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EVALUATION
At Sadek Bankruptcy Law Offices, we realize that every situation is different. Our debt relief lawyers will take the time to learn about your situation and your goals. Our objective is to explain your legal options and offer the best debt relief strategy for you in the most compassionate and friendly manner possible. Call 24/7 to schedule your meeting with a lawyer.
AVAILABLE
Our office understands the financial stress our clients endure. Therefore, in addition to reasonable legal fees, we offer a payment plan to all of our valued clients to make quality legal services most affordable.
AND NJ
In addition to our primary law office in Center City, Philadelphia, we also have law offices throughout the Greater Philadelphia, Pennsylvania Area and in New Jersey. Our branch offices have contributed to making us the #1 Bankruptcy Filer and debt relief firm in the Greater Philadelphia area. Our goal is to have a convenient location within 20 minutes of where our clients work or reside.
Contact a PA & NJ Debt Relief Attorney at Sadek Bankruptcy Law Offices Today
If the weight of unmanageable debts is making your life harder, there are solutions. A PA and NJ debt relief lawyer at Sadek Bankruptcy Law Offices can help you find customized solutions so that you can seek a fresh financial start. Even when debt relief seems unreachable, our team of bankruptcy, debt consolidation, and debt settlement lawyers can help you achieve financial freedom. We assist clients with debt negotiation, debt collector harassment, and more.
Schedule your free consultation with a debt relief lawyer today. Call (215) 545-0008 to reach our Pennsylvania office or call (856) 890-9003 to reach our New Jersey office.
How Does Debt Relief Work?
Debtors have access to a wide range of debt relief services. How debt relief works ultimately depends on the type of service you choose. You might restructure your payment plan through bankruptcy, try debt consolidation services, or consider various debt management plans.
The choice you make impacts what types of debts you can settle or eliminate, as well as the types of protections you have access to during the debt relief process. Understanding the different types of debt relief options can help you choose the best one for your situation.
Debt Consolidation
Debt consolidation combines unsecured debts under one loan, allowing debtors to make a single monthly payment rather than many monthly payments. For some, debt consolidation can make debt payments more manageable. However, it is not always the best option to pay your debts. Furthermore, you must take care to avoid untrustworthy debt consolidation agencies.
At Sadek Law, our New Jersey and Pennsylvania debt consolidation lawyers can help you figure out if debt consolidation is right for you. We will carefully go over your finances and offer personalized advice on how to pay your debts. In many cases, the best solution is to file for bankruptcy.
Debt Settlement
The debt settlement process involves negotiating settlements with creditors to pay your debts for less than you currently owe. Once you reach an agreement, you will make a lump sum payment to eliminate your debts with that creditor. Because debt negotiation involves offering a settlement amount lower than your overall debt, it can be challenging to get creditors to accept your settlement deal.
Many debtors seek aid through debt settlement companies that claim they can help settle debts. Unfortunately, some debt settlement companies can be predatory and deceptive.
Rather than relying on the questionable services of a debt relief company, you may experience serious debt relief through other means. If you need help negotiating debt settlements in NJ or PA, call the attorneys at Sadek Law. Our Pennsylvania and New Jersey debt settlement attorneys work hard to help our clients reduce their debt load.
Common Debt Relief Options
When you feel overwhelmed by outstanding debts, seek professional help from the legal team at Sadek Bankruptcy Law Offices. Our attorneys will walk you through your legal options and enable you to make an informed decision about debt relief.
Bankruptcy
Some consider bankruptcy to be a last resort for debt relief. However, bankruptcy can be a useful debt management tool in a lot of situations. Bankruptcy provides immediate protection from debt collection through the automatic stay, which requires debt collectors to cease collecting from and communicating with debtors. Additionally, bankruptcy can give you a fresh start by discharging qualified debts and/or allowing you to pay off secured debts.
Chapter 7 bankruptcy allows debtors to eliminate certain unsecured debts, including credit card debts, some personal loans, medical bills, and more. Debtors must sell, or liquidate, nonexempt property and use those funds to pay their creditors. Chapter 7 cannot eliminate all debts, like child support, recent tax debt, alimony, or criminal fines. However, it can completely erase other debts, allowing you to pay back secured debts more quickly and easily.
Chapter 13 bankruptcy helps debtors pay debts through reorganizing debts under a repayment plan. This type of bankruptcy works well for debtors who have a steady income. Under Chapter 13, you can keep your property while making payments over a period of 3 to 5 years.
