Chapter 7 Bankruptcy as a First Option, Not a Last Resort

A recent blog by Steve Rhode of Huff Post was titled “Why a Chapter 7 Bankruptcy Should Be Your First Option and Not a Last Resort.”  It discussed the financial benefits of exploring bankruptcy first in order to best address relieving debt.  In Philadelphia and its surrounding counties, those dealing with credit card debt, collection […]

Business Bankruptcy and Social Media Accounts

On April 3, 2015 it was decided that social media accounts may be deemed property of a bankruptcy estate.  The principle was confirmed in the bankruptcy matter known as In re CTLI, LLC (Bankr. S.D. Tex,. Apr. 3, 2015).   The facts of the case were that the Chapter 11 Business Debtor doing business as […]

Improve Credit Score After a Bankruptcy Filing

One of the most common questions I receive is “How can I improve my credit after a bankruptcy filing?” My advice involves making timely and regular payments on a mortgage or rent, a vehicle if the Petitioner owns one and equally important, not incurring any new debt after a bankruptcy filing. Further, our firm recommends […]

2014 Year in Review

With our growing and busy practice, it is rare that we have time to reflect on the past year and look forward to progressing into 2015. In 2014, Sadek and Cooper expanded in both personnel and office locations. In 2014, our firm welcomed two new staff members. In May of 2014, our office hired Brenda […]

Modification of a Chapter 13 Bankruptcy Plan

A Chapter 13 Bankruptcy repayment plan lasts between 36 and 60 months. During that period of time there are many events that may happen which may diminish or enhance one’s ability to repay their creditors under a Confirmed Chapter 13 repayment plan. Change in circumstances that are cause for a modification of a confirmed bankruptcy […]

What to bring to the Bankruptcy Hearing

In every bankruptcy case, whether a Chapter 7 Bankruptcy matter or a Chapter 13 Bankruptcy matter, the petitioner must attend a 341 Meeting of Creditors. I most recently wrote a blog entry regarding the 341 Meeting and the questions most frequently asked at the Meeting on August 31, 2012. In this blog, I would like […]

Credit Reports and Charge Off

It is common for a debt to be listed as a “charge-off” on a credit report. Some consumers have mistakenly viewed a charge-off as a positive indicator on their credit report, because the phrase charge-off may be interpreted as the consumer no longer owes or is responsible for payment of the debt. In fact, the […]

FHA Back to Work Mortgage Program

Recently, the Federal Housing Administration moved to relax its guidelines and expedite the waiting period to secure a mortgage for borrowers who “experienced periods of financial difficulty due to extenuating circumstances”. The program exemplifies the FHA’s willingness to help those who have endured a financial situation beyond their control. The program is generally known as […]

Debtor Education/Financial Management Course and Bankruptcy

On or about March 10, 2014 (see below) a blog was written and posted by Brad J. Sadek, Esquire regarding the Credit Counseling Course prerequisite to filing a consumer bankruptcy under Chapter 7 or Chapter 13. In addition to the Credit Counseling Course, a second and final course is required. The Second Course, Debtor Education, […]

Credit Counseling and Bankruptcy Filing

Under the Bankruptcy Abuse and Consumer Protection Act of 2005 individuals who plan to file for bankruptcy must complete under Rule 11 U.S.C. Section 109 a Credit Counseling Course prior to filing a Chapter 7 or a Chapter 13 Bankruptcy Petition. Our office ensures that all clients comply with the counseling requirement and registers all […]