Bankruptcy

So You Think It's a Good Time to Buy a House?

Posted on January 12, 2009
Contrary to what you may hear in advertisements, 2009 may not be a good time to buy a home unless you are planning on living there for several years. This bit of news is not actually a huge shock for me, but it is not helpful for several of my clients whose success depends ? at the very least ? on people buying real estate in 2009...

So You Think It's a Good Time to Buy a House?

Posted on January 12, 2009
Contrary to what you may hear in advertisements, 2009 may not be a good time to buy a home unless you are planning on living there for several years. This bit of news is not actually a huge shock for me, but it is not helpful for several of my clients whose success depends ? at the very least ? on people buying real estate in 2009...

Mortgage Modification Legislation Update: Citigroup Supports the Bill

Posted on January 08, 2009
Big news out of Washington, from the Washington Post: Financial giant Citigroup Inc has agreed to support a controversial rewrite of U.S. bankruptcy law aimed at helping troubled mortgage borrowers, three Democratic senators said on Thursday. Senators Richard Durbin of Illinois, Charles Schumer of New York and Christopher Dodd of Connecticut said the legal reform would help "millions of families save their homes...

Mortgage Modification Legislation Update: Citigroup Supports the Bill

Posted on January 08, 2009
Big news out of Washington, from the Washington Post: Financial giant Citigroup Inc has agreed to support a controversial rewrite of U.S. bankruptcy law aimed at helping troubled mortgage borrowers, three Democratic senators said on Thursday. Senators Richard Durbin of Illinois, Charles Schumer of New York and Christopher Dodd of Connecticut said the legal reform would help "millions of families save their homes...

To access this complete feed in the blog feed reader login or register for free.

Keep the Bankruptcy Option on the Table

Posted on January 06, 2009
The new Congress will be introducing legislation that will allow homeowners in bankruptcy to "cram down" their mortgages on their principal residences. When a home is worth less than the amount owed on the mortgage (or as I typically see, mortgages), a cram down will enable the homeowner to reduce the amount owed to the value of the property...

Keep the Bankruptcy Option on the Table

Posted on January 06, 2009
The new Congress will be introducing legislation that will allow homeowners in bankruptcy to "cram down" their mortgages on their principal residences. When a home is worth less than the amount owed on the mortgage (or as I typically see, mortgages), a cram down will enable the homeowner to reduce the amount owed to the value of the property...

2009: Perchance to Dream

Posted on December 31, 2008
New Years is a time when many make resolutions. Some resolve to quit smoking. Some resolve to lose weight. The list of resolutions is endless. Personally, I think many resolutions are pretty useless. I didn?t stop smoking because of a resolution (but I did quit...

2009: Perchance to Dream

Posted on December 31, 2008
New Years is a time when many make resolutions. Some resolve to quit smoking. Some resolve to lose weight. The list of resolutions is endless. Personally, I think many resolutions are pretty useless. I didn?t stop smoking because of a resolution (but I did quit...

Furnishing Tax Returns to Creditors

Posted on December 29, 2008
Among the changes to the Bankruptcy Code was the added requirement that debtors provide a copy of their federal income tax return/transcript to trustees, and if requested, creditors. The code provides that the case shall be dismissed if the returns are not disclosed timely manner...

Furnishing Tax Returns to Creditors

Posted on December 29, 2008
Among the changes to the Bankruptcy Code was the added requirement that debtors provide a copy of their federal income tax return/transcript to trustees, and if requested, creditors. The code provides that the case shall be dismissed if the returns are not disclosed timely manner...

Christmas 2008

Posted on December 24, 2008
The last time I wrote a Christmas blog was 2006. While trying to gather my thoughts this Christmas, I re-read that blog entry. After reading it, I decided it was best to simply point to it. The message is the same. The reasons why I wrote it then have not really changed...

Christmas 2008

Posted on December 24, 2008
The last time I wrote a Christmas blog was 2006. While trying to gather my thoughts this Christmas, I re-read that blog entry. After reading it, I decided it was best to simply point to it. The message is the same. The reasons why I wrote it then have not really changed...

A Difference We Can Make This Holiday and in the Years Ahead

Posted on December 16, 2008
When I was in my third year of law school, I adopted two female kittens from a local shelter: Annie, a 9 month old yellow short hair, and Cissie, a 6 month old grey and brown tabby. Their impact on my life has been immeasurable. Annie had these big, brown, doe-like eyes...

Patrick Administration Provides New Resource to Assist Tenants Impacted by Foreclosure

Posted on December 16, 2008
FOR IMMEDIATE RELEASE BOSTON ? December 9, 2008 ? As part of the Patrick-Murray Administration?s ongoing response to the foreclosure crisis, the Executive Office of Housing and Economic Development and the Office of Consumer Affairs and Business Regulation, with support from Massachusetts Housing Partnership, released a brochure outlining the rights and responsibilities of tenants living in foreclosed buildings...

A Difference We Can Make This Holiday and in the Years Ahead

Posted on December 16, 2008
When I was in my third year of law school, I adopted two female kittens from a local shelter: Annie, a 9 month old yellow short hair, and Cissie, a 6 month old grey and brown tabby. Their impact on my life has been immeasurable. Annie had these big, brown, doe-like eyes...