Filing for bankruptcy can be a complicated process. Debtors must meet specific requirements, complete credit counseling and debtor education courses, fill out detailed paperwork, and pay an up-front fee to file. Fortunately, bankruptcy attorneys can guide you through this process. The New Jersey and Pennsylvania bankruptcy lawyers at Sadek Law can answer your questions about bankruptcy.
How Debt Relief Programs Hurt You In The Long Run
Certain popular debt relief programs offer debt settlement and debt consolidation services. While it may be tempting to turn to these companies for help, you shouldn’t make any hasty decisions.
Before pursuing any debt relief program, you should carefully consider your options. Many debt relief programs can have unexpected negative impacts on your finances. By hiring an attorney, you can learn more about the risks associated with various forms of debt relief and enable yourself to make informed decisions.
Lower Credit Scores
Generally speaking, any method of debt relief can result in lower credit scores. This is because debt settlement, consolidation, and bankruptcy can be taken as indicators of financial struggle. Each type of debt relief can impact your credit score in different ways.
Debt settlement often requires debtors to stop payments during debt negotiation. This can be risky, especially if you are pursuing a settlement through a company that may not be able to settle your debts. The longer you do not pay, the more impact the nonpayments have on your credit score.
Debt consolidation, on the other hand, often involves applying for a new loan that combines debts from your creditors. Opening a consolidation loan adds a hard inquiry to your credit report, lowering your score. Additionally, opening a new account lowers the average age of your accounts, which can lower your credit score.
Bankruptcy can impact your payment history, which is an important factor in your credit score. However, if you are considering bankruptcy, your financial situation may have already affected your credit score. If your score is already low, bankruptcy can give you the clean slate you need to improve it in the long term.
Hidden Fees
Some debt relief programs have hidden fees and costs that can result in you paying more than you have to. When your debts are combined under debt consolidation, the total amount will include the interest rates and penalties from all your original creditors. In addition to this sum, you will pay interest on the new consolidation loan. Debt settlement services can also come with high fees, and the companies offering such services may not be able to deliver what they promise.
Before seeking debt relief, you should also consider the possible tax consequences. Canceled debts of $600 or more are typically considered taxable by the IRS. Additionally, settling debts for less than the total you owe can affect your tax liability.
Lack of Protections
Debt relief programs often lack the protections necessary to shield debtors from certain threats. Debtors are vulnerable to legal action from their creditors. They can lose valuable property to foreclosure or repossession. Creditors can also overstep in their efforts to collect debts, harassing debtors for payment.
Although consumer protection laws provide debtors with certain protections, you need to know your rights before participating in a debt relief program. Consult with a consumer law attorney to learn how the federal and state laws defend you against creditor harassment, lawsuits, and more.
Common Debt Relief Programs
If you’ve been looking into debt relief, you have likely encountered the names of the following debt relief companies. Each of these programs offers to help debtors pay off debts. However, it is important to understand the nature of their services and potential drawbacks before applying.
National Debt Relief
National Debt Relief is a legitimate debt settlement company that specializes in negotiating with creditors. They aim to help debtors reduce their overall debt, potentially making repayment easier. While National Debt Relief’s program may be useful for those who wish to avoid bankruptcy, debt settlement does not work for everyone. Their debt management plans may not cover all creditors. Additionally, their plans do not protect you from creditors who might seek legal action to collect debts from you. Some feel the minimum payments required under National Debt Relief may be too high.
Sadek Law’s legal team provides our clients with insight into National Debt Relief pros and cons. Before you commit to this program, consult with one of our experienced debt settlement attorneys.
Freedom Debt Relief
Freedom Debt Relief offers professional help to those seeking debt settlement. This company is known to offer large-scale services with a standardized debt settlement program. Like any other form of debt settlement, this program has potential disadvantages that debtors should be aware of before they apply. Freedom Debt Relief cannot protect you from creditor lawsuits, and may not be able to cover all types of debts.
If you decide that their program is not the right choice for you, you can cancel Freedom Debt Relief. However, you may not be able to get refunds for fees you have already paid. Additionally, you may still be held responsible for debts that are not fully resolved.
Accredited Debt Relief
Accredited Debt Relief is a debt settlement company that partners with several debt relief providers. Rather than handling debt relief in-house, Accredited Debt Relief determines which provider will work best for each client. Then, they connect the client to the relevant debt relief provider. This will usually be Beyond Finance, which is their parent company.
