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Philadelphia Pennsylvania Bankruptcy Legal Blog

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. 

How to improve your credit after bankruptcy

Now that you have completed the bankruptcy process and gotten your finances in order, you may be wondering what you can do to improve your credit profile. You may already be aware of how long bankruptcy can affect your credit rating. However, there are things you can do to improve your credit while you wait for that to fall off your profile. 

Before you start working to improve your credit, it is crucial for you to examine your financial habits. If you are still experiencing problems with your bills or have some poor money management skills, you should work on them first. If you do not, you could find yourself in a financial bind like you were before you filed for bankruptcy. 

5 effects of credit card debt

Americans are using credit cards more than ever before. This widespread use has several effects, including normalization of using credit to pay for anything from a larger purchase such as a mattress to a purchase as small as a cup of coffee.

This may not be a problem if you are one of the people in the minority who pay your credit cards in full every month. You may be reaping the benefits of various reward programs for airline miles, bookstore gift cards or even cash back. But for the majority of people, credit card debt gets carried forward and accumulates into a larger problem.

Problems with subprime loans for cars and housing

If you are struggling with debt, credit and trying to get back on solid ground financially in Philadelphia, you may feel like it is impossible for you to buy a house or vehicle. Fortunately, even individuals who have less than stellar credit and financial profiles can still finance cars and houses. However, that privilege often comes with a steep price in the form of subprime loans.

Think carefully about how bankruptcy can help you with debt

Crushing credit card debt is a problem for many Americans. Regardless of why you are in this situation, you likely want a way out of it. You might be sick of the phone calls to demand payment or the mail you get telling you that payments are past due. All of these are signs that you need to take some sort of action.

The action that you take depends on your situation, but one that you might choose to exercise is filing for bankruptcy. This has some significant benefits that you should know about before you file.

Make your holiday gifting plan now to avoid credit cards

Even though Labor Day just passed, now is the time to start thinking about Christmas. One thing that many people don't realize is that they could save themselves a lot of trouble if they would plan in advance since this might give them a chance to avoid having to pull out the plastic to pay for the holiday goods.

There are some very big benefits to paying for the gifts without using credit cards. One of these is that you won't have to stress about how you will pay the bills when the season is over. This is a huge concern because you don't want the presents under the tree to lead to you to financial ruin.

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.

Be prepared for debts that remain after a Chapter 13 discharge

When you are overwhelmed with debts, it is imperative that you take the time to think carefully about what you are going to do to get the debts under control. One of the options that you have is to file for bankruptcy. Chapter 13 is what some people opt to file because they are able to repay some of the debts that they have.

There are some debts that will remain after the discharge of this bankruptcy. One of these is any debt that you didn't declare. It is very important for you to ensure that you include all of the debts that you need to be part of the bankruptcy in the paperwork you file. If it isn't included on the wage-earner plan, it isn't going to be discharged.

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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