The chain also will be using the benefits of the bankruptcy to […]

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Gary Busey is the latest celebrity bankruptcy

By doug | Published: February 14, 2012

It’s largely been overshadowed by the news of Whitney Houston’s untimely death, but actor Gary Busey filed for Chapter 7 bankruptcy last week The idea is not to unduly embarrass Busey, who joins a long parade of celebrity bankruptcies both recent and historical, but this filing is a bit of a cautionary tale. The actor’s […]

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Personal bankruptcy filings fall by 16% in Massachusetts

By doug | Published: February 13, 2012

The final tally for 2011 is in, and banking industry watchdog The Warren Group estimates that personal bankruptcy filings in Massachusetts dropped 16% compared to the previous year. That may make 2010 the high water mark for bankruptcy for all time. The drop was in line with the national figures, which also went down about […]

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