Pottstown Bankruptcy Attorney Blog | Montgomery County Debt Relief Lawyer

Unforeseen situations can trigger Pennsylvania bankruptcy

On behalf of Law Office of Stephen Ross posted in Foreclosure on Wednesday, May 22, 2013.

Bankruptcy is an onerous decision for many Montgomery County residents who have experienced financial turmoil. Debtors usually do not enter bankruptcy without placing some fault for a financial downfall on themselves. Bankruptcy attorneys know that mortgage problems and other insurmountable debt can also be triggered by outside forces.

An elderly couple recently faced foreclosure, not for the direct financial mistakes they made but for the actions of their son. The couple owned several businesses and achieved the enviable position of being debt-free upon retirement. Business leases continued to provide $15,000 in monthly income.

Court mediation suspends Montgomery County foreclosures

On behalf of Law Office of Stephen Ross posted in Foreclosure on Thursday, May 16, 2013.

Government mediation programs have helped some financially-troubled Pennsylvania families avoid losing their homes. Industry analysts say court intervention often delays the inevitable loss of a property by dragging out the foreclosure process without stopping it.

Foreclosure mediation became an option in Montgomery and surrounding counties during the height of the recession, when mortgage debt swamped millions of U.S. homeowners. The government introduced mediation to stem the tide of foreclosures and salvage plummeting property values.

Settlement checks underwhelm Pennsylvania homeowners

On behalf of Law Office of Stephen Ross posted in Foreclosure on Monday, May 6, 2013.

The federal government came down hard on home loan companies for "deficient" business practices during the recession. Thirteen well-known mortgage servicers were accused of making loan-servicing errors, some intentionally, including the infamous charge of "robo-signing" unreviewed mortgage documents.

The servicers' mistakes were linked with unjust mortgage problems and foreclosures for millions of U.S. homeowners, including borrowers in Montgomery County. Government regulators vowed the offending mortgage servicers would pay. They have paid, but not enough to satisfy homeowners who feel they received a "slap" instead of a fair deal.

Pennsylvania school pushes early financial education

On behalf of Law Office of Stephen Ross posted in Debt Management on Thursday, May 2, 2013.

Students in Pennsylvania and public schools across the United States can graduate without learning how to handle personal finances. Some educators believe that teaching high school students about money management has a positive personal effect with long--term benefits for the national economy.

Education experts say, unless parents teach positive financial habits at home, few students have any formal education about money when they graduate and become independent consumers. Heading into adulthood without practical financial knowledge can lead to poor borrowing decisions, heavy debt concerns and sometimes bankruptcy down the road.

What happens to trust assets during a Pennsylvania bankruptcy?

On behalf of Law Office of Stephen Ross posted in Chapter 7 on Friday, April 19, 2013.

Trusts are estate--planning instruments normally used by individuals of considerable wealth to set aside and protect assets for beneficiaries. Pottstown residents might have a tough time believing that a person affluent enough to have a trust would have the need to file Chapter 7 bankruptcy.

Financial problems are not exclusive to individuals with modest incomes. Debt collectors want what's due whether a debtor is a used car owner or the lord of a mansion. Incomes may differ greatly between the well-to-do and the not-so-well-off, but so can the size and quantity of liabilities. With wealth, what you own can still be dwarfed by what you owe.

Pottstown debt dilemma: Judgment removal after debt is paid

On behalf of Law Office of Stephen Ross posted in Debt Management on Wednesday, April 17, 2013.

Creditors often assign the task of overdue debt collection to an outside agency. The agency may sell off the debt to another party which may, in turn, sell it again. The debt collector shuffle is legal but confusing for Montgomery County consumers trying to settle accounts.

A collection agency can go through a court to have a judgment placed on a debtor. The judgment appears on an individual's credit report for as long as seven years. Judgments hinder consumers' debt relief opportunities since banks and other creditors use credit reports and scores to make lending and credit decisions.

IRS bills worry Pennsylvanians and a Grammy winner

On behalf of Law Office of Stephen Ross posted in Chapter 7 on Thursday, April 11, 2013.

Entertainer Dionne Warwick's fame was once associated with chart-topping, Grammy-winning music. The news most people in Pottstown hear today about the 72-year-old diva is the relationship with her cousin, the late singer Whitney Houston, and tax problems.

Warwick's pop music prowess earned her decades of wealth. The singer's retirement income of more than $20,000 per month includes royalties for the songs that made her famous. Warwick has had trouble with the elimination of debt. A tax bill of more than $10 million recently led the singer to file for Chapter 7 bankruptcy.

Holding on to a home during a Pennsylvania bankruptcy

On behalf of Law Office of Stephen Ross posted in Chapter 7 on Thursday, April 4, 2013.

One of the primary concerns people have when they speak to a Pennsylvania bankruptcy attorney is whether they can keep their home. The answer for Pottstown residents depends on bankruptcy laws, the bankruptcy sought and the financial standing between the mortgage lender and debtor.

A Chapter 7 or asset liquidation bankruptcy may or may not cause an individual to forfeit a home. Federal and state bankruptcy laws determine which property is sold to pay creditors and the assets a debtor can keep. Many Chapter 7 filers qualify for exemptions that allow them to retain a property.

How Pottstown consumers take control of credit scores

On behalf of Law Office of Stephen Ross posted in Debt Management on Friday, March 29, 2013.

Most Pennsylvania consumers know poor money management can decrease opportunities for securing low-interest loans and buying essentials like a car or home. Debt management experts say one of the fastest roads to fiscal improvement is getting a firm grip on a credit score.

Credit scores are worthiness ratings that reflect how consumers spend money and pay bills. Scores are based on reports from credit bureaus like Experian and Equifax that compile data from lenders, debt collectors and other sources. Potential lenders apply the scores to consumers' credit or loan applications.

Scam susceptibility increases with Pottstown foreclosure fears

On behalf of Law Office of Stephen Ross posted in Foreclosure on Thursday, March 21, 2013.

The fear of losing a home drives some Montgomery County property owners to desperate acts. The possibility of foreclosure is a strong propellant to seek debt relief options, which advisers say can be harmful and even illegal.

Mortgage debt is often the largest bill that homeowners pay. Unexpected losses of income from unemployment, medical expenses, death or divorce can derail a budget. A once-affordable home loan is transformed into a burden that threatens a family's stability.

Montgomery County PA, Bankruptcy Blog