The New York Post is reporting that IRS will stop showing up at homes unannounced in effort to protect agents, combat scammers.The article can be found at https://nypost.com/2023/07/24/irs-ending-policy-of-unannounced-home-visits-by-agents?utm_source=gmail&utm_campaign=android_nypJim Shenwick, Esq  917 363 3391  [email protected] Please click the link to schedule a telephone call with me. https://calendly.com/james-shenwick/15minWe held individuals & businesses with too much debt!

Harassment from any source can be intimidating and overwhelming. If creditors are harassing you, it is important to learn how to make them stop in Pennsylvania. Creditor harassment generally includes any communications from a lender or debt collection agency that are of a threatening or malicious nature. To stop creditor harassment, debtors can attempt to negotiate with a creditor. Debtors can also enter into bankruptcy and stop communications via an automatic stay. If creditors violate the automatic stay, you might be entitled to compensation. Bankruptcy can enable you to satisfy all your debts, some of which might be discharged. This should help you to avoid receiving any harassing communications from creditors in the future. For a free and confidential discussion of your case with our Pennsylvania bankruptcy lawyers, call Young, Marr, Mallis & Associates at (215) 701-6519. What Constitutes Creditor Harassment in Pennsylvania? If you owe money to a creditor and cannot meet payment dates, the creditor or a collection agency might begin reaching out to you to request payment. While contacting you about missed payments is not inappropriate behavior, it can cross a line and become harassment. The Fair Debt Collection Practices Act (FDCPA) prohibits collection agencies acting on behalf of primary creditors from harassing debtors in Pennsylvania and throughout the country. Examples of harassment include making threatening or obscene comments to debtors, and misrepresenting the identity of a debt collection agent, among other inappropriate behavior. Harassment might come in the form of calls to your home, mail sent to your house, or in-person visits from creditors. Our Chester County bankruptcy lawyers understand the importance of stopping creditor harassment whenever possible, as such actions can profoundly disrupt a debtor’s life and even delay their ability to repay debts. If you are unsure whether or not behavior of creditors is considered harassment, ask for clarification. How Can You Pause Creditor Harassment in Pennsylvania? Temporarily pausing creditor harassment in Pennsylvania is possible by taking certain steps. In some cases, creditors will agree to negotiate with debtors for a lower interest rate or reduced debt so that repayment is easier. If a collection agency is breaking federal law when harassing you, you might be able to file a lawsuit. And finally, getting an automatic stay can temporarily stop all communications from creditors and collection agencies in Pennsylvania. Negotiate with Creditors When debtors continue to ignore creditors, they might be harassed about repayment. Sometimes, creditors will be open to negotiating the terms of a debtor’s loans or their total debt in the hope that the matter will be resolved without going to bankruptcy court in Pennsylvania. File a Lawsuit If a debt collection agency violates the Fair Debt Collection Practices Act and engages in creditor harassment, a debtor can file a lawsuit in Pennsylvania. For your case to be successful, you must have proof of the harassment, such as correspondence, accounts of phone conversations, or other evidence. Get an Automatic Stay Most debtors will qualify for an automatic stay the moment they declare bankruptcy. There are a few exceptions in cases involving debtors that have filed for bankruptcy numerous times in the recent past. Typically, an automatic stay will last for the duration of a debtor’s bankruptcy. While an automatic stay is in effect, no creditor or debt collection agency can contact you outside of a court setting about repayment. Furthermore, any attempts to foreclose on your property or repossess your assets will be halted. This means that if a sheriff’s sale was about to commence before your bankruptcy filing, it will be paused because of the automatic stay. What if Creditors Violate an Automatic Stay in Pennsylvania? The automatic stay that goes into place when a debtor declares bankruptcy prohibits further creditor harassment. If a creditor violates the automatic stay, they will be punished in Pennsylvania. Willful violation of an automatic stay comes with penalties. Creditors might have to pay actual damages and attorney’s fees to debtors for automatic stay violations. Creditors might also be penalized with punitive damages in Pennsylvania. Violating an automatic stay can seriously disrupt the bankruptcy process, hence the consequences to creditors. If you receive any communications from creditors while you are under bankruptcy, whether they are threatening or not, inform our attorneys immediately. Violations of the automatic stay include sending bills or mail to a debtor’s home, calling a debtor about their outstanding debt, attempting to repossess a debtor’s property, and refusing to return property repossessed but not yet sold. Creditors may not contact your spouse about your individual debt while an automatic stay is in place. Will Bankruptcy Permanently Stop Creditor Harassment in Pennsylvania? The goal of bankruptcy is to help debtors address all of their debt in its entirety so that they can regain their financial footing in Pennsylvania. This means that bankruptcy should stop all creditor harassment once the process is complete. In bankruptcy, debt is either repaid or discharged. More often than not, bankruptcy allows for the majority of a person’s debt to be erased. Any outstanding secured debts will be repaid either through asset liquidation or a repayment plan. Regardless of whether you file Chapter 7 or Chapter 13 bankruptcy, all of your debt can be handled in the process. Chapter 7 is the shortest option, taking about four to six months on average to complete. Chapter 13 can take up to five years, mostly because it requires debtors to repay debts and does not allow for asset liquidation. Provided you see bankruptcy through entirely, you should have no outstanding debt once the process is finished, meaning you should no longer experience any form of creditor harassment in Pennsylvania. If you do, be sure to inform our attorneys about ongoing harassment from creditors. Call Our Bankruptcy Lawyers About Your Case in Pennsylvania Call (215) 701-6519 and speak with the Philadelphia bankruptcy lawyers at Young, Marr, Mallis & Associates for free about your case today.

