http://ssanjaylawoffice.com/blog News, information and resources about filing consumer bankruptcy in Massachusetts by Sanjay Sankaran, Esq. Thu, 18 Feb 2010 19:55:19 +0000 http://backend.userland.com/rss092 en Frequently, bankruptcy debtors find themselves in the position of spending more than the amount of their earnings. Such situations are not unusual in a Chapter 7 liquidation case and are in fact the reason the debtor must file bankruptcy, because they cannot afford a repayment plan for the amount ... http://ssanjaylawoffice.com/blog/2010/02/18/reaffirmation-agreements-2/ Bankruptcy is a viable option for dealing with many types of debt, including the massive amount financed for a home purchase, with a few exceptions, the most prominent being student loan debt. Other debts that are nondischargeable in bankruptcy include taxes and other payments owed to the government and ... http://ssanjaylawoffice.com/blog/2010/02/18/student-loans/ In the February 8, 2010 issue of Massachusetts Lawyers Weekly, James L. Rogal, who practices at Ablitt Law Offices in Woburn, MA representing mortgage lenders and servicers doing foreclosures, wrote an opinion piece titled “Borrowers bear responsibility in foreclosures.” What may be of interest is his explanation of the ... http://ssanjaylawoffice.com/blog/2010/02/17/foreclosure-process/ Homeowners filing for bankruptcy but keeping their house may wonder how long they need to wait before they are able to modify the terms of their mortgage. The answer would depend on the bankruptcy case. Mortgage modification is a popular option these days for homeowners wishing to continue ... http://ssanjaylawoffice.com/blog/2010/02/15/mortgage-modification/ Could handing over the deed and thereby avoiding foreclosure be the answer for homeowners considering walking away from their property? Citigroup seems to think so, as today it announced a pilot program called “Foreclosure Alternatives” that would provide their company with the deed to the house without having to go ... http://ssanjaylawoffice.com/blog/2010/02/11/deed-in-lieu-of-foreclosure/ Consumers who have been making at least minimum monthly payments on their credit cards may be curious about how new changes in the law might affect them. Regulations restricting credit card issuers go into effect on February 22, 2010. Credit card companies are constantly monitoring the credit reports ... http://ssanjaylawoffice.com/blog/2010/02/04/how-do-the-new-credit-card-laws-affect-you/ Short sales (selling a home for less than its value) and foreclosures, are more common these days, but are not necessarily the right prescription for homeowners facing decreasing property values, especially when the borrower can continue to afford mortgage payments. A recent article, expresses surprise at homeowners facing responsibility for ... http://ssanjaylawoffice.com/blog/2010/02/03/short-sales-and-foreclosures/ Potential bankruptcy filers who are working should be aware of any court actions against them and what the current status of those actions are. The reason is that any lawsuits may after service upon the named defendant be brought to judgment, even if the case is contested. Once ... http://ssanjaylawoffice.com/blog/2010/01/19/collections-lawsuits/ The question of whether a particular debt is dischargeable may arise with domestic support obligations. These debts include not only child support and alimony, but could also include a credit card balance required by a family court order to be paid by a person. This account would be ... http://ssanjaylawoffice.com/blog/2010/01/19/dischargeability-of-family-law-debts/ Debtors concerned about their ability to pay off debts often wish to add as many accounts as possible to their bankruptcy petition. They believe that they have to do so if they do not have the financial means to pay off the total balances owed. However, there is ... http://ssanjaylawoffice.com/blog/2009/12/18/reaffirmation-agreements/