http://www.boston-bankruptcy.com/blog The light at the end of the tunnel of debt. Fri, 10 Apr 2009 06:04:55 +0000 http://backend.userland.com/rss092 en All the recent stimulus and bailouts made absolutely no changes to the bankruptcy laws.   Clients constantly ask me when the "Obama Plan" will help them file bankruptcy and, for instance, reduce their mortgage payment.  Unfortunately, it will not, because the Obama plan, all 400+ pages of it - which I ... http://www.boston-bankruptcy.com/blog/2009/04/bankruptcy-laws-not-stimulated-by-stimulus/ The power of bankruptcy is often misunderstood, or altogether unknown.  Most think that a bankruptcy means "having to lose everything in order to pay your debts."  This couldn't be further from the truth. Today's Bankruptcy is a set of federal laws that have the power to override certain state laws, contracts, ... http://www.boston-bankruptcy.com/blog/2009/02/the-foreclosure-that-never-was/ Is it really possible to get rid of that second mortgage, but keep the home?  Quite possible.  Certain things must be in place for this to happen.  First, a "strip off" of a second mortgage is not possible in Chapter 7 if the debtors wish to keep the property.  In ... http://www.boston-bankruptcy.com/blog/2008/06/goodbye-second-mortgage/ What if my car is upside down? And I don't mean lying on its roof with the wheels pointing upwards and spinning. Being "upside down" refers to a loan secured by a car where the balance due is higher than what the car is worth. For instance, a 2003 Chevy ... http://www.boston-bankruptcy.com/blog/2007/08/what-if-my-car-is-upside-down/ Questions often arise on the treatment of tax debt in bankruptcy. With the 2005 changes in mind, taxes are generally dischargeable in Chapter 7 if they meet five rules: 1. The tax was due more than 3 years prior to the date of filing bankruptcy. Extensions count! 2. The tax ... http://www.boston-bankruptcy.com/blog/2006/12/how-about-uncle-sam/ Attorney Dmitry Lev was quoted in Business Week in a feature article Bonus Babies: Digging Into the Lifestyle on new business school grads and on the best ways for them to spend their sign-on bonuses. The feature was written by Julie Gordon and published in the October 10, 2006, issue. Most ... http://www.boston-bankruptcy.com/blog/2006/10/attorney-lev-quoted-in-business-week/