A charge off is an accounting entry used by creditors or lenders in their books to account for overdue, uncollected debts. Most debtors, when they see “charged off” on their credit report, assume the debt has been disregarded by the creditor and that they are no longer obliged to repay the debt. This is not…
Our firm receives this question pretty often. So, we've decided to answer it on our blog. Yes. Filing for bankruptcy will affect your credit rating. Initially, you may see a sharp decline in your FICO score. Once your debt has been discharged, and you begin making on-time payments and wise financial decisions regarding your credit, you…
The amount of people applying for unemployment benefits increased to over 4 million in December 2008. In Pennsylvania, more than 250,000 unemployed persons are receiving unemployment benefits, and in New Jersey more than 160,000, which represents an increase of approximately 6000 recipients in both states. Economists expect the unemployment rate will continue rising as there…
Are you on the verge of losing your home to foreclosure? Chapter 13 bankruptcy offers homeowners some advantages and in most instances, chapter 13 bankruptcy can save your home from foreclosure. Under chapter 13, you are allowed to "stay" foreclosure proceedings and present a three (3) to five (5) year repayment plan to the court…