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, […]
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 […]
Chapter 7 Repeat Filing
On October 17, 2005, a major change in the bankruptcy law went into effect. The law change specifically referred to as The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (“BAPCPA”) changed many aspects of consumer bankruptcy law(s). One of the many implemented changes was the waiting period between a consumer’s bankruptcy discharge in […]
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 […]
How much does a bankruptcy cost?
There is no doubt that a person files for bankruptcy when they are not in the best financial position. Accordingly, a question that we are asked daily is “How much are bankruptcy fees.” First, the court filing fees including credit counseling, debtor education and a credit report total about $400.00 for a Chapter 13 and […]
Unsecured Debts in Chapter 13 Plans
Chapter 13 Bankruptcy filers generally have to pay a regular monthly payment to the Chapter 13 Trustee. The subject monthly payment is determined by the amount necessary to cure mortgage arrears over a period of up to 5 years or disposable monthly income, in the event any exists. The Bankruptcy Code strictly regulates for the […]
Stripping Unsecured Junior Liens
On or about January 17, 2012, Sadek Law Office filed an adversary proceeding against a major mortgage servicer for among other things, stripping a wholly unsecured junior mortgage lien. The subject real property at issue was valued less than the first mortgage amount of $180,000.00 thereby deeming the second mortgage lien as “wholly unsecured.” Through […]
Sadek Law Offices, LLC 2011 Year in Review
As the year 2011 comes to an end I, Brad J. Sadek, managing attorney, would like to extend thanks to our staff of attorneys and paralegals for another successful year. Further, I would like to extend my gratitude to our clients whom we get the pleasure of providing legal assistance to. As we enter our […]
New Bankruptcy Median Income Standards
Pennsylvania Bankruptcy Median Income Standards
Voiding Unsecured Mortgages in Chapter 13 Bankruptcy
Mortgage Lien Stripping
Intersection of Divorce and Bankruptcy
Bankruptcy and Family Law issues often go hand in hand. Financial difficulties can often result in divorce and vice versa. Keeping that in mind, it is important to be aware of the numerous ways in which your or your spouse’s bankruptcy can potentially affect your or your spouse’s ability to pursue and obtain a divorce.