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Why Is It So Hard to Get a Loan Modification?

A mortgage loan modification can be an option when you’re in danger of falling behind. But many homeowners find the process of applying for one frustrating and fruitless. It’s worth noting that not all homeowners do. Some loan servicers now run complex algorithms to determine when a homeowner might be in trouble. Some even call,…

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What You Need to Know About Car Repossessions in Pennsylvania

If you’ve begun missing car payments then chances are a repo person will be dispatched to show up for your car pretty soon. Technically the creditor has the right to do this if you miss even a single car payment. In reality, they often wait until you are about three payments behind. Usually you know…

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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…

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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…

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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,…

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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.  …

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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…

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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…

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Understanding the New Jersey Foreclosure Process

In New Jersey, foreclosure happens over a series of steps. Understanding these steps helps you understand your options, and how you might mount a foreclosure defense. Keep in mind the earlier you seek and obtain representation during this process, the more likely you are to keep your home. There are a series of decisions you’ll…

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In The News: Relief For Student Loans

The American Bankruptcy Institute has proposed new rules, and while these rules don’t require Congress to change bankruptcy laws, they may nevertheless provide relief for borrowers. That is because the report includes advice to bankruptcy judges who might want to be more lenient with student loan borrowers, but whom have lacked the precedent and case…

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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…

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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…

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5 Things to Know About PA Sheriff’s Sales

Last year, Pennsylvania was one of the states with the highest foreclosure rates in America. And the sad end result of most foreclosure actions is a Sheriff’s Sale, whereupon the property is sold to the highest bidder. If you’re one of the thousands of Pennsylvania residents who fears foreclosure, this is what you need to…

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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? On…

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What to Ask Your Philadelphia Bankruptcy Attorney During Your Free Consultation

Here at Sadek & Cooper 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 it…

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