Bankruptcy is a tool that allows people who are insolvent to seek protection from the court, to assist them in reorganizing their debt and finances. In exchange for the protection and debt reorganization (or forgiveness), bankruptcy may affect your credit which can impair your ability to secure mortgages, favorable interest rates, car loans, and many other debt tools. A Chapter 13 bankruptcy attorney from Alfred Abel Law Offices reviews the effects of bankruptcy and compares those against the benefits offered.
Many NBA players file for bankruptcy within five years of their professional career ending. What is the cause of this phenomena? Taxes? Fraud? You would be surprised to know that none of those are the primary reasons. Instead, the cause is poor planning and foresight on the part of the players. Players should have spoken to bankruptcy lawyers to sort out their finances before, during, and after their professional career. Take these stories as a cautionary tale; if million-dollar basketball players can be affected by bankruptcy, anyone can. A Philadelphia Bankruptcy Lawyer from Alfred Abel Law Offices provides some tips to understand and avoid bankruptcy.
According to an article on the internet site, www.stuff.co.nz, a 74-year old grandmother recently filed for bankruptcy after being stuck with $13,000 in debt. A “friend” had convinced her to take out a loan in her own name because she was unable to get one herself, then failed to pay the loan off.
If you are filing for bankruptcy protection, you are required to seek counseling about your credit from a government-approved counselor within 180 days before you file. You are also required to complete a follow-up debt education course before the court discharges your debts. A Montgomery County bankruptcy lawyer can help you through your entire bankruptcy process.
Some debts are non-dischargeable in bankruptcy court. A Philadelphia bankruptcy attorney can walk you through the various pitfalls and benefits of bankruptcy. Your attorney can prevent you from filing for bankruptcy and learning that your particular debt is non-dischargeable.
Bankruptcy Lawyers in Philadelphia – The Benefits of Bankruptcy
Chapter 11 Bankruptcy Benefits
Local company Broad Street Media filed for Chapter 11 bankruptcy protection earlier this year. Broad Street Media is responsible for several local papers including the Philadelphia Weekly, the South Philly Review, the Northeast Times, and nine other publications.
Bankruptcy is a powerful tool that can shield your personal and business assets from debt collectors. Bankruptcy cannot protect all of your assets, some of them will be used to pay off a portion of your debt. Moreover, bankruptcy will not discharge all of your liabilities (debts).
Bankruptcy is complicated. When filing for bankruptcy, you must account for all of your assets, liabilities, expenses and incomes. Many people make mistakes before they file their initial petition. Unfortunately, those mistakes can cause serious problems and even disqualify you from seeking bankruptcy protection. Contacting a bankruptcy lawyer in Montgomery County is always recommended to avoid costly mistakes.
The United States, for the most part, is an “at will” country, meaning that employment is “at will.” Employees are free to quit and employers are free to fire at any time. Keeping this in mind, there are a few exceptions; for example, you cannot get fired based on your race, sex, age, disability or a few other “protected classes.” Each state, including Pennsylvania, can expand on these protected classes.
Bankruptcy is simply a tool that can help people get out of unsustainable debts. Although bankruptcy can bring serious consequences to your credit score, it is likely that your credit would already be low by that point. Here are answers to four important questions from a Philadelphia bankruptcy attorney.