When foreclosure is imminent, selling your house might seem like a fine solution. But can you sell your house if it is in foreclosure in Pennsylvania? You may be able to sell your house if you are facing foreclosure in Pennsylvania, provided the process of the sheriff’s sale has not yet begun. While that is an option, debtors that want to keep their properties and address their debts can do so by filing for bankruptcy. When you do this, you can protect your home from foreclosure and liquidation while repaying lenders. If, after exiting bankruptcy, you fall behind on your mortgage payments again, you might have more difficulty keeping your house, as debtors can only file for bankruptcy periodically in Pennsylvania. To have our Pennsylvania foreclosure lawyers assess your case for free, call Young, Marr, Mallis & Associates at (215) 701-6519 today. Can I Sell My House if I am Facing Foreclosure in Pennsylvania? Suppose you have fallen behind on mortgage payments and received a foreclosure notice from your lender in Pennsylvania. In that case, it is important to consider all of the options in front of you to rectify the situation. For some, that might include selling their house. Generally, banks allow homeowners about six months of missed mortgage payments before threatening foreclosure in Pennsylvania. If you cannot make up all of your missed payments in one lump sum or negotiate with your lender to allow you to keep your house, selling your home might be an option. That said, homeowners will only have a short period of time to decide whether or not they want to sell their homes when faced with foreclosure. Once your home has gone up for auction, you will not be able to sell it yourself. That is because your home will no longer be yours; it will be your lender’s. If you do not want to sell your house and want another solution to foreclosure, you still have options in Pennsylvania, like filing for bankruptcy. Do I Have to Sell My Home if it is in Foreclosure in Pennsylvania? While selling your house might allow you to avoid foreclosure and possibly get some money from the sale after paying back lenders, it also leaves you without your home. Fortunately, homeowners in Pennsylvania do not have to sell their properties in order to avoid foreclosure. Bankruptcy can stop foreclosure proceedings. When our Philadelphia bankruptcy lawyers file your case, an automatic stay will take effect. This will stop any impending sheriff’s sale and the entire foreclosure process. When debtors declare bankruptcy, they do not have to sell their homes or worry about any immediate attempts from lenders to seize their properties. This can provide you with the temporary relief you need to get your financial affairs in order. After reviewing your financial information, our attorneys might find that negotiating with lenders to reevaluate your mortgage might allow you to meet newly adjusted mortgage payments, eliminating the need for a sheriff’s sale or for you to sell your home yourself. If you do not file for bankruptcy and refuse to sell your home, it may be foreclosed upon in Pennsylvania. This means it could be sold at auction, leaving you with no claim over it. Pennsylvania does not have a right of redemption, meaning homeowners cannot redeem or buy their properties back once they are sold at auction. Will My Home Be Sold During Bankruptcy in Pennsylvania? For many debtors, especially ones who have defaulted on their mortgages, Chapter 7 is the type of bankruptcy they must file. Because Chapter 7 requires asset liquidation, homeowners might be concerned that by declaring Chapter 7 bankruptcy, they might risk losing their homes anyway. Our attorneys can protect your home during Chapter 7 bankruptcy by using liquidation exemptions. If you do not use liquidation exemptions, your mortgage debt might be discharged, but you could also lose your home in the process. Pennsylvania does not provide a specific homestead exemption for homeowners to use during Chapter 7. However, Pennsylvania does allow debtors and homeowners to use federal liquidation exemptions, which typically cover more assets. If you use liquidation exemptions correctly, you should be able to retain your home during Chapter 7 bankruptcy. Other assets may need to be liquidated to resolve your mortgage debt with your lender. If you file Chapter 13, you will not have to worry about liquidation exemptions at all, nor be concerned about your home being sold without your consent. In Chapter 13 bankruptcy cases, debtors repay creditors and lenders over time. All debts are consolidated under the same interest rate, which is generally low, making repayment more achievable for debtors. What Happens to My Home After Bankruptcy in Pennsylvania? Once the bankruptcy process is complete, you should no longer be in mortgage debt. That does not mean that your mortgage will be paid in full. In order to continue protecting your home from foreclosure, meeting future mortgage payment dates is important. In bankruptcy, outstanding mortgage payments are addressed. However, chances are, you will have to continue paying off your mortgage for some time after you exit bankruptcy. Doing this is crucial. If you fall behind on your mortgage payments again, you might risk entering foreclosure again. This time, you might not be granted an automatic stay because you filed for bankruptcy in the past. It is also important to note that debtors must wait a set period of time between bankruptcy filings in Pennsylvania. Because of this, prioritizing your mortgage payments after bankruptcy is important so that you do not risk losing your home or facing the decision of having to sell your house again. Call Our Pennsylvania Lawyers About Your Bankruptcy Case Today Young, Marr, Mallis & Associates give you a free case evaluation when you call our Northeast Philadelphia bankruptcy lawyers today at (215) 701-6519.

