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 […]

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 […]

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, […]

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 […]

Can I Purchase a Home after filing Bankruptcy?

Can I Purchase a Home after filing Bankruptcy? The answer to this question, is the too frequent legal answer, “It Depends.” Credit scores a/k/a FICO scores and interest rates are in an inverse relationship, meaning, the higher the credit score, the lower the interest rate. Our credit scores are the lead factor in determining the […]

Payday Loans making a comeback in Pennsylvania?

In March, 2010 I posted a blog about the high cost of payday loans, as high as a 426% interest rate. Payday loans are not the first choice of a consumer looking for a short term loan, and are generally sought in the most dire of financial positions. Pay day loans are often used by […]

Pennsylvania Mortgage Foreclosure Process and Legal Strategies for Homeowners

PENNSYLVANIA MORTGAGE FORECLOSURE PROCESS 1. Notice of Intent to Foreclose The first step in the Pennsylvania residential mortgage foreclosure process in Pennsylvania is for the mortgagor/lender to give the mortgagee/borrower a 30 day notice of intention to foreclose. Under Act 6 of 1974, 41 P.S. Section 403, during this 30 day period the lender must […]

The Omitted Creditor in Bankruptcy?

This blog stems from a Chapter 7 client who asked “What happens if a creditor is not listed?” It is Sadek and Coopers’ common practice that prior to a bankruptcy filing we review a 3 source credit report and collect all bills from our clients to ensure all creditors are listed on a Bankruptcy Petiion. […]