January 17 is Martin Luther King Day, but unlike many, I won’t be “off” from work. I’ll be presenting at and attending the ABI’s Northeast Consumer Winter Conference at Suffolk University Law School in Boston. I can understand how it might seem disrespectful to be attending a conference on a day when we should be celebrating the life of a civil rights leader. But it is also, I think, particularly fitting. Let me explain…
Archive for the ‘Chapter 7’ Category
To Reaffirm or not Reaffirm: That Really Is The Tough Question
Sunday, November 21st, 2010
Chapter 7 debtors who have debt that is secured by property have a number of options, and among them is reaffirmation. A simple way of describing it: when a debtor reaffirms a debt, they are removing the debt from the bankruptcy and are agreeing to pay it. Such agreements – to be enforceable – must be reduced to writing and approved by the Bankruptcy Court. But since 2005, when Congress amended the Bankruptcy Code, attorneys who represent chapter 7 debtors have been struggling with a dual rule: that of attorney and counselor, and that of judge.
The Light at End of the Tunnel
Friday, November 12th, 2010
With the midterm elections over, I am left to wonder: how will the new Congress help struggling Americans who face losing their home. Will there be better and more streamlined mortgage modification programs? Will there be a shift in the economic climate that will promote jobs growth? Will Congress again take up the debate of amending the bankruptcy code to allow owners of single family residences to modify their loans in chapter 13?
I am not optimistic.
Law & Propaganda
Saturday, September 25th, 2010
20/5 Redux: Thoughts on When to “Walk Away”
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.
Yet Another Reason to Avoid the Rip-Off of Debt Settlement
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.
Debt: The Prices You Pay
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.
Still Think You Can File Bankruptcy Without An Attorney?
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.
Another Road to Failure: How Do I Qualify for Bankruptcy?
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?”
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 »