White House Urges Congress to Address Treatment of Student Loan Debt in Bankruptcy
Acknowledging concerns by the public about the growing amount of student loan debt, the White House is urging Congress to reconsider the treatment of student loan debt in bankruptcy cases. To understand the importance of this push, it helps to address the history of student loan debt under the Bankruptcy Code. Student loan debt […]
Relief Available for Distressed Homeowners
RELIEF AVAILABLE FOR SOME DISTRESSED HOMEOWNERS UNDER SETTLEMENT EXECUTED WITH UNITED STATES ATTORNEY GENERAL AND UNITED STATES TRUSTEE PROGRAM After years of investigation into abusive mortgage practices of certain lenders by the United States Attorney General and United States Trustee, a settlement agreement was reached which hopes to provide some relief to distressed homeowners. The […]
When Should You Consider Filing for Bankruptcy?
This is a common question that I am asked, sometimes by potential clients, but more often by friends and family of individuals who are in financial trouble, but don’t know at what point it is appropriate to make the recommendation to meet with a bankruptcy attorney. As most bankruptcy attorneys offer free consultations, with no […]
DO I NEED AN ATTORNEY TO FILE A BANKRUPTCY?
DO I NEED AN ATTORNEY TO FILE A BANKRUPTCY? This is a common question that is asked by potential clients. The short answer is “no”. Bankruptcy law does not require that a debtor have an attorney in order to file a bankruptcy case. However, the Bankruptcy Court clerk’s office is not permitted to give legal […]
WHAT YOUR BANKRUPTCY ATTORNEY WILL NEED TO STOP A GARNISHMENT
Given the declining economy and subsequent rise in consumer debt defaults, creditors have become more aggressive in their collection attempts. This usually leads to legal action, and eventually wage or bank account garnishment. While a bankruptcy filing will stop or “stay” a garnishment, your bankruptcy attorney will need additional information in order to prepare your […]
Common Myths About Bankruptcy
Will you lose your house and retirement savings? When will you be able to borrow money again? Get the facts on these questions and more. Read More
Bankrupty Terms for the Layperson
Many people have trouble understanding the terms that lawyers routinely use. But even attorneys in other areas of practice often complain that bankruptcy attorneys seem to have their own arcane language. Because both debtors and their attorneys receive motions, pleadings and orders during the term of their cases, this may help to explain those terms. […]
Common Causes of Bankruptcy
Prior to the enactment of the Bankruptcy Abuse Prevention and Consumer Protection Act in 2005, both houses of Congress solicited testimony regarding the rise in consumer bankruptcy filings. Consumer advocates, such as Harvard’s Elizabeth Warren, pointed to rising medical costs as a common reason for filing. However, creditor advocates maintained that the majority of consumer […]
REBUILDING YOUR CREDIT AFTER A PERSONAL BANKRUPTCY
The importance of good credit in our economy cannot be understated. It is a factor to be considered not only in lending, but also in the acquisition of housing, employment and higher education. The effect of a personal bankruptcy on a consumer’s credit is usually one of the primary concerns that we encounter in our […]
TO CONSOLIDATE OR NOT TO CONSOLIDATE
Fortunately Hamlet did not have to ponder the consequences of mounting unsecured debt, coupled with the prospect of limited income with which to maintain those debt obligations. However, many homeowners are faced with this issue, and may consider using untapped equity in their house to obtain a consolidation loan to pay off those debts. A […]