What You Need to Know About Settling Debts
Maybe you’ve seen an ad on television or on the web which tells you that you can “settle your debts for pennies on the dollar.” Maybe a collection company has sent you a letter offering to settle your debt for less than the amount that’s owed. It may sound like a great deal. But you […]
7 Common Mistakes People Make When Trying to File Bankruptcy on Their Own
It’s just a fact. The vast majority of people who try to file for bankruptcy on their own (or pro se) don’t manage to achieve a successful bankruptcy discharge. Many go on to see their cases dismissed. Some end up facing far more serious consequences. The reason could be because they make any, or in […]
4 Signs It’s Time for Your Business to File for Bankruptcy Protection
In the past we’ve talked about signs it’s time to file for personal bankruptcy protection. But if you run a business it’s important to know when to file for business bankruptcy protection, too. Here are three things to watch out for. #1) You’re having a lot of trouble with cash flow. Most business experts will […]
Understanding the Automatic Stay
One of the most important parts of filing for bankruptcy is the automatic stay. It’s so important we thought it probably deserved a post all to itself. The purpose of the automatic stay is to give the bankruptcy case time to proceed and resolve without causing any new issues. This protection also exists to give […]
The Link Between Bankruptcy and Divorce
First comes divorce, then comes bankruptcy. Or maybe it’s the other way around. Either way, these two legal issues tend to be closely linked. If you file for one, there’s a great chance you’ll end up filing for the other. Sometimes, both cases are even happening at the same time. Here are a few things […]
Is Bankruptcy Always Emotionally Devastating?
Do a basic web search on bankruptcy and you could easily be lead to believe the entire process could chew you up and spit you out again. Financial instructor Dave Ramsey, a former bankruptcy filer himself, makes millions in part because he markets his courses as an alternative to bankruptcy. Little surprise he emphatically tells […]
How Will Bankruptcy Impact My Child’s College Fund?
The cost of tuition continues to skyrocket. If you’ve done your best to plan ahead for your child by setting aside money in a 529 account, it’s natural to wonder what might happen to these funds if you file for bankruptcy. Fortunately, we can help evaluate your situation and determine how best to protect this […]
It’s Time to End the Stigma of Bankruptcy. Here’s Why.
As Philadelphia bankruptcy attorneys we have to educate people past the stigma of bankruptcy every single day. People have been trained to believe there is no greater shame than turning to the courts to get debts discharged and dealt with. But this is a lie, largely perpetuated by creditors who would rather pursue every American […]
4 Budgeting Apps for Life After Bankruptcy
It would be a misnomer to say everyone who ends up in bankruptcy does so because they don’t know how to manage a budget. Many people face bankruptcy because of unavoidable medical problems, sudden job losses, divorce, and other unexpected events. Still, there are also those people who wind up living well beyond their means. […]
What is the Bankruptcy Means Test?
While everyone can file for bankruptcy protection, Chapter 7 is restricted by a means test. Chapter 7 bankruptcy completely erases debts without requiring you to enter into any kind of a payment plan, so the law demands you must fall below certain income and asset levels before you are allowed to take advantage of this […]
How to Choose a Bankruptcy Attorney
Filing for bankruptcy can be one of the biggest decisions you’ll ever make. But while the act of filing can bring lots of positive changes to your life, you only really reap the full benefits if you have a qualified bankruptcy attorney standing by your side. Of course, there are a whole lot of bankruptcy […]
Even One Missed Credit Card Payment Can Have a Massive Impact
The average American household carries $6,348 in credit card debt. In March of 2018 the nationwide credit card debt tally exceeded $1 trillion for the first time in history. By the end of 2018 analysts expect this figure to skyrocket to $4 trillion. If you’re struggling with credit card debt, it’s safe to say you’re […]
Steps to Take When Your Bankruptcy Case is Dismissed
One of the worst outcomes any debtor could deal with is having their bankruptcy case dismissed. And it can happen to anyone, even celebrities. For example, music star Lil’ Kim dealt with a possible bankruptcy dismissal this summer after a trustee rejected her Chapter 13 repayment plan. A dismissal is bad because it means all […]
6 Things to Get Together Before Filing for Bankruptcy
As Philadelphia bankruptcy lawyers we often see some cases go south because of problems with the disclosures all debtors are required to give during the process. From forgetting to include a creditor to failing to disclose an asset, these oversights can slow down your case at best and see you convicted for bankruptcy fraud at […]
What You Need to Know About Being Sued for Debts in New Jersey
Our bankruptcy practice covers New Jersey as well as Pennsylvania. In the past we’ve already discussed being sued for debts in Pennsylvania. We thought it would be a good idea to cover New Jersey here on our blog as well. Unlike Pennsylvania, New Jersey is not a kind and friendly place to be caught up […]