Yahoo Finance published an article discussing the potential default of $500 billion in corporate debt. The article indicates that large corporate bankruptcies are accumulating at the second-fastest rate since 2008, surpassed only by the initial phase of the pandemic. The article can be found at https://uk.finance.yahoo.com/news/500-billion-corporate-debt-storm-230005895.html?guccounter=1Jim Shenwick, Esq  917 363 3391  [email protected] Please click the link to schedule a telephone call with me. https://calendly.com/james-shenwick/15minWe held individuals & businesses with too much debt!

 More than 800,000 borrowers are still eligible to benefit from student loan forgiveness according to NPR. The story can be found at https://www.npr.org/2023/07/15/1187929868/more-than-800-000-borrowers-are-still-eligible-to-benefit-from-student-loan-forgJim Shenwick, Esq  917 363 3391  [email protected] Please click the link to schedule a telephone call with me. https://calendly.com/james-shenwick/15minWe held individuals & businesses with too much debt!

When debt is insurmountable, filing for bankruptcy may be preferable to getting a debt consolidation loan because of the downsides it presents. Addressing your financial problems through debt consolidation is not the same as doing so through bankruptcy. Debt consolidation requires people to take out additional loans. This might mean that you will have to pay interest for longer or be a victim of predatory lending practices, preventing you from repaying debts even through consolidation. Chapter 13 bankruptcy allows the consolidation of debts in a different form and can be more successful for debtors, especially if they have debts that are eligible to be eliminated by a discharge. Get in touch with Young, Marr, Mallis & Associates by calling (215) 701-6519 or (609) 755-3115, and schedule a free discussion of your case with our Pennsylvania bankruptcy lawyers today. Notable Downsides to Debt Consolidation While debt consolidation can seem like a fine alternative to filing for bankruptcy if you are struggling with debt, there are some notable downsides which debtors should consider before taking this route. For example, debt consolidation requires people to take out additional loans, which might cause them to pay more interest than initially anticipated. With debt consolidation, debts aren’t discharged, and debtors might deal with lenders that don’t have their best interest in mind, possible impeding their ability to improve their financial well-being. You Have to Take Out Another Loan If you are having a hard time paying off your debts, why would you put yourself in the position to have even more debt? For debt consolidation to work, you have to take out another loan. The lender will then consolidate your debt and lend you the money you have to pay them off. In turn, you pay back one lender over time instead of many. So, even if a debt consolidation loan helps you to pay off debts temporarily, you are still on the hook for those payments for, in all likelihood, a long period of time. You Might Pay More in Interest Because debt consolidation works through debtors taking out additional loans, interest rates become an issue. Although your initial monthly payment might be lower overall, interest will still accrue on the new loan you took out when you consolidated your debt. This means that there might be additional interest you have to pay that has nothing to do with your original debt. And, because all of your debt is consolidated, you can’t put payments toward specific debts. So, you could be paying off your debt consolidation loan for some time, resulting in more interest accruing. You Won’t Have Someone in Your