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Philadelphia Pennsylvania Bankruptcy Legal Blog

Why benefits should I consider about Chapter 13 bankruptcy?

One option you might be hesitant to consider if you are drowning in debt is bankruptcy. You might love the idea of filing for Chapter 7 bankruptcy and ending up debt-free. However, depending on your financial circumstances, Chapter 13 might be a better option. 

Many Philadelphia residents do not realize how advantageous filing for Chapter 13 bankruptcy can be. Not everyone qualifies for Chapter 7 bankruptcy. Though they have fallen behind on their car notes, mortgage payments and credit card bills, their income might exceed the financial limits for Chapter 7 bankruptcy. Take some time to consider the following benefits for Chapter 13 before you finalize your decision on which type of bankruptcy to file: 

2 mistakes to avoid when filing for bankruptcy

If you are thinking about filing for bankruptcy in the Philadelphia area, you probably have exhausted all other options to pay off your credit card debts. Bankruptcy can help you give you a fresh financial start. However, you should be mindful of what you do before and during the bankruptcy process to avoid complications with your case. 

There are several things you must do before you file to ensure you receive the maximum benefits of its protection. The wrong mistakes could cause the courts deny you the right to file at that time or dismiss your case. Take some to review the following mistakes to avoid during bankruptcy. 

A couple of bankruptcy myths to ignore

If you find yourself stressing out about how to keep your house and car, there is a good chance you have thought about filing for bankruptcy. There is so much misinformation out there about this type of financial protection. Many people in Philadelphia do not realize how much it can help their situations. If the only thing holding you back from considering bankruptcy is misinformation, it is time for you to learn the facts. 

Bankruptcy is not a bad thing. Many individuals who have found themselves in dire financial straits have used it to start over. Some of them file to reduce their debts so they can pay them back without experiencing financial hardship. Others have used it to discharge their debts and keep their home, cars and other assets. To better understand how beneficial bankruptcy can be, consider the truth about these common bankruptcy myths. 

2 lesser known benefits of bankruptcy

One tactic that some people in Philadelphia use to deal with their debts is to ignore them. You might find it hard to pay bills that you can no longer afford due to unexpected medical expenses or job loss. Your financial struggle may have you revaluating essential and nonessential expenses and exhausting various options to keep your home and cars. 

Ignoring debts does not make them go away. Your creditors are not going to stop making attempts to collect. Some creditors may use illegal collection tactics, such as contacting you outside of certain hours, harassing your family members and giving them information about your situation and making threats and scare tactics to get you to pay up. 

Recognizing illegal debt collection tactics

If you count yourself among the many Americans who are struggling in the face of overwhelming credit card debt, you may find yourself on the receiving end of what you might consider harassing phone calls and collection methods. If you are behind on your credit card payments, you can expect that these calls and efforts to reach you will continue, but there are certain rules your creditors must abide by when trying to collect on your debt.

For example, when trying to collect money from you, debt collectors cannot lawfully:

Bankruptcy and divorce in Pennsylvania: part two

Finances and divorce are tricky enough to navigate on their own. Dealing with bankruptcy during divorce can become even more challenging.

In the previous article, you learned about the different options for filing for bankruptcy during the stages of divorce. Now take a deeper look at how a joint or separate filing may affect the divorce process.

Bankruptcy and divorce in Pennsylvania: part one

Divorce may occur on virtually any terms and for a number of reasons. For quite a long time, finances have been a leading cause of divorce

If you are considering or undergoing a divorce and are also contemplating bankruptcy, it is important to understand how the process will affect the divorce. The stage at which parties file for bankruptcy determines its effect on the divorce proceedings and outcome.

Top 3 foreclosure myths

Owning a home is a goal many people strive towards. If you have finally achieved this and are enjoying the rewards of your hard work, it can be devastating to realize you are no longer able to make payments. You are not alone, though; according to NeighborWorks America, over 80,000 families have homes that will enter foreclosure in a single month.

While the situation is undoubtedly stressful, it is important to remain sane and committed to finding solutions. It is also important that you do not rely on faulty information, such as the following three myths that are often mistakenly believed by people who are dealing with foreclosure.

What to consider before opening a 0-interest credit card

If you have ever received an offer to open a no-interest credit card account, you may have asked yourself if there was a catch. Typically, these cards enable you to make purchases without having to pay interest on them for a predetermined amount of time (typically one year, 18 months or what have you), after which a regular interest rate kicks backs in.

In most cases, you would be wise to think twice before opening a 0-interest credit card, unless you are trying to make a large purchase and have absolutely no doubt in your own ability to pay it back. Why?

How to survive job loss

Getting laid off can be devastating. When you suddenly have no income, what do you do? If you are facing this scary reality, you are likely feeling anxious and confused. Unemployment can take a toll on your finances and emotions. 

There are things you can do to bounce back after a job loss. Follow these tips for recovering and getting back into the workforce. 

Contact

Joshua Z. Goldblum, Attorney at Law
826 Bustleton Pike Suite 101B
Feasterville, PA 19053

Phone: 215-322-2745
Fax: 215-953-9973
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