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 Tactical […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 Bankruptcy Law Officess’ 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 […]
Steps Prior to Filing for Bankruptcy
Filing bankruptcy is not something people want to do, rather something they have to do for various different reasons. When a person or married couple makes the decision to file for bankruptcy there are a few guidelines they should follow to make the bankruptcy procedure as easy and quick as possible. 1. Consult with an […]
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 […]
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 […]
Northeast Philadelphia Bankruptcy Lawyer
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Januray 4, 2011 Mortgage Foreclosure Sales STAYED
Mortgage Foreclosure Sale and Bankruptcy
Credit Card Accountability, Responsibility and Disclosure Act (“CARD”)
This post will serve as a follow-up to the August 21, 2009 post regarding new CARD laws. On February 22, 2010 the next wave of CARD laws go into effect. The new enactments focus on credit card laws and regulations to improve consumer awareness and financial management. The four (4) principal changes going into effect on […]