HAMP, the Home Affordable Modification Program which can modify a mortgage, is no way to avoid bankruptcy. It’s a heart-breaker. It builds up false hopes and then destroys them. That’s my conclusion from reading the new Congressional Oversight Panel report. I haven’t written on HAMP because I’ve questioned its relevance to bankruptcy, but a number of clients [...]
L. Jed Berliner, Springfield, MA Bankruptcy Attorney
You can use your state exemptions to protect assets. If your state law permits, you can choose to use federal exemptions instead. Can you use both? The Massachusetts homestead will protect $500,000 of home equity. It protects your family, not just you. For example, your ownership interest is protected if your children reside in the home [...]
You want to protect all of your home, car, or other non-cash asset but exemptions are limited to fixed dollar amounts. The Supreme Court says you can. Exemptions are stated in fixed dollar amounts. Protecting your home can be difficult because it is hard to value. You do the best you can, but there’s always some risk that a trustee will get a [...]
Are you responsible for a credit card supplied and reimbursed by an employer? The answer is often “yes”, which leads to painful complications. You are very likely responsible if you signed the credit card agreement. Another warning sign is if you must pay the bill and then get reimbursed. If it shows up on your credit report, [...]
You’re told you need to “affirm” or “reaffirm” your mortgage loan to keep your home despite your bankruptcy. Don’t do it. Here’s why. First, I’ll put on my lawyer hat. It’s called “reaffirm”, although it’s a weird word and people often only remember “affirm”. It means that you want to re-agree to the loan agreement after [...]
Incomplete notary acknowledgment can destroy a mortgage’s enforceability against third parties
