The June 2009 issue of The Atlantic magazine contains an interesting article on bankruptcy, Sink and Swim by Megan McArdle. The subtitle and thesis of the article is “Bankruptcy helps the undeserving—and that’s the way it should be.” Ms. McArdle argues that attempting to make a “fair” (read “harsh”) insolvency system misses the mark. She [...]
May 2009
My clients lately are so down on themselves that they insist on worrying that the bankruptcy trustee will strip them of everything, their home, their car, their consulting practice. Not so, I repeat, and repeat. FIrst of all, the bankruptcy trustee is only interested in assets that have net equity. So, the trustee is not [...]
Today, one in five homes in America are worth less than their mortgage balances. Research shows that in many areas of the nation, formerly “real estate rich” people are drastically underwater. They have little incentive to keep paying their mortgages and mortgage lenders are facing increasing risks of walkaways and foreclosure. From the Wall Street [...]
Almost every foreclosure complaint filed includes a “lost note count.” The plaintiff, which is usually a bank you never heard of in connection with your loan, is claiming that it had the original promissory note but lost it. This is a lie, and an expert foreclosure defense attorney will be able to uncover the lie. [...]
Much has been written on this blog about the two different types of budgets required in many bankruptcy filings. If your average income – calculated by looking at your household earnings for the six months prior to the month of filing – is over the “median income” for a similarly sized family in your State, [...]
The Massachusetts Bankruptcy Court recently issued three new standing orders. The first order allows limited (un-bundled) representation of debtors in pro bono bankruptcy case. The second requires that stipulated provisions which could lead to automatic dismissal or relief from the automatic stay be set forth conspicuously, in bold, uppercase type. The third allows secured creditor [...]
