What Is Bankruptcy?

Bankruptcy is a legal proceeding in which a person who cannot pay his or her bills can get a fresh financial start. The right to file for bankruptcy is provided by federal law, and all bankruptcy cases are handled in federal court. Filing bankruptcy immediately stops all of your creditors from seeking to collect debts from you, at least until your debts are sorted out according to the law. Call me for a free consultation at (215) 551 7109. Please visit our website for more information at www.thephiladelphiabankruptcyattorney.com.

Will Bankruptcy Wipe Out All My Debts

Yes, with some exceptions. Bankruptcy will not normally wipe out: • money owed for child support or alimony; • most fines and penalties owed to government agencies; • most taxes and debts incurred to pay taxes which cannot be discharged; • student loans unless you can prove to the court that repaying them will be an “undue hardship;” • debts not listed on your bankruptcy petition; • loans you got by knowingly giving false information to a creditor, who reasonably relied on it in making you the loan; • debts resulting from “willful and malicious” harm; • debts incurred by 

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The cost of NOT filing bankruptcy

Which is worse, bankruptcy or debt? The answer might not be what you think. You might be suffering from burdensome debt and looking for a solution to your financial hardship. The search may keep you up at night, disturb your sleep and reduce your ability to focus at work. You may have tried opening new credit cards, transferring debt or letting payments slide, but it only makes matters worse. People view bankruptcy like its admitting failure, something you avoid at all costs but it may be the best option and your first step toward freedom from debt. The cost of 

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Bankruptcy and Credit: The Real Impact of Bankruptcy on Your Credit Score

Many people considering bankruptcy hesitate for fear of damaging their credit scores. The real impact of bankruptcy on your credit score may surprise you. Credits scores often improve an average of 80 points immediately after bankruptcy. But why? A credit score is composed of 35% payment history; 30% amounts owed; 15% length of credit history; 10% new credit; and 10% credit mix. Bankruptcy erases the “30% amounts owed” category by virtue of your discharge order in bankruptcy. That’s the simple answer as to why your credit score increases. If you do file for bankruptcy, it’s not the end of your financial 

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Donald Trump Loves Bankruptcy

Donald Trump has written many books about business but they all seem to end at Chapter 11! The following summary of the six (6) Trump bankruptcies was complied from the Associated Press; Washington Post; and Politifact news organizations. Bankruptcy # 1: The Trump Taj Mahal, 1991 Trump’s first bankruptcy involved the construction of the $1,000,000,000.00 billion Trump Taj Mahal casino in Atlantic City, N.J., which opened in 1990.  A year later, the casino was nearly $3 billion in debt, while Trump had racked up nearly $900 million in personal liabilities. Bankruptcy # 2: Trump Castle, 1992 Within a year of 

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Is a lump sum workers’ compensation settlement protected in bankruptcy?

Workers’ compensation awards may be exempted under 11 U.S.C. § 522(d)(11)(E) Section 522(d)(11)(E) provides as follows: (d) The following property may be exempted under subsection (b)(2) of this section: (11) The debtor’s right to receive, or property that is traceable to (E) a payment in compensation of loss of future earnings of the debtor or an individual of whom the debtor is or was a dependent, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor. 11 U.S.C. § 522(d)(11)(E). Workers’ compensation awards are given to offset a worker’s loss of future earnings as a result of 

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Buying a Home After Bankruptcy

Buying a Home After Bankruptcy It’s getting easier to get approved for a mortgage. The wait time has been reduced to 2 Years for Fannie Mae mortgage loans and 1 Year for FHA mortgage loans.  The FHA Back to Work allows certain mortgage borrowers to apply for a mortgage within 12 months after a significant derogatory event on their credit report.                                                      “Significant derogatory event” is defined as any one of the following which may 

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What happens if I hide a lawsuit during my bankruptcy?

The Bankruptcy Code, 11 U.S.C. § 521, requires debtors to disclose any potential claims during the bankruptcy proceedings.  Section 521 lists various duties of a debtor.  All debtors must file a schedule of assets and liabilities and a statement of financial affairs. The filing of a bankruptcy petition creates a bankruptcy estate, which consists of “all legal or equitable interests of the debtor in property” as of the commencement of the case. In re Allen, 768 F.3d 274, 281 (3d Cir. 2014) (quoting 11 U.S.C. § 541(a)(1)). The scope of 11 U.S.C. § 541(a)(1) is broad, and it includes all 

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Stephen M. Dunne, Esq. was selected to be a 2015 Super Lawyer: an honor bestowed on only 2.5 percent of attorneys in Pennsylvania each year. SuperLawyers is a service that uses a very thorough process (it’s been patented!) to rate lawyers. The 12 important factors on their list include their legal track record, and also things like community service, honors and awards, special licenses and education, and much more. Only 2.5 percent of nominated lawyers obtain SuperLawyer status. Super Lawyers Profile: Stephen M. Dunne, Esq. AVVO rates lawyers based on a number of factors and gives Dunne Law Offices, P.C., a 9.8 out of 

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Hope Matters Radio Show for April 12, 2014

  If you or someone you know is faced with Bankruptcy or Divorce, then we are here to help! This Saturday at 10am we will be joined by Bankruptcy Attorney Stephen Dunne and Divorce Attorney Betty Lupo as they share their knowledge and expertise. Also this week Diane Hemmerle of Harvard Abstract makes her co-host debut, Joe Cunningham shares this week’s Real Time Real Estate and Ian Meierdiercks shares the Word On Wealth. Tune in this and every Saturday at 10am on News Talk 990 AM or LISTEN LIVE at www.hopemattersradio.com/listen-live