Category Archives: Bankruptcy
What are the legal steps that a mortgage lender has to satisfy in order to properly foreclose on my home in Massachusetts?
Initially, one must understand that Massachusetts is one of the states that allows a mortgage lender to avoid filing suit in court to obtain approval to foreclose, etc. For this reason, Massachusetts is known as a “non-judicial foreclosure” state. Mortgage lenders in Massachusetts almost always have what is known as the “power of sale” in […]
1 Nov 2014 Maybe. First, the good news; although difficult, eliminating tax debt in bankruptcy is possible and very beneficial. Tax debt grows quickly and can hang over you for what seems like an eternity. The government also enjoys collection powers that other creditors do not. So, obtaining a discharge from tax debt can give […]
18 October 2014 A creditor files suit against you for a debt owed. It eventually obtains a judgment and then an execution. You learn that the creditor is seeking to give the sheriff the execution to have him levy against your vacation home and force its sale to satisfy the judgment. Just before the sale takes […]
9 June 2014 Answer: As a general rule, no, but under the right circumstances and depending on the actions of the lender, there could be a possibility. Many consumers mistakenly believe that their mortgage lender will automatically take their home if they simply stop paying. Although it is by far the most likely result, there […]
8 May 2014 Answer: Do not panic as claims are a normal part of the process. However, it is very important to, and you must if you want to preserve your rights, object to the entire claim or the amount of the claim, if you have adequate grounds. Claims establish the “rights of a creditor […]
23 March 2014 A significant and potent weapon in the arsenal of foreclosure defense litigants and attorneys was curtailed greatly earlier this month by the Supreme Judicial Court of Massachusetts with its decision U.S. Bank, N.A. v. Schumacher. The question was whether Mass. Gen. Laws c. 244 § 35A was one of the statutes […]
After my chapter 13 plan is confirmed, what happens if an asset I have increases in value and I want to sell it and use the proceeds?
3 February 2014 Answer: The whole picture changes and you have to account for the increase in the asset’s value, among other things, so you may want to think very hard before taking that path. Your chapter 13 plan is moving along and your plan has been confirmed, that means it has been accepted and […]
13 December 2013 There are many requirements to a demand letter (and we will touch on only one of them in this post). The point to keep in mind is that it is not just a letter, it is a unique, special letter that if done properly triggers the obligations and protections afforded by the […]
I filed for bankruptcy and my credit union has frozen my bank account and seeks to “set off” the funds because of an outstanding balance on my credit union credit card, what can I do?
2 December 2013 There may be hope. Initially, we will cover some history on the subject. Although it seems credit unions and bank have not tried this much in Massachusetts, in the past a credit union generally had a right to administratively freeze a bank account to prepare to seek a set off to collect […]
2 August 2013 Quick Answer: A lot. The filing fee is $1,046.00, administrative costs will likely be thousands, and one can expect to pay five figure amounts in attorneys’ fees. Further, there are costs that can be unexpected that make a precise estimate impossible, one which is discussed below, but first, a brief introduction. Frequently […]