Case Summaries

Malvern, PA Bankruptcy Collection For Creditors

In this case, a client came to us seeking assistance with retrieving money that was given to a company that went out of business. The client paid the company $25,000 as a down payment for a future service, but the company went under before the service was performed. After two years of attempting to get the money, the client came to us and we were able to retrieve the full $25,000 from the company.

Norristown, PA Loan Workout Cases

A client came to us after falling behind on their bills and quickly found themselves in debt. They had a $6,500 car loan with monthly payments of $250, with a monthly interest rate of 3.6%. They could no longer afford to pay the loan off, but needed the car so that they could commute to work. We were able to work with the bank to change the loan to monthly payments of $190 and an interest rate of 4.1%. This gave the client a chance to live comfortably with their paychecks and keep their car.

Yardley, PA Business Bankruptcy

This client was a self employed business man in Royersford. His business declined after his main supplier went out of business. Before the decline he had 5 trucks, two drivers, and $300,000.00 in debt to other suppliers, credit cards and others. We filed a chapter 13 case, reduced his debt to 2 cents on the dollar, he abandoned 2 of his vehicles and he is continuing in business. At the completion of the case, we expect he will wipe out $294,000.00 in debt and continue in business.

Philadelphia, PA Bankruptcy Case

A client came to us as his business was failing due to the economy. He had a primary residence and a second home. He filed a chapter 13 case to save both of the homes, but when his primary residence was appraised he found out that he had no equity because the price had dropped below the amount of his loans. He changed his primary residence to the vacation home, which had equity and was current, abandoned the first home, and converted his case to a chapter 7. He kept his vacation home, which he now used as his primary residence, and discharged all of his unsecured debt.

Abington, PA Car Accident Lawyer

Our clients were a mother and son involved in a head on car collision. The son was the driver, and he sustained sprains and strains. His mother was a passenger, and she sustained broken ribs and sternum and internal injuries, and later died from her injuries. An erratic driver lost control of his car, crossed over the centerline on the street and struck our clients. Both clients wore seat belts, but their older car did not have airbags. The son-driver couldn’t work for several months, and his wage loss was more than $15,000. The driver who caused all of this had only the minimum liability insurance coverage of $15,000 and no other assets. The son had a truck of his own, and shared his house with his mother who had two vehicles, and all their vehicles had insurance policies. We settled the injury and death claims against all the insurance companies for over $300,000.00.

Philadelphia, PA Fall Down Accident Attorney

Our client went to a fundraiser for a local non-profit organization. She arrived by car and was told where to park and how to get into the event. She followed the instructions and bought an admission ticket. At the ticket table a crowd had gathered waiting for their chance to buy a ticket. After she got her ticket, she had to make her way through the crowd to go into the building to the main activities. The walkway was not smooth and had no guardrail and no warning about the step up. The crowd blocked her view of the defect in the walkway. She fell onto the walkway, fracturing her hip. She was removed from the premises by an ambulance and required surgery to repair her hip with a pin. Her medical insurance provider had a subrogation claim against any money she might receive. The case settled for $200,000 and the medical insurance provider agreed to compromise their subrogation claim, and the client got a substantial amount of money, free and clear.

Glenside, PA Chapter 7 Bankruptcy Attorney

Our client was a retired woman who lived with her husband. They owned their house free and clear. The house was valued at $212,000 and had no mortgages against it. Before filing her bankruptcy, the client had $199,000 of debt that she accumulated when she co-signed some loans to help out her grandchildren. For her grandson, she co-signed a loan for a business. The business failed so the grandson moved to Florida and he did not pay the loans. She also helped out her granddaughter by cosigning for some furniture. The granddaughter promised to pay for the furniture, but couldn’t get credit on her own. The granddaughter did not pay for the furniture. Our client had Social Security income of $500 and was working full time, plus overtime, at a local factory in order to pay off the loans that she guaranteed for her grandson and granddaughter. She was paying close to $3,000 a month on these loans, and in addition was unable to pay on her own credit cards because she was paying on these debts of her grandchildren.
After the chapter 7 bankruptcy case, she was able to keep her home, all her possessions, and her income. Her lifestyle didn’t change, except that a lot of debt was wiped out. She was able to keep her home free and clear of any claims because in Pennsylvania there is a “tenants by entirety” homestead exemption. Before the bankruptcy, the client was putting 100% of her earnings, plus her Social Security income, into paying off debts of her grandchildren; however, after the bankruptcy, she was able to have a surplus each month of $750.

King of Prussia, PA Chapter 7 Lawyer

This client is an unmarried man with no real estate in his name. His mother had a business, as did the son. When the mother became ill, the son tried to take care of her and run her business and his business, all at the same time. Prior to the bankruptcy, he had accumulated $187,457 of unsecured debt, primarily on credit cards, which he used to finance his business. He also had $12,000 in secured debt, which was for his vehicle. He had a collection with a value of $2,000, sports equipment, watches and rings worth $1,800, a vested profit sharing plan with a previous employer with a balance of $16,000, and other household belongings. He had a job before the bankruptcy where his net take home pay for the month was just under $3,000. His business was a part-time business he ran out of his house, and his income from that business was $836 per month. His expenses before bankruptcy exceeded all of his income, and the creditors were starting to call him and start lawsuits to get paid. The bankruptcy allowed him to wipe out the entire $187,457 of unsecured debt, keep his job, keep his small business, and he was able to have a $632 surplus at the end of every month. In addition, he was able to keep his car, keep his sports equipment, watches and rings, vested pension plan and his collection worth about $2,000.

Southampton, PA Bankruptcy Lawyer Chapter 13

Our client was a married man who refinanced his house a year earlier, and intended to put his second wife on the title deed. However, the title company made a mistake, and forgot to add her name to the deed. At the time, the house was worth $194,000 and had two mortgages on it, and the total of the two mortgages was $144,000. He had two older vehicles, a Porsche and a Lexus, and he had a IRA with a value of $65,000. He also had household belongings worth about $5,500 and other assorted items. His credit card and other unsecured debt totaled $235,000. Prior to the bankruptcy, he was unable to make payments; he was about to fall behind on his mortgage and creditors were beginning to sue him and make claims to get payment. After filing bankruptcy, he was able to keep his house, his 401k, and all his possessions. He had to file a Chapter 13 plan, which required him to make payments every month to the court appointed trustee and in addition keep current on his house payments and other secured debt. Over the course of the five-year plan, he paid his unsecured creditors $34,000, about 15 cents on the dollar. His completed his plan successfully, and his unsecured creditors cannot come after him for the balance.