Category Archives: Chapter 13

What is the minimum amount of debt required to file for bankruptcy?

By doug | Published: March 7, 2010

A very common bankruptcy question concerns the minimum debt levels required to file a case. There aren’t any. The bankruptcy code has no formal cutoff points for filing a case under any chapter. Many folks are often confused about this because they have read about tough new requirements that Congress enacted in 2004 to try […]

Also posted in Chapter 7, The Bankruptcy Code | Comments closed

Foreclosures slowing down in Massachusetts?

By doug | Published: March 3, 2010

The Warren Group, peripatetic observers of the Massachusetts real estate lending scene, report that the number of foreclosure petitions filed in Massachusetts in January was the lowest monthly level in a year. Foreclosure deeds, however, have risen to a four year high. A foreclosure deed is recorded at the end of the foreclosure process, after […]

Also posted in Bankruptcy News, Real estate | Comments closed

No fooling – Chapter 13 debt limits set to rise on April 1st

By doug | Published: March 1, 2010

It’s not an April Fool’s joke — the debt limits for Chapter 13 cases are scheduled for a periodic increase. Effective April 1, 2010, the upper limits for debtors considering Chapter 13 will be $1, 081, 400 of secured debt, and $360, 475 of unsecured debt. This represents about a 7% increase over present levels. […]

Posted in Chapter 13 | Comments closed

Can we fix the homeowner default trap?

By doug | Published: March 1, 2010

An excessive rate of home foreclosures has bad consequences all the way down the line — the homeowner eventually has to move out, property taxes don’t get paid, so the town or city starts going broke, the banks have excess inventory of homes that can’t be sold, which drives prices down even further. Buildings go […]

Also posted in Real estate | Comments closed

Is there any way out of this awful cell phone contract?

By doug | Published: February 23, 2010

While it is seldom the driving reason to file a case, consumers should be aware that the bankruptcy code offers them a way out of onerous multi-year cellular telephone contracts. Whenever a bankruptcy case is filed under either Chapter 7 or 13, the debtor has the option of listing “executory contracts” on schedule G of […]

Also posted in Chapter 7 | Comments closed

Means test may not apply to cases converted to Chapter 7

By doug | Published: February 17, 2010

Since 2005, consumers wishing to discharge their debt through a Chapter 7 bankruptcy case have had to first prove their eligibility by passing a “Means Test,” which is a set of onerous forms attached to the bankruptcy petition designed to figure out whether the debtors have above-average income for the state they lives in. Consumers […]

Also posted in Chapter 7 | Comments closed

Tax refunds in New Hampshire, redux

By doug | Published: February 9, 2010

The United States Bankruptcy Court for the District of New Hampshire has reinforced its viewpoint that in Chapter 13 cases, income tax refunds belong to the trustee, and not the debtors. The latest twist involves low income debtors who file Chapter 13 cases. Typically, they will file a plan to pay down their debts over […]

Also posted in Taxes | Comments closed

Will Scott Brown help you get a loan modification on your mortgage?

By doug | Published: January 26, 2010

The surprise election of Scott Brown to the open Senate seat in Massachusetts certainly has set the political commentators abuzz. Most debate and analysis has focused on what Brown’s election may mean for the administration’s hopes for health care legislation. What has received no attention at all — at least that I’m aware of — […]

Also posted in The Bankruptcy Code | Comments closed
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