Student Loan Repayment Tips from a Bankruptcy Lawyer

 Student Loan Repayment Tips I’m spending more and more time talking with prospective clients about their student loans. No, I’m not suggesting that they should file bankruptcy to wipe out their student loans.   It’s simply getting hard to avoid talking about student loans when I see such large balances and on such a widespread basis. I’m talking more than … Read More

Before You Say “I Do”: How Your Future Spouse’s Credit Affects You

You might wonder why someone with virtually no debt and with good credit would contact a bankruptcy attorney. Ah ha, when that person is considering marrying someone who’s got credit problems. Thus, if you’re looking to get married to someone who’s dodging creditors, how is bankruptcy going to affect you? There’s good news and bad news to my answer. The … Read More

A Debt Calculator For Unsecured Debts

I subscribe to a lot of blogs relating to personal finance and bankruptcy law. And I’ve known about the www.Getoutofdebt.org for some time now. This website has a lot of information and advice for people with debt problems. But I didn’t know about their debt calculator, which I just learned about today, and which I find extremely nifty. Here is … Read More

Cancellation (and Collection) of Debts at the Same Time?

It boggles my mind that banks and other creditors can still collect on debts that they have “cancelled” for tax purposes. You might not know about the “cancellation of debt”, but you can read here about what the IRS says about it. First, I need to explain what this whole concept in tax law actually is. Basically, let’s say that … Read More

How Bankruptcy Improved One Couple’s Credit Rating

A Recent Case Study I wanted to show a recent Chapter 7 case that I filed. This is a married couple with two young children. They owned a home, and were up-to-date with their mortgage. Unfortunately, they had taken out a home equity loan several years ago in an attempt to pay off credit card debt, but despite their best … Read More

10 Big Changes that the Bankruptcy “Reform” Law Brought

Happy 8th Birthday to the Bankruptcy Abuse and Consumer Protection Act, also known as BAPCPA (pronounced “BAP-SEA-P-A”, if you’re interested). Enacted by Congress in 2005, it became effective on October 17, 2005, so virtually every bankruptcy lawyer in Pittsburgh, and for that matter, in America, was working day and night on the week prior to the law change. So, why … Read More

Does My Spouse Have to File Bankruptcy With Me?

No, Your Spouse is Not Required to File Bankruptcy With You This is a common question.  Often, we will have a prospective client who really wants to file bankruptcy and get a fresh start, but his or her spouse is adamant about not filing.   Don’t worry, the spouse is not required to file.   Of course, each case is different and … Read More

My Views on Redeeming a Car Loan while in Chapter 7

Last week, I wrote about the bi-monthly cattle call of Pittsburgh bankruptcy lawyers in Judge Bohm’s courtroom for “Reaffirmation Day”. One commenter from my blog post last week mentioned that I hadn’t talked about vehicle redemption as an alternative to reaffirmation. Simply put, redemption in a Chapter 7 case is a legal strategy to reduce the overall balance on your … Read More

3 Pros and 2 Cons for Reaffirming Loans in Bankruptcy Court

There’s a new scene up in the Bankruptcy Court in Pittsburgh recently. Judge Carlota Bohm is the judge assigned to the vast majority of Chapter 7 cases. She took the bench as a new judge about a year ago. Before she took the bench, judges rarely scheduled hearings when you wanted to sign a reaffirmation agreement. Now, we’ve got hearings, … Read More

An Update on How Long for a Mortgage Foreclosure in Pennsylvania

Back in 2010, I wrote about how long mortgage foreclosure takes in Pennsylvania. Again, here are the basics. In Pennsylvania, we have a judicial foreclosure system, which means that foreclosure cases must be filed in Court. Still, there are specific steps to follow: 1) Notice of Intention to Foreclose, which is a letter sent to the homeowner by the mortgage … Read More