Corner Banks, credit unions, and other lenders want to give out debt consolidation loans. They have little interest in your actual financial health but care more about the return they might be able to get on a loan they give you. Trusting that a lender has your best interest at heart is typically unwise when considering debt consolidation services. When you take another path, such as filing for bankruptcy, you will be able to work with our Upper Darby, PA bankruptcy lawyers to ensure that you properly deal with your financial troubles so that you can begin rebuilding your credit. In doing so, you will not have to take out another loan, even for debt consolidation. You Risk Missing Payments Debt consolidation can make things easier for debtors because debtors only have to be aware of one monthly payment date. Instead of having payment deadlines for various debts, you will work towards paying them all at the same time. While that has upsides, it also presents downsides. For example, if you miss even one payment toward your debt consolidation loan, you might risk incurring fees or running into other delays that inhibit you from paying off your debt. Because debt consolidation loans are typically for large sums of money, lenders generally react harshly to missed payments. Your Debt Won’t Be Discharged Debt consolidation is not always a solution to debt. Unlike in bankruptcy, your debts will not be discharged. Instead, they will be consolidated under the same interest rate, allowing you to contribute to paying off all debts with each monthly payment. Your debts won’t be erased, and you will still have to pay them off over time. Can You Consolidate Your Debt in Bankruptcy? If the idea of combining all of your debts under the same interest rate appeals to you, but you do not want to take out another loan, there may be a solution in bankruptcy. Bankruptcy has specific chapters, one of which allows for a different approach to debt consolidation. Depending on your income and expenses, you may be able to declare Chapter 13 bankruptcy. With this bankruptcy chapter, a person’s debts are consolidated. A fixed interest rate is then applied to all debts, and a repayment plan is designed. Using the requirements of this repayment plan as a guide, a debtor will make payments toward their debts over a period of three to five years. Prior to submitting a repayment plan, our attorneys can meet with your lenders to negotiate a possible reduction in debts or another agreement that might lower your repayment responsibility. In addition to making debt repayment easier, bankruptcy can also eliminate certain debts, namely unsecured debts. For most debtors, this refers to any outstanding medical or credit card debt, as well as other common debts. Eligible debts will be discharged once a debtor completes their repayment plan. If you are only eligible for Chapter 7, your debts will not be consolidated. Instead, they will be discharged, provided they are eligible, and you will then identify assets for liquidation to repay any remaining debts. Address Your Debt with Bankruptcy For help with your case from the Philadelphia bankruptcy lawyers at Young, Marr, Mallis & Associates, call us now at (215) 701-6519 or (609) 755-3115.

By Law Offices of David M. Siegel Bankruptcy Attorney Chicago Feeling like you’re sinking in a sea of debt, juggling bills, and losing sleep over your financial situation? It might be time to consider seeking help from a local bankruptcy attorney. Here are five signs that it’s time to take action. Skyrocketing Credit Card Balance+ Click Here For Read More The post 5 Signs You Need to Find a Local Bankruptcy Attorney appeared first on David M. Siegel.