Creditors bear no legal obligation to agree to the terms of debt settlement programs such as this. Additionally, Accredited Debt Relief cannot stop creditors from filing a lawsuit to collect debts. For these reasons, it is crucial to seek counsel from a reputable lawyer before participating in such programs.
Beyond Finance
Beyond Finance is the larger company that owns Accredited Debt Relief. If someone reaches out to Accredited Debt Relief for help, and debt settlement would be best for them, then that person is connected to Beyond Finance. They tout their ability to help consumers reduce their debts by up to 40%.
Beyond Finance frequently refers to itself as a “debt consolidation” company, but it really only provides debt settlement services. They are not a lender and, if debt consolidation is the right fit for you, they will then contact a third-party lender for your debt consolidation loan. Additionally, if they successfully help you reach a settlement with your creditors, they will charge you a 15% to 25% fee on top of what you’ll already be paying.
Types of Debt We Can Help With
Attorney Brad Sadek and the rest of our legal team work hard to understand each of our clients’ unique struggles. Through years of experience in bankruptcy law and debt management, we’ve gained a thorough understanding of different types of debt. If you’re struggling with the following types of debt, seek legal representation as soon as possible.
Student Loan Debt
College is becoming increasingly expensive across the U.S., causing more students to rely on student loans to complete their courses. Even though these loans are meant to make schooling more accessible, many students struggle to pay for life’s necessities while keeping up with their loan payments. At Sadek Bankruptcy Law Offices, we believe students shouldn’t be punished for trying to better themselves. That’s why our team is dedicated to helping those who need student loan debt relief in Pennsylvania and New Jersey.
Costs can become particularly excessive depending on the profession a student is studying for. For example, medical professionals are often saddled with extremely high debts to complete their schooling. We also provide legal services for nurse debt relief in New Jersey and Pennsylvania.
Credit Card Debt
Credit cards have become a necessary part of adult life in the U.S., and yet it is all too easy to become overwhelmed by credit card bills. Fortunately, there are methods to eliminate certain types of credit card debt. For example, both Chapter 7 and Chapter 13 bankruptcy can discharge credit card debt. To learn more about credit card debt relief in Pennsylvania and New Jersey, call Sadek Bankruptcy Law Offices today.
Medical Debt
Millions of Americans struggle to keep up with their medical bills. The cost of prescription drugs, medical equipment, and unexpected hospital visits can add up quickly, leaving you scrambling to find the money to pay for it all. If you or a loved one can’t keep up with medical bills, you’re not alone. The New Jersey and Pennsylvania medical debt bankruptcy attorneys at Sadek Law can help you seek relief from medical debt.
Mortgage Foreclosure
If you have fallen behind on your mortgage, you may face the risk of foreclosure and the loss of your home. Debt relief programs like consolidation or settlement often fail to stop the process, leaving homeowners in an even worse financial position.
Our legal team can use bankruptcy to halt foreclosure through the automatic stay, giving you time to reorganize your debt and protect your home. Call our PA & NJ mortgage foreclosure attorneys today to discuss your options and learn how we can help you safeguard your property.
Real Estate Tax Foreclosure
Many debt relief options are unable to tackle tax debt. While bankruptcy can’t discharge most forms of tax debt, it can halt tax foreclosure through the automatic stay. Not only that, but bankruptcy can help you achieve freedom from your other debts, allowing you to get your financial situation under control. Contact the NJ & PA real estate tax foreclosure lawyers at our firm today to learn how we can help you protect your home.
Drowning in Debt? Contact the NJ & PA Debt Relief Lawyers at Sadek Bankruptcy Law Offices for a Free Consultation
No matter your financial situation, you can rely on the team of attorneys at Sadek Bankruptcy Law Offices. Backed by a thorough understanding of bankruptcy law and debt relief processes, we protect debtors’ rights and help provide crucial guidance to those struggling with debts. We can help you stop debt collector harassment, represent you if a creditor files a lawsuit, and aid you in understanding debt management.
Brad J. Sadek and his team are ready to help you take the first steps to financial freedom. Contact us online to set up your free consultation. You can also schedule a face-to-face meeting with our debt relief lawyers by calling our PA office at (215) 545-0008 or our NJ office at (856) 890-9003.
Work with Our Dedicated and Experienced Bankruptcy Lawyers
Sadek Bankruptcy Law Offices, LLC has a dedicated team of lawyers who help clients achieve the benefits of bankruptcy in Pennsylvania and New Jersey. Our lawyers have over 75 years of combined experience and have filed more than 5,000 successful bankruptcy cases.