5 Post Bankruptcy Tips to Remain Debt Free

philly bankruptcy lawyers

1. Do Not Incur Post Bankruptcy Unsecured Debt Whether you have filed for a Chapter 7 Discharge or a Chapter 13 Reorganization of debt, potential lenders will most likely send offers for new credit.  Potential lenders target Petitioners post bankruptcy because their finances are under control. The offers of credit are usually in the form […]

Bankruptcy and NFL Draft

This Thursday, April 30, 2015 is the NFL Draft.  There, college players who lack any experience but have the world of potential will receive millions of dollars to play the game they love.  It sounds great, but, a recent article in the April 15, 2015 edition of the Washington Post suggests otherwise. The article states […]

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 […]

Home Purchasing Financial Guidelines

One of the best investments one can make is in their own home. However, for the home to be enjoyable it must be affordable. There is not a single all encompassing test which will determine whether a home is affordable, however, below are some general guidelines to determine affordability prior to purchasing real estate. Guideline […]

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, […]

Bankruptcy, the Earlier the Better

It is generally agreed that the earlier one makes the decision to file for bankruptcy, generally the better and the quicker their financial recovery process starts. Likewise, filing for bankruptcy sooner in the calendar year may prove to be more advantageous as well. According to American Research Group, Inc., the average family spends $854 in […]

Staying a Real Estate Tax Sale by way of a Bankruptcy Filing

When the owner of real property fails to make regular payments on municipal debt levied on his/her property, that property may be sold at a real estate tax sale to allow the city/municipality to recover any unpaid debt. These debts can include outstanding water and sewer bills, school district taxes, and real property taxes. The […]

Restoration of Driver’s Privileges and Bankruptcy

The filing of a Petition in Bankruptcy may be of assistance in restoration of a suspended driver’s license in Pennsylvania. First of all it must be determined why the Petitioner in Bankruptcy has his or her driver’s license suspended in the first place in that bankruptcy filings are often most helpful when the underlying license […]