Archive for the ‘Chapter 13’ Category
Tuesday, August 31st, 2010
A rather interesting decision has come out of the Bankruptcy Court for the Northern District of Texas at Dallas. The decision is only 4 pages, but in addition to quoting Janis Joplin, it speaks to something that debtors need to hear, that people thinking about bankruptcy need to hear, and that attorneys practicing in bankruptcy court sometimes need to be reminded of.
While the decision follows this blog, I’ve filled in the lines a bit by looking at the public records and bringing in some additional facts.
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Tags: Automatic Stay, Automobiles, Chapter 13, Cure and Maintain Agreements
Posted in Bankruptcy, Chapter 13 | No Comments »
Monday, August 30th, 2010
In July 2009, I blogged about “Things I Won’t Do” which includes taking what I know will be someone’s last buck to file a bankruptcy case that I know will fail… and there seems to be this level of agnst that I cannot help them. I’ve received a few calls lately from folks who have not read it. So I’m posting it again with the reminder that I’m in the business of helping people move forward in their lives.
Or as I said recently to someone, “I’m a bankruptcy lawyer. I cannot turn water into wine.”
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Tags: bankruptcy attorney, Boston bankruptcy attorney, foreclosures, Massachusetts Bankruptcy Attorney, Plan B
Posted in Bankruptcy, Chapter 13 | 1 Comment »
Thursday, August 26th, 2010
This was first posted in March 2008. More than two years later, the housing market is still in the pits, and more folks are opting to simply walk away from real estate they can no longer afford. Little has changed. And I dare say, it’s getting worse (although those seeking relection this year might want to disagree). If you own a condo or are in a homeowners association, the 2005 changes to the Bankruptcy Code force you to take some new issues into consideration.
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Tags: BAPCPA, Discharge of Debts, Homes, homesteads and real estate, Mortgages and Foreclosures, Walking Away
Posted in Bankruptcy, Chapter 11, Chapter 13, Chapter 7, Foreclosures and Real Estate | No Comments »
Thursday, August 19th, 2010
I was recently retained by a client who – like many people struggling nowadays – tried to tackle their mounting financial problems by going to a debt settlement company. I’ve said it once, and I’ll say it again: debt settlement companies are a rip-off. The proof is in how empty my client’s wallet is now, and where my client is now.
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Tags: attorneys, Chapter 13, Chapter 7, credit, Credit and Debt, credit card, Debt Settlement or Consolidation, discharge, Discharge of Debts, Petition Preparers and Fees, Pre Bankruptcy Planning and Strategy, Rip Offs
Posted in Bankruptcy, Chapter 13, Chapter 7, Debt Settlement or Consolidation | 2 Comments »
Tuesday, August 17th, 2010
Some Massachusetts homeowners have this peculiar belief that a homestead declaration is the legal equivalent of a real Chinese fire wall (i.e., with flames). That it keeps creditors at bay, allowing you to live in bliss in your home until you die or get sick of it and want to move on to a greener patch of grass. That’s not entirely the case. Not all debts are covered and not all creditors can be kept at bay. If you’re up to your eyeballs in debt, relying on the Homestead Declaration and only on the Homestead Declaration to keep your home from creditors will lead you to an unhappy and mythical place I call the Valley of Disappointment.
I came up with the Valley of Disappointment because I thought it seemed like a humourous metaphor But then, just to be safe, I did a websearch and just want to caution my readers not to confuse my mythical and metaphorical Valley of Disappointment, with Disappointment Valley which is: (1) a real valley located in Colorado; as well as (2) a documentary which according to IMDb “examines the plight of America’s wild horses and the rapidly deteriorating condition of our wild Public Lands.” Any similarity between my imaginary Valley and the real thing or the movie is totally unintentional and accidental…and kind of scary.
