Category Archives: Secured loans

Stripping liens in bankruptcy court . . . or maybe avoiding them

By doug | Published: July 20, 2012

If you are a debtor in bankruptcy court, stripping could be a very profitable thing . . . stripping off liens from your property, that is. But it might not be the only bankruptcy strategy to get rid of pesky liens. Avoidance could work well, too. California bankruptcy law guru Cathy Moran has written a […]

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The most useless bankruptcy form

By doug | Published: July 17, 2012

Here’s my nomination for the most useless bankruptcy form that has to be routinely submitted to a court during the course of a bankruptcy case: The “Chapter 7 Statement of Intention.” In a Chapter 7 case, this is where the debtor makes a declaration of what he proposes to do about his secured debts — […]

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Court rules that debtors can strip off liens with a Chapter 7 bankruptcy case

By doug | Published: June 14, 2012

Consumers in Georgia and Florida got a big boost from the Eleventh Circuit Court of Appeals in Atlanta (left) recently, when that court became the first appellate level body to approve — and the first to even discuss — lien-stripping in Chapter 7 bankruptcy. The topic has caused controversy among bankruptcy judges for decades. The […]

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When consumer bankruptcy laws let you lower your car payments — and when they don’t

By doug | Published: June 11, 2012

Is it really possible that filing a bankruptcy case could reduce your car or truck loan, in addition to any other benefits? The short answer is “yes, but.” Yes, but there are many restrictions that stand in the way of a debtor that wants to try this. First off, filing a Chapter 7 case won’t […]

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Massachusetts bankruptcy court slices claim based on usury laws

By doug | Published: June 4, 2012

Since bankruptcy lawyers work all day in the world of debt and shady loans, you would think they would come across violations of the usury laws, concerning illegally high interest rates, all the time. You would be wrong. For some reason, although millions of people file bankruptcy every year, invocations of state usury law is […]

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What happens if you file for bankruptcy and no one wants their collateral back?

By doug | Published: May 4, 2012

When an individual files a Chapter 7 bankruptcy case, one of the decisions they have to make is whether they want to keep property that is collateral for a loan, or to give it back to the lender. The best example is an auto loan: a debtor filing bankruptcy can choose to keep paying the […]

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Should you go into bankruptcy to cram down your car loan?

By doug | Published: April 2, 2012

Think about this scenario for a minute: Things haven’t been going well lately, and debts are pressing on you. Bankruptcy may be an option, not your first choice to be sure, but its out there, and the bills collectors have been closing in fast. You have an older car you bought a few years ago […]

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Sharp eyed bankruptcy trustee invalidates a recorded mortgage

By doug | Published: March 15, 2012

A recent dispute between a bankruptcy trustee and Citi Mortgage that went to bankruptcy court in Boston shows just how sloppy the mortgage industry got during the heady days of the real estate boom in the mid-2000s. Bankruptcy trustee Marc DiGiacomo filed a motion to eliminate a mortgage on a debtor’s home because it wasn’t […]

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Tied down by liens? What the bankruptcy code can do about it

By doug | Published: February 16, 2012

Tied down by liens on your property? If your financial situation has deteriorated to the point where you would consider filing a bankruptcy case, take heart. In some cases, the liens can be eliminated as part of the case. But there are rules and limits to this. The first method of getting rid of liens […]

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Why you may be better off filing for bankruptcy than getting a loan modification

By doug | Published: January 18, 2012

Hoping to modify your mortgage this year? The last thing this blog is about is killing hope, but good luck with that. Why are mortgage modifications so hard to get, in Massachusetts and elsewhere? Because your mortgage servicer really doesn’t want you to succeed! Amazing, but true. And that proposition now has some academic backing, […]

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