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December 2012 Archives

Resort developer pushed in to individual bankruptcy

A wealthy resort developer from a state outside of Massachusetts has learned from own experience that even one-time billionaires can face financial challenges and mounting unpaid bills. However, in this man's case, and rather than the man filing for bankruptcy himself, one of his creditors is using a process to force him in to bankruptcy involuntarily so that the creditor gets payment.

Newly-minted MA Senator to join banking committee

Massachusetts Senator-elect Elizabeth Warren, who over the years has been noted as a leading bankruptcy expert and a professor at Harvard Law School, will likely join the Senate's powerful Banking Committee. The Banking Committee oversees large financial institutions, including those who issue credit cards to everyday citizens of Massachusetts.

Politician tests debt limits of Chapter 13 bankruptcy

A politician recently had a second bankruptcy dismissed after a bankruptcy judge had determined he had filed the petition "in bad faith." This is the man's second Chapter 13 bankruptcy petition; he had his first Chapter 13 dismissed after the IRS successfully argued that he had too much debt to qualify for a Chapter 13.

Massachusetts man accused of filing false bankruptcy forms

A Massachusetts man who formerly coached high school hockey and, more recently, worked as a financial advisor now faces serious financial problems of his own-and may not be able to keep the protection a federal bankruptcy court extended to him earlier this year.

Northborough politician in Chapter 7 bankruptcy

A Massachusetts local politician who was just re-elected to a fourth term recently filed Chapter 7 bankruptcy. His personal bankruptcy follows a lawsuit that he filed against his mother and sister; unfortunately for him, his family countersued, and he wound up owing them over $200,000.