Who should file for bankruptcy? Here in Massachusetts, here are some common scenarios I see: You are trying to keep debts current but are borrowing money from one card to pay other (robbing Peter to pay Paul). You are trying to keep debts current by using your savings but can see the day approaching when [...]
May 2009
As Doug Jacobs notes, Congress has passed significant Credit Card Reform legislation. The Federal Reserve Board had previously required some reforms, not effective until the summer of 2010. The Fed rejected requests from Congresspeople to move up that date, so they can still impose retroactive interest rate increases, among other things. It is unfortunate that [...]
In a chapter 13 case, you have to propose a monthly payment to repay your creditors, at least in part. Most chapter 13 payment plans last for either 36 or 60 months. You might think this is a long time to commit to making a monthly payment. Or, you might even wonder if it’s even [...]
Much has been written about maintaining your credit report and your credit score. Credit reports are free (once per year) by Federal law and it is easy to set up a system of monitoring them. However, you still have to pay to obtain the point score. But another point of view is that your credit [...]
Since July 1, 2007, Connecticut has recognized a $3,500.00 exemption in automobiles. Many websites out there (including some maintained by Connecticut lawyers) miss the fact that the exemption amount increased from $1,500.00 to $3,500.00 mearly two years ago. An exemption in an automobile (or truck) is calculated by taking the market value of the vehicle [...]
Or stated another way; “Does a rate reduction help your finances?”  Not all refinances are a good idea.  Even a refinance solely to reduce your interest rate can be a losing proposition.  You have to consider how long it will take to recover the cost of a refinance. A small sacrifice now can mean big money [...]
