Category Archives: Practical tips

File Chapter 7 bankruptcy and skip the means test!

By doug | Published: February 10, 2012

There is a simple way to avoid filling out the means test when you are filing a Chapter 7 bankruptcy case. If a debtor has primarily business debts, there is no need to complete the means test! Or, to put it in more precise bankruptcy language, if a debtor has “primarily non-consumer debts,” just check […]

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Form 1099-A, foreclosure, and bankruptcy cases

By doug | Published: February 9, 2012

Recently the IRS has been sending out a blizzard of forms 1099-A to homeowners who lost their house to a foreclosure or short sale in 2011. Since so many homes have been lost this way in the Merrimack Valley and southern New Hampshire recently, a lot of folks have been getting them. The 1099-A Form […]

Also posted in Foreclosure, Taxes | Comments closed

Getting a tax refund? How it impacts a Chapter 7 bankruptcy case

By doug | Published: February 8, 2012

This is the season for tax refunds, and don’t think that the bankruptcy trustees don’t know it! Like sharks around a bucket of chum, there is little that can get a trustee into an excited frenzy like a debtor coming in to bankruptcy court with a sizable tax refund. But with a little knowledge and […]

Also posted in Exemptions, Taxes | Comments closed

What’s IN your bankruptcy? Everything had better be IN your bankruptcy!

By doug | Published: February 6, 2012

This may be included in the realm of misguided terminology, but I often get comments from my bankruptcy clients that sound something like this: “I didn’t know my cars were IN the bankruptcy.” Or, “I thought we were keeping the house out of this bankruptcy.” These statements are grating on my ears (they would be […]

Also posted in Exemptions, The Bankruptcy Code | Comments closed

What will filing for bankruptcy do to your credit score?

By doug | Published: January 27, 2012

It may sound obvious but most people contemplating bankruptcy are behind on their bills, and have rapidly deteriorating (or bottomed-out) credit scores. But everyone who contemplates filing a bankruptcy case is entitled to consider what impact the case will have on their lives going forward. When it comes to credit scores, there are a lot […]

Also posted in Credit cards | Comments closed

A fascinating look at America’s abusive debt collectors

By doug | Published: January 23, 2012

Here’s a short bit from a fascinating article by Gary Rivlin in Newsweek about the underbelly of the debt collection industry: David Mullins is one of the unlucky ones. For Mullins, a 57-year-old from the Baltimore area who lays cable for Comcast, the nightmare began when the financing arm of General Electric mistakenly hit him […]

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How to keep a Chapter 13 bankruptcy trustee happy

By doug | Published: January 17, 2012

If you are filing for bankruptcy, one thing you might want to keep in mind is your upcoming relationship with the trustee assigned to the case. Although debtor-trustee relationships are sometimes combative, they don’t have to be, and usually aren’t. All in all, debtors fare better, and things go smoother, when the trustee is in […]

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Bankrupts beware! Lenders are increasingly claiming security interests

By doug | Published: January 16, 2012

The purpose of filing a consumer bankruptcy case is pretty obvious; to eliminate debts that can’t be paid, so that the debtor can receive a financial “fresh start.” That ideal is compromised, however, when debts don’t go away despite filing the case. Sometimes this is a matter of public policy (e.g. the current law on […]

Also posted in Secured loans | Comments closed

Who are ANJ Corp., Midland Funding, LVNV Associates, Portfolio Recovery,and why are they suing me?

By doug | Published: January 6, 2012

Imagine getting a knock on the door and finding a deputy sheriff outside. He hands you a fat envelope and departs without much formality. You’ve been sued. If you’ve fallen behind on your debts, chances are its a creditor who’s suing you. But when you look over the paperwork, the plaintiff is a name you […]

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Forgetting your financial management course could cost debtors a bundle

By doug | Published: December 15, 2011

Since BAPCA was passed in 2005, consumer debtors filing bankruptcy cases have been required to take post-filing classes in financial management (a.k.a. budgeting, or what old grumps like me knew as “home economics”) before getting a discharge of their debts. Most debtors take these “courses” in a single session, either online or over the telephone. […]

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