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Over the years, our Philadelphia, Pennsylvania based Bankruptcy law firm has filed thousands of consumer bankruptcy cases.  In each case, the goals of our clients have been fairly similar; to achieve a fresh financial start or to reorganize their financial affairs.

Although our clients financial goals are similar, the reasons they seek our assistance varies greatly.  Below is a summary of the top 7 Reasons clients seek our advice regarding filing for Consumer Bankruptcy Protection.

#1. Foreclosure Defense.  Whether involving a mortgage foreclosure or tax sale of real property owned by the Petitioner, the automatic stay invoked in Bankruptcy will stop the sale of the property and allow the Petitioner to repay the delinquencies over a three to five year period.

#2. Credit Cards and Personal Loans.  Interest rates, late payments and penalties associated with these unsecured debts can increase to the point that a large percentage of ones income is being allocated to just the minimum payments alone.  Maintaining the monthly minimum payments may result in lack of savings and any delinquencies on the debt may result in future lawsuits against the responsible party.  It is advised that one seeks knowledgeable and experienced counsel regarding all unsecured debt due and owing.

#3. Reduced Income.  Lack of overtime, decrease in pay or unemployment can put a serious strain on a family’s budget.  During a period of reduced monthly income it is most important that there is careful financial planning and expenses are paid in order of financial priority.

#4.  Separation or Divorce.  In the case of a changing family unit, generally, there are no longer two individuals contributing 100% to the financial household.  Therefore, in additional to the emotional adjustments in a divorce or separation, the reduction of household income may create a financial strain and delinquencies on credit cards, personal loans, mortgage payments and various other debts can foresee ably occur.

#5.  Unforeseen Expenses.  Home repairs, Vehicle Repairs, Funeral Expenses and Emergencies are most difficult to plan for.  These unforeseen expenses may lead to a family’s budget falling into the negative on a monthly basis.

#6.  Student Loans.  It is not uncommon for student loan payments to account for a majority of a recent graduate’s net income.  Student Loans may be discharged through Bankruptcy in limited circumstances, however, a Chapter 13 bankruptcy may assist a borrower in paying based on affordability on a monthly basis.

#7.  Budgeting.  Lack of budgeting can lead to extreme overspending and incurring of insurmountable debt.  Over time, the debt can accumulate to an unaffordable sum on a regular and monthly basis.  It is most important to keep a monthly budget to assist in maintaining a favorable credit score and financial history.  In the event that overspending has occurred, a Bankruptcy may be your best solution to getting back on financial track.

To speak to an attorney at Sadek and Cooper Law Offices regarding your situation and the best options available to you, please contact one of our offices listed below.

CENTER CITY PHILADELPHIA: 1315 Walnut Street, #502 Phila., PA 19107 215-545-0008

NORTHEAST PHILADELPHIA: 2375 Woodward Street, #105 Phila., PA 19115 215-545-0009

DELAWARE COUNTY OFFICE: 1489 Baltimore Pike, #218, Springfield, PA 19064 610-432-3111

BUCKS COUNTY OFFICE: 1609 Woodbourne Road, Suite 203B, Levittown, PA 19057 215-545-1055

NEW JERSEY OFFICE: 302 Washington Avenue, Suite 101 West, Moorestown, NJ 08057 215-545-0008