Some of the most famous and well-known actors, business people and socialites have filed for bankruptcy.
Filing for bankruptcy may seem intimidating, but Chapter 13 and Chapter 7 can help you and your future. These provide the opportunity to reset your financial status and even gain back repossessed items.
Your ability to file a Bankruptcy depends mostly on your affordability, or lack thereof, to pay towards your creditors.
One thing to always remember is rebuilding your credit will take time. Just as when you were starting out, it takes time to rebuild…
Many believe that when filing for bankruptcy, not only does it ruin your financial future, but it also should be seen as a personal failure. This is simply not the case.
The short answer is, yes. If one spouse is carrying debt or the majority of the debt, that spouse may be desirous of filing a Chapter 7 or Chapter 13 Bankruptcy. A Bankruptcy filing is associated with a social security number and although only the filing party’s social security number will be listed and associated […]
We live in difficult economic times. It is often beyond one’s control if he or she loses a source of income, or has a family financial emergency that makes it difficult or impossible to pay all the bills in a given month. For instance, if the inability to make your required credit card payments continues, […]
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 […]
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 […]
Most homeowners who have defaulted on their mortgage have heard the term or tried for a “Modification of Mortgage,” in short a modification. A modification is a change of the terms of the original mortgage agreed to by the lender and borrower. A Mortgage modification is likely to include the following: Reduction in interest rate […]