Top 7 Reasons to Consider Filing for Bankruptcy

bankruptcy attorneys pa

Over the years, our Philadelphia, Pennsylvania based Bankruptcy law firm has filed thousands of consumer bankruptcy cases.  In each case, the goals of our clients have been fairly similar; to achieve a fresh financial start or to reorganize their financial affairs. Although our clients financial goals are similar, the reasons they seek our assistance varies […]

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 […]

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 […]

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 […]

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 […]

What to expect at a Bankruptcy Hearing

Whether filing a Chapter 7 Bankruptcy or a Chapter 13 Bankruptcy, the Petitioner(s) must attend a 341 Meeting of Creditors. Although named the Meeting of Creditors by Statute, it is extremely rare for a creditor to appear at the 341 Meeting. In the event a Creditor does appear, it is usually because they have additional […]

Bankruptcy and Student Loans, a Brief Overview

The recognized current standard for including student loans in a bankruptcy discharge is broadly defined as a clear showing that the payment of the student loan debt will impose an undue hardship on the Debtor and his or her dependents. To meet this standard the Bankruptcy Courts have implemented the Brunner test. The Brunner test […]

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 […]