Buying a New Home In the Current MA Real Estate Market

Buying a new home has always been a fun and yet stressful process. The recent downturn in the market and increase of inventory have provided many opportunities for buyers to find their dream property. Unfortunately, many buyers now face new hurdles. Patricia (Patti) Lima, a realtor with Century 21 Commonwealth believes many buyers can find […]

Reaffirming Car Loans in Massachusetts Bankruptcy

In 2005, Congress passed the “Bankruptcy Abuse Prevention Act” otherwise known by the acronym “BAPCPA”. Under BAPCPA, Massachusetts debtors have three options allowed by federal law in regard to their car loans. The first is to surrender their automobile. Returning the vehicle to the lender relieves the debtor of any further responsibility for the debt […]

What Happened To 100% Financing

It’s my pleasure to introduce this Guest Blog Post by Gabe Amey, Branch Manager of HomeLoan Financial. His website is which offers a wealth of information. What Happened To 100% Financing by Gabe Amey It looks like the saying “All good things must come to an end” can now be applied to no down payment mortgage […]

Lawyers, On-line Marketing and Business Networking

Being a lawyer means working in one of the oldest professions known to man. Lawyers as a profession have always been resistant to accepting and implementing modern business practices. The last frontier to be accepted by the law profession was advertising. Today, you’ll find lawyer ads in the print media, whether the yellow pages or […]

So, you want to file bankruptcy . . . again.

I’m often asked how many times an individual can file bankruptcy. The answer is there is no limit on how many cases an individual can file. There are rules that certain time periods must follow a from the filing date in a discharged prior bankruptcy case before filing a new case to be eligible for […]

Homestead Proceeds Exempt

If you’ve read my newsletter on homesteads, you understand that in most cases $500,000 of equity in a principal residence can be exempted in a bankruptcy case. But the question remained: if the principal residence were sold subsequent to the bankruptcy filing would the proceeds of the sale remain exempt? The United States Court of […]

Massachusetts Foreclosure Help

I’m often asked if there are any state or federal resources to assist people in foreclosure. While the federal government has been very slow to react to the foreclosure crises, Massachusetts does offer some help. On November 29, 2007, Governor Patrick signed a bill called An Act Protecting and Preserving Home Ownership into law.  Provisions of this landmark legislation […]

Massachusetts Homestead Capped in Some Bankruptcy Cases

If you’ve read my newsletter regarding the Massachusetts Homestead, you know the amount of protection afforded by the homestead is $500,000 in equity. Under  the Bankruptcy Code, the homestead is capped at $125,000 (this cap is indexed and adjusted periodically) when the debtor acquires an interest in a homestead property within 1215 days of the […]

Is the United States Heading for Bankruptcy?

      David Walker is the Contoller General of the United States. It’s his job to oversee and audit spending by the United States government. He presents the position that our current standard of living in the United States is not maintainable. He has urged elected officials to review his calculations and take affirmative action to […]

Reverse Real Estate Mortgages To Pay Off Debts, Maintain Cash Flow and Avoid Falling Into Debt and Bankruptcy

A reverse mortgage is a loan against the equity in a home that comes due only when the homeowner dies or sells the real estate. No payments are due otherwise. A reverse mortgage can assist a homeowner to pay off an existing loan and provide funds for basic needs such as heat, food, health insurance […]

Income and Bankruptcy Under BAPCPA

With the advent of BAPCPA in 2005, debtors must now meet either a median income test or means test to file a chapter 7 bankruptcy case. In essence, the debtor’s household income for the six months preceding the filing of the case is counted and annualized. If it is less than state median income for […]

Debt Relief Defeated

The U.S. Senate voted today to table the Senator Durbin’s amendment to the “Foreclosure Prevention Act”. The amendment would have allowed cramdown of mortgages on primary residences in bankruptcy. Cramdowns are debt repayment plans paying creditors less than the full amount owed. Here’s a press release distributed jointly by the  Civil Rights, Consumer and Housing […]

Why You Need a Homestead to Protect Your Home…

Why You Need a Homestead to Protect Your Home…   If you have a Homestead and you’re in an automobile accident and your insurance is insufficient your home won’t be exposed to the extent of $500,000. The same is true of: dog bites, drowning in pools, slip and falls and professional liability claims and much […]