Patrick Administration Provides New Resource to Assist Tenants Impacted by Foreclosure

Posted on December 16, 2008
FOR IMMEDIATE RELEASE BOSTON ? December 9, 2008 ? As part of the Patrick-Murray Administration?s ongoing response to the foreclosure crisis, the Executive Office of Housing and Economic Development and the Office of Consumer Affairs and Business Regulation, with support from Massachusetts Housing Partnership, released a brochure outlining the rights and responsibilities of tenants living in foreclosed buildings...

A Holiday Shopping Tip (or Warning)

Posted on November 26, 2008
With Black Friday soon upon us, and the holiday shopping season, I want to get a message out to those folks who are struggling. Perhaps there are folks who know they are going to lose their jobs after the New Year. Perhaps there are folks who have been using credit to get by and now see a bankruptcy petition on the horizon...

Why Bankruptcy Lawyers Require Fees Before Filing

Posted on November 25, 2008
There really is a good reason. And to help prove my point, I turn to an October 2008 decision out of the US Bankruptcy Court for the Eastern District of Pennsylvania: In re Mansfield. In that case, the court was called upon to ask what it viewed as a ?deceptively simple question:? may an attorney who charges a ?flat fee? for services pursue the uncollected balance due? In this case, the attorney charged a flat fee for preparing the necessary documents and schedules, but also for attending the first meeting of creditors (which occurs after the case is filed)...

When Things Go Very Wrong

Posted on November 24, 2008
Last week I received a phone call from someone who wanted to know about the status of a bankruptcy case. It was not their bankruptcy, rather the case of another person. Apparently, the caller was a creditor of the bankruptcy debtor. The caller had a case pending in state court and wanted to know if the claim was discharged in the bankruptcy...

Today's News...

Posted on November 11, 2008
FHFA announces a mortgage modification progam. Details are here. More here. Time will tell if this is just more hoopla. Citigroup announces a moratorium on foreclosures in certain circumstances: It said it won't begin a foreclosure or complete a foreclosure sale on a home on which it owns the mortgage so long as the borrower wants to stay in the home, which is his or her principal residence; "is working in good faith with Citi, and has sufficient income for affordable mortgage payments...

November 11: Today We Remember

Posted on November 11, 2008
"Today we remember and honor the past service of America's veterans, and today we renew our commitment to meet the challenges of America's future for which they gave so much. Almost two centuries ago, Daniel Webster said in his dedication of the monument at Bunker Hill: 'There remains to us a great duty of defense and preservation, and there is open to us also a noble pursuit to which the spirit of the times strongly invites us...

What's Your House Worth?

Posted on November 09, 2008
When I confer with a client who is facing the prospect of bankruptcy to protect their home, I have many important questions. One of them is ?what is the value of your home?? The answers are usually varied, and in most recent situations, clients have only old or not useful information...

Hope is Not a Strategy

Posted on November 03, 2008
In the last several months, people in precarious financial circumstances who are either facing bankruptcy or are already in bankruptcy are basing their financial recovery strategy on one thing: hope. They hope the mortgage company will work with them...

Changing Chapter 13: Some Facts on the "Pandora's Box"

Posted on October 23, 2008
There?s been some press about a proposed change to chapter 13 that would permit debtors to modify the mortgages on their primary residence. Yesterday, I attended the briefing at the State House given by Rep. William Delahunt where the need for the legislation was discussed...

Pop-Financial-Guru: My Take on Dave Ramsey

Posted on October 22, 2008
I?ve often wondered why people wait so long before they file bankruptcy. Like, for example, wait until the morning that their house is scheduled to be auctioned. Wait until they know the tow-truck is coming to take their car away. Then, I wondered if Pop Culture?s Financial Gurus had anything to do with it...

Debtor Can't Reopen Case to Enforce Discharge. Yet.

Posted on October 15, 2008
In an October 3 decision, a Massachusetts Bankruptcy Court ruled that a debtor could not reopen her chapter 7 bankruptcy to commence an adversary proceeding to enforce the discharge. The debtor was involved in an auto accident in 2003 which resulted in the death of another person...

US Trustee and Capital One Reach Settlement

Posted on October 02, 2008
From the US Trustee Program press office: The U.S. Trustee Program (USTP or Program) announced today that it has entered into a settlement agreement with Capital One Bank (USA) N.A. (Capital One) that, if approved by the United States Bankruptcy Court for the District of Massachusetts, will resolve USTP allegations that Capital One sought to collect debts that had been discharged in prior bankruptcy cases...

Hey, I'm just the messenger...

Posted on October 01, 2008
As the Senate begins to vote on the bailout, and as Washington and even some local leadership continues its campaign of fear mongering support, here's some food for thought, courtesy of the good folks over at Calculated Risk: As of Sept 30th, the national debt was $10,024,724,896,912...

Good Faith and Bad Art

Posted on September 29, 2008
In bankruptcy, good faith is a lot like good art. It is difficult to describe, but you know it when you see it. The same can be said with bad faith. A recent chapter 13 case out of the 9th Circuit illustrates that point. The debtor filed a chapter 13 case in August 2004...

Mortgage Modification Update: Not so Hopeful

Posted on September 18, 2008
Are you hoping that your mortgage company will "work with you" and modify your loan? Good luck. On August 12, there was a Free Foreclosure Prevention Workshop at Gillette Stadium. I have heard a number of different perspectives from people who attended...

Bloggers, promote your law blog by nominating your blog for inclusion in USLaw.com's Law Blog Directory and RSS Reader. Benefits described.