Find out everything you need to know about Philadelphia bankruptcy, PA divorce, immigration, etc. by reading our latest blog posts.
  • For some, the idea of filing for bankruptcy is an absolute taboo subject, something that they associate with failure and work hard to avoid at all costs. For others, bankruptcy represents a life preserver when they feel like they’re drowning – a way to get their feet under them again and return their lives to some semblance of normalcy. Just as there’s a wide range between those two extremes, there’s a huge range between levels of credit card debt and how it impacts an individual consumer. The national average credit card balance hovers somewhere between $5,000 and $6,000. For some, …Read More ➡

  • Bankruptcy, and especially Chapter 7 bankruptcy, offers a fresh start for those who have racked up insurmountable debt. Though debtors may be vulnerable to some of their assets being liquidated, the filing can wipe away unpaid medical bills and credit card bills and allow the possibility of moving forward without the burden of debt collectors and past-due notices. The same is true for tax debt, but only in certain circumstances. Here’s what you need to know about how bankruptcy will affect your tax debt. The first thing – which is often the most important to taxpayers – is that once …Read More ➡

  • Bankruptcy offers a financial lifeline for those who are unable to pay their debts, but the people who could most benefit from the process are often hesitant, stymied by the taboo that has been attached to seeking economic help. Many falsely believe that those who file for bankruptcy are simply undisciplined or irresponsible in their spending habits This is unfortunate and reflects a lack of understanding of the most common drivers of overwhelming debt. Let’s take a look at the most common reasons that people seek bankruptcy protection. Medical bills – When people filing for bankruptcy are asked what drove …Read More ➡

  • No matter who initiated your divorce – whether you, your spouse, or by mutual agreement – it is bound to represent a loss. Even couples whose relationship is fraught will be emotionally impacted by the end of a marriage, and there’s a likelihood that there will be an economic impact as well. Divorcing couples go through a process known as equitable distribution that requires that all marital assets be evaluated and divided in a way that leaves both parties with roughly the same value. While this is a fairly straightforward process for liquid assets like bank accounts, the marital home …Read More ➡

  • If you’re overwhelmed with debt and struggling to pay your bills, there’s a good chance the idea of bankruptcy has crossed your mind. Bankruptcy is something that everybody has heard of, but few understand well, and you’re not alone if you’ve told yourself that it’s only for people who are in financial straits that are far more dire than yours. The truth is that there is no specific threshold for how much you need to owe to qualify for bankruptcy or even a ratio of debt to income or a benchmark for how long you have been in debt. Rather, …Read More ➡

  • Nobody likes paying bills, but if your financial situation has made it feel impossible for you to do so, then you may consider filing for bankruptcy. Most people know that bankruptcy can eliminate many of your debts, wiping the slate clean and providing a fresh start, but few know that the process has strict requirements that must be met. The two types of personal bankruptcy are Chapter 7 and Chapter 13. Where Chapter 7 discharges most debts while liquidating many of the debtor’s personal assets, Chapter 13 reorganizes debts to make them more manageable. Though you may prefer Chapter 7, …Read More ➡

  • Debt is insidious. It creeps up on you until suddenly what was just a skipped payment or two turns into your bank sending you a notice that they’re beginning a foreclosure action. You may fear filing for bankruptcy, thinking it would be a mistake because of its long-term effect on your credit rating. But keep in mind that bankruptcy will give you the chance of forestalling or stopping foreclosure while at the same time eliminating or lowering your dischargeable debt, while just letting a foreclosure happen leaves you with all your unpaid bills and will still put a black market …Read More ➡

  • Whether you are contemplating divorce or are in the midst, if you are a parent then your primary concern is likely your children’s wellbeing and the health of your future relationship with them. It is natural to worry that divorce will destroy the foundations that you’ve built, or that hostility exhibited either during the marriage or in the course of the legal proceedings will poison things in the future. The good news is that studies have shown that whether parents cooperate or not makes little difference to children’s emotional health, and if you work honestly to strengthen your relations with …Read More ➡

  • Overwhelming student loan debt has become a hot topic of conversation, and such a national problem that the CARES Act that was signed into law in response to the global pandemic specifically paused payments and involuntary loan collections on federal student loan debts. Originally intended to last just six months, the deferral is approaching its two-year anniversary and is now set to expire on May 1 of 2022. With payments set to start again soon, struggling student loan borrowers are facing significant uncertainty. Though it is widely believed that filing for bankruptcy will not provide student loan relief, it is …Read More ➡

  • Whether your mountain of bills is the result of bad luck, an injury or illness, or spending habits that got out of hand, the start of a new year offers the promise of a fresh start. If your debt is insurmountable, this may be the perfect time to break free and file for bankruptcy. But make sure that you do it the right way. Here are our top bankruptcy tips for the new year. Don’t purchase luxury items right before filing. If you spent a ton on Christmas gifts with the idea that you’d be able to discharge all of …Read More ➡

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