I envision the Valley of Disappointment as a place where none of the stores are open when you need them to be, and those that are all have the products you don’t want at prices you can afford, and products you need at prices that shock the conscience. I envision it as a place where the traffic lights stay green for only three seconds before they jump to red, where they stay for 3 minutes. It’s a place where things just don’t go your way, and you feel pretty powerless to do anything about it. It’s generally always cloudy or rainy. The street signs are all confusing, and it can be tough to navigate your way through it or out of it. Sometimes you just don’t know how you got there. Other times you do, and that knowledge can sometimes make it all worse. But enough about what I envision about the Valley of Disappoitment… I was talking about Homestead rights:
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Tags: Discharge of Debts, Homes, homesteads and real estate, Lien Stripping, modification, Modifications and Workouts, Pre Bankruptcy Planning and Strategy, taxes, Valley of Disappointment
Posted in Bankruptcy, Chapter 13, Consumer Rights, Foreclosures and Real Estate | No Comments »
Wednesday, August 4th, 2010
Some espouse the belief that if you’re up to your eyeballs in debt, it’s better to eat beans and rice for weeks, months and years until the debt is paid. I won’t mention names. This isn’t about them. While it’s pretty indefensible to live a lifestyle you cannot afford at the expense of creditors, it’s even worse to lead a lifestyle that can be downright counterproductive and harmful when you’re trying to pay your creditors. There’s being “super frugal” and then there is being “stupid frugal.” So today, I want to cover a few things I’ve noticed people doing while they are trying to pay down their debt. I sharing my observations, but I think it’s good if you consider it food for thought.
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Tags: Bankruptcy, Chapter 13, Chapter 7, Credit and Debt, Debt Settlement or Consolidation, Discharge of Debts, Yep. We're in trouble.
Posted in Bankruptcy, Chapter 13, Chapter 7, Debt Settlement or Consolidation | 2 Comments »
Tuesday, July 27th, 2010
Even though I have written and spoken publicly about the perils of representing oneself in bankruptcy, people still do it. I recently came across a case where a lawyer – with a boatload of legal problems – was sanctioned for essentially abandoning his clients during a bankruptcy case. But I’m not writing about that lawyer or what he did that got him into so much hot water with the Bankruptcy Court. Rather, what I write about today is what District of Massachusetts Bankruptcy Judge Melvin Hoffman had to say about the bankruptcy process, and the role of a debtor’s attorney. So if you’re still thinking you can or should go through the bankruptcy process alone, take a few minutes and read this.
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Tags: attorneys, Petition Preparers and Fees, pro se
Posted in Bankruptcy, Chapter 11, Chapter 13, Chapter 7 | 1 Comment »
Friday, June 4th, 2010
Once again, the misinformation about bankruptcy permeates the world wide inter-webs like a smelly fart on a school bus in the summery humid weather like we’re having here today in Boston. But since analyzing this “information” is almost like shooting fish in a barrel, I’m able to take some time and again grade this really bad article entitled: “How Do I Qualify for Bankruptcy?”
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Tags: Means Test, US Trustee
Posted in Bankruptcy, Chapter 13, Chapter 7 | 1 Comment »
Birds flying high, You know how I feel
Back in September, I blogged about the conflict that exists with the rights of married same gender spouses to file a joint bankruptcy petition, and the conflict posted by what I have no problem calling the politically and legislatively ill-conceived Defense of Marriage Act. I felt then that it was – to get a bit personal here - another betrayal by the Clinton Administration (the first being “Don’t Ask/Don’t Tell”).
And just a few weeks ago, I met with a debtor contemplating bankruptcy who wanted to file a joint bankruptcy petition with his same-sex spouse. I advised him that he had two choices: one, is that he could focus on getting the relief from the debt that he had and work towards getting his discharge and getting on with his life. That meant separate petitions, separate cases, separate docket numbers.
Or the other: he and his husband could hunker down, prepare for a long (and not an altogether inexpensive) legal battle that may – or may not – end up at the U.S. Supreme Court – and he could revel in proving a point (although I can think of few bankruptcy debtors who by the time they arrive at the steps of any US Bankruptcy Court actually feel that they need to prove a point… other than the one that is rather obvious). Ultimately, same sex married couples have not enjoyed the benefit of filing a joint bankruptcy petition because the Defense of Marriage Act precluded such joint filings by same sex spouses.
But today, I’m feeling good. (more…)
Tags: Commentary - Legal, Consumer Rights, Defense of Marriage Act (DOMA), Joint Debtors
Posted in Bankruptcy, Chapter 11, Chapter 13, Chapter 7, Consumer Rights | 1 Comment »