Will Bankruptcy Stop Me From Getting a Small Business Loan?
If you’ve got an eye on an entrepreneurial venture, the thought of filing for bankruptcy might be especially scary. Will bankruptcy kill your dreams of business ownership for good? The short answer: “Probably not.” The long answer takes a little more explanation. Your personal credit score will improve. Sure, the narrative the credit card companies […]
Can I Recover Garnished Wages in My New Jersey Bankruptcy?
In the state of New Jersey creditors can garnish up to 25% of your wages if they are successful in winning a lawsuit against you. That first much smaller paycheck often serves as a wake-up call to people who had been contemplating bankruptcy but who had, for one reason or another, hesitated before moving forward. […]
Is Chapter 13 a Better Option Than Debt Consolidation?
Debt consolidation is of the things many of our clients consider before filing bankruptcy. And when some of them hear about Chapter 13 bankruptcy, they ask, “Well, why wouldn’t I just do debt consolidation then, and save my credit score? It’s an excellent question, and one we can answer by the numbers. Debt […]
Debt, Bankruptcy, and Personal Injury Cases
After a major accident, medical bills can really pile up. Contemplating bankruptcy is smart, but you want to make sure you choose the right case at the right time. If you don’t have a personal injury case in the works, filing is a great idea. Medical debt can quickly skyrocket into an amount so […]
What Happens to Life Insurance Policies During Bankruptcy?
As Philadelphia bankruptcy lawyers we hear a lot of fears and concerns from all kinds of clients. Some of them are about certain assets they gathered prior to filing. And a life insurance policy can be a big asset. It’s natural to be concerned about it. And due to the prevalence of “grey” bankruptcies, […]
In the News: Collection Agencies Push for More Ways to Harass Consumers
The debt collection industry doesn’t think calling you during business hours is enough. They also want to be able to call you on weekends. They want to text you, too. And email you. And leave more messages on your voicemails, including ambiguous voicemails. And provide less proof you owe the debt at all. […]
What’s the Right Time to Apply for Your Post-Bankruptcy Credit Card?
We’ve always tried to reassure borrowers who are afraid filing for bankruptcy will keep them from getting a credit card in the future. Long story short: it won’t. Indeed, you’ll probably start getting offers about a week after your discharge. Credit card companies know it will be many years before you can discharge the […]
Will Bankruptcy Keep Me from Retiring?
Most Americans worry about retirement. We’re all well aware Social Security is unlikely to cover our costs of living. But it’s harder than ever to put aside money to save for retirement, too. So it makes sense to consider what happens to your retirement assets during a bankruptcy. See also: 7 Bad Ways […]
7 Bad Ways to Handle Out-of-Control Debt Loads
It really doesn’t take much to make debts spiral out of control. One accident that lands you in the hospital. One layoff at work. One automobile breakdown. And when that happens, a lot of people go into panic mode and start making decisions that don’t serve them. Here are 7 actions to avoid when you’re […]
In the News: Public Servants Having a Hard Time Taking Advantage of Student Loan Forgiveness Programs
Over 20,000 public servants recently became (theoretically) eligible for the loan forgiveness programs they’d been counting on. Less than 300 were allowed to take advantage of the program. Draconian requirements and a series of headache-inducing hoops disqualified many from the program. Some were led to believe they were making the right payments in the right […]
In the News: More Kids Carrying Credit Cards
No income, no assets, to young to vote. You wouldn’t think kids would have much access to credit. But many parents are willing to add children to their own accounts as authorized users. And according to a new survey, more of them are doing it. A way to build credit, or to ruin it? Supporters […]
What to Ask Your Philadelphia Bankruptcy Attorney During Your Free Consultation
Here at Sadek Bankruptcy Law Offices we offer free consultations to everyone. They help you determine if we’ll be a good attorney for you, and they help us determine how we should approach your situation. In addition to coming with all your financial documents, it’s a good idea to come armed with some questions. Is […]
The 5 Types of Debt You Should Avoid at All Costs
While all debt represents a risk, there are some forms of debt are almost guaranteed to create huge financial problems. These debt types come with high interest rates, unconscionable fees, and risks to your property you just don’t want to get into. More than that, they’re all aimed at, and marketed to, people who are […]
8 Signs You’re Dealing With a Debt Collection Scam
Real third-party debt collectors are bad enough. But if you’re in debt, you’ve got another shark in the waters. Scammers who want to take advantage of your financial chaos. And since the last thing you need to do when you’re in financial trouble is throw good money after bad, we thought it would be a […]
7 Things New Jersey Residents Should Never Do When a Collection Agency Calls
When collection agencies follow the FDCPA their agents are trained in a very specific way. They are taught to use their voice and certain societal protocols to lead you to the outcome they want, which is getting money out of you over the phone right that very minute. They are taught to adopt a bored, […]