What Should I Know About Filing for Bankruptcy as a Member of the Military?
If you’re in the military and you’re thinking about filing for bankruptcy, you’re not alone. Active duty service members file for bankruptcy every year. It’s important to realize you have the same rights as civilians when it comes to taking advantage of this legal form of financial relief. You also have some resources civilians don’t, […]
Can I File Bankruptcy With a Reverse Mortgage?
If you’re one of the many seniors who is exploring the possibility of bankruptcy and you’ve got a reverse mortgage, this is an important question to ask. The short answer is you can file for bankruptcy. The long answer is: but it can get complicated. Here are some questions you should be asking yourself, and […]
Should I Pay Any Debts During the Automatic Stay?
One of bankruptcy’s best powers is its ability to grant you relief from creditor actions through the legal method known as the Automatic Stay. The automatic stay keeps creditors from contacting you or taking any legal action against you. For many borrowers, that means you’re not going to write another check to most of your […]
What Happens to My House During Bankruptcy?
If worries about your house are keeping you from filing for bankruptcy, you are not alone. Lots of people are afraid that bankruptcy automatically means losing the house. In truth, much depends on your bankruptcy strategy. And developing the right one will mean asking a series of important questions. Are you current on your payments, […]
Is Using a Bankruptcy Petition Preparer a Good Idea?
When you’re in a state of financial distress it’s natural to become overwhelmed with the idea of spending any money at all. So it’s no big surprise that some people turn to “petition preparation services” to try to file their bankruptcy. But these services can be as bad, if not worse, than trying to go […]
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 […]