Top 7 Reasons to Consider Filing for Bankruptcy

Top 7 Reasons to Consider Filing for Bankruptcy

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

GET YOUR FREE CONSULTATION

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SEEWHAT OUR CLIENTS ARE SAYING

Kelly McKenna
Kelly McKenna
11:57 19 Apr 18
This form - specifically Yoninah Orenstein and Patrick Cooper are PHENOMENAL. They were great to work with, very fair with legal fees, and successful in getting an excellent settlement for my divorce (short term marriage
Dessiana Cruz
Dessiana Cruz
13:11 04 Apr 18
I was nervous about bankruptcy, but from the moment I stepped in your office I felt at ease. This process was so easy with your help, that yesterday I was talking to my coworkers about it and recommending your firm to them. You make something that’s scary seem easy and I thank you so much for helping me!
Valerie Nesbitt
Valerie Nesbitt
14:51 03 Apr 18
Sadek and Cooper have been excellent. Everyone has been extremely helpful and patient. The lawyers I have worked with, Matt and Brad, are extremely knowledgeable. I felt very comfortable with them handling my case.
Marlena Lucas
Marlena Lucas
16:08 02 Apr 18
Very simple. Any time I had questions, they were answered quickly. The lawyers are just great. Just a fast painless process.
James Smith Sr
James Smith Sr
13:19 14 Mar 18
Everything has been great. Really awesome job with my case... You and your staff have done a perfect job in my opinion.
Michkel Davis
Michkel Davis
17:02 09 Mar 18
Mr. Sadek was the best and most thorough lawyer I’ve ever met. He’s very human and caring about our case. His whole staff is great too. Highly recommend...
Tamika Richardson
Tamika Richardson
14:56 01 Mar 18
My bankruptcy went very smoothly with your firm. No issues. You are all very nice. That’s why I recommend my sister to your firm and your now helping her too! Thanks again.
Geraldine Ross
Geraldine Ross
14:14 28 Feb 18
This is an Excellent firm to work with; my questions were answered in a timely manner and I felt very supportive in handling my bankruptcy. I would highly recommend this firm to others who have found themselves in a position like mine.
Lavern Baker
Lavern Baker
17:03 23 Feb 18
You are all super lawyers. Brad and Matt made me feel comfortable. Every one in your office so nice and just made it easy. You’re the best!
peter b
peter b
19:42 21 Feb 18
Thank you, Sadek and Cooper Law offices for your dedication on my behalf. I appreciate Matthew and Patrick and your staff and all that everyone did to support me in this legal matter. You took an embarrassing, sad experience, for me, and turned it into a successful solution without all the emotional pain expected. After dealing with a loan modification company for over eighteen months without going to an attorney first that is the biggest mistake anyone can make. The Modification Companies set out to sell you lies, broken promises and dilute the homeowner's assets with no knowledge of any kind of law. I can't stress enough stay away from Modification companies, as a Military Veteran and family man, protect you or your family best interest. Go directly to Sadek and Copper you will not regret it! This firm moves with Super speed and diligence protecting you and your family's the entire process, even after watching some of these other attorneys in the courtroom appearing to mishandled their clients’ cases before the Trustee. You made it easy and I’m finally getting my financial life back on track! Thank you for your prompt replies to me, your clear information and preparation needed when at the courthouse. I would of course recommend you to others and I am glad you were the one who had my case. Kind genuine law firm who treats you like family. God bless you all and I pray for your continued success in your field of expertise. This firm is Super Lawyers for a reason. They are the best at what they do! Pete
Doug Tinlin
Doug Tinlin
06:55 15 Feb 18
Brad Sadek gave me hope when he decided to handle my mortgage for enclosure defense. I had exactly 10 days left of the 30 days ultimatum given me, but he was able to bargain for an extra 30 days for me to pay up. That duration turned out just right.
Jacinth Jacinth
Jacinth Jacinth
16:07 31 Jan 18
Excellent service. Brad and Matt were outstanding and friendly. They helped me through this. I’ve never met attorneys like these. Thank you!
julie njoku
julie njoku
12:29 24 Jan 18
Brad Sadek is excellent!. He understands and he's fair. You feel like you have someone fighting for you. The staff is friendly, professional, and courteous. These guys are the best at what they do !
Owen Black
Owen Black
20:14 09 Jan 18
Thanks for the great service! I would recommend this firm highly. Throughout the years I have been helped by this firm greatly and very much appreciated.
Steven Rychalsky
Steven Rychalsky
15:30 09 Jan 18
Sadek and Cooper law office was a wonderful experience to work with. Bankruptcy is a difficult experience but they helped with the stress so much and made it easy. I would recommend Sadek and copper too anyone.
Chris Kourelias
Chris Kourelias
19:09 28 Dec 17
Working with both Brad & Matthew was a pleasure. Both gentlemen are extremely knowledgeable and helpful in providing me the right assistance needed to make the correct decision to benefit me in the long run. I would recommend both candidates to anyone looking for assistance with a reputable law firm.
Jennyfer Santana
Jennyfer Santana
21:17 21 Dec 17
Highly Recommended. Matt & Brad assisted with my case. I felt comfortable throughout the entire process. Matt was very understanding, patient, and ensured he answered all my questions! Both great guys and very friendly! It was a pleasure working with Matt and Brad.
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