RBC Royal Bank has an article about the "5 Common Causes of Small Business Bankruptcy " The article can be found at https://discover.rbcroyalbank.com/5-common-causes-of-small-business-bankruptcy/Common causes cited by business owners for experiencing critical money issues:1. Unforeseen events and economic downturnsBusiness owners can’t predict or control external events — like natural disasters, economic recessions or pandemics, but these can devastate a business. Part of your business plan should include scenario planning — envisioning possible conditions that could affect your business and how you might be able to mitigate them.One option to consider is maintaining an emergency fund to help weather the storm during challenging times. Set aside a portion of your profits as an emergency fund to provide a financial buffer in case of unexpected expenses or downturns. This fund can help you bridge temporary gaps and avoid accumulating debt.2. Illness, injury, or health-related problemsAs an entrepreneur, no one can step in and do everything you do if you can’t work. And for many small business owners, if they can’t work, the business doesn’t make money. It’s important to have a plan in place to help minimize the impact of illness on your company. If you can still work, evaluate what you can do safely. Still, if you can’t, your contingency plan should include the necessary information so that someone you trust can run your business temporarily or communicate with stakeholders about the temporary disruption.3. Insufficient cash flowPicture this: your business is thriving, sales are soaring, and your products or services are in high demand. However, despite the apparent success, inadequate cash flow can swiftly bring down even the most promising ventures. Keeping a close eye on your finances and maintaining a healthy cash flow is crucial.Implement effective cash flow management strategies such as invoicing promptly, offering incentives for early payments, and negotiating favourable payment terms with suppliers.4. Gaps in financial management knowledgeManaging a business entails more than passion. With everything a business owner has to do, it’s possible to deprioritize tracking expenses, chasing payments, or even overall budgeting. Over time these can add up and produce can lead to severe financial distress.Consider working with a qualified accountant, financial advisor, or business consultant who can provide guidance on financial matters, tax planning, and overall business operations. They can also help you identify potential risks and opportunities.5. Excessive debt and borrowingDebt can be a useful tool for business growth, but excessive borrowing can create a financial burden that later becomes impossible to manage. Part of your business plan includes financing your enterprise: Before taking on debt assess your ability to repay it and develop a realistic repayment plan. Also, consider diversifying your funding sources — bank loans, grants, crowdfunding, etc. — to help provide additional support and reduce the risk of relying solely on debt to finance your business.Running a successful business requires careful planning, financial insights, adaptability, and resilience. You can steer your business toward long-term success by staying aware of how businesses get into financial trouble and by taking proactive measures to mitigate risks.Jim Shenwick, Esq  917 363 3391  [email protected] Please click the link to schedule a telephone call with me. https://calendly.com/james-shenwick/15minWe held individuals & businesses with too much debt!

Business Bankruptcies Pick Up AgainCFO Drive is reporting that Business Bankruptcies have increased. The story can be found at https://www.cfodive.com/news/business-bankruptcies-pick-up-again/686049/Jim Shenwick, Esq  917 363 3391  [email protected] Please click the link to schedule a telephone call with me.https://calendly.com/james-shenwick/15minWe held individuals & businesses with too much debt!

The SBA is offering a Hardship Plan for borrowers experiencing  financial challenges.Eligible borrowers are required to pay at least 10% of their monthly payment amount for six months. Interest will continue to accrue, which may increase payments due at the end of the loan term.Regular monthly payments  will be required after the six-month Hardship Program  period ends. Borrowers may be able to renew the Hardship Accommodation Plan after six months. The SBA Hardship Plan does not reduce the amount of money due the SBA for the EIDL loan, so at best the Hardship Plan is a temporary solution.For many SBA EIDL borrowers a bankruptcy filing or an offer in compromise may be a better solution.Jim Shenwick, Esq  Please click the link to schedule a telephone call with me.https://calendly.com/james-shenwick/15min------------------------------Index of Articles written on SBA EIDL Loans by Jim Shenwick Defaulted SBA EIDL Loans, Limited Liability Company (LLC) and Cancellation of Debt Income (COD) under Section 108 of the Internal Revenue Codehttps://shenwick.blogspot.com/2023/07/defaulted-sba-eidl-loans-limited.htmlOffers In Compromise ("OIC") for Defaulted SBA EIDL loans and Section 108 of the Internal Revenue Code ("IRC"), Relief of Indebted Income, a Trap for the Unwary!https://shenwick.blogspot.com/2023/05/offers-in-compromise-oic-for-defaulted.htmlEIDL LOAN WORKOUTS AND BANKRUPTCY   https://shenwick.blogspot.com/2022/07/eidl-loan-workouts-and-bankruptcy.htmlEIDL Loan Default Questions & Answers https://shenwick.blogspot.com/2022/10/eidl-loan-default-questions-answers.htmlEIDL LOAN DEFAULT DOCUMENT REVIEW, WORKOUT, BANKRUPTCY FILING & OFFER IN COMPROMIS Ehttps://shenwick.blogspot.com/2022/07/eidl-loan-default-document-review.htmlEIDL Defaulted Loanshttps://shenwick.blogspot.com/2022/07/eidl-defaulted-loans.htmlNew Relief Program for SBA EIDL Borrowers Who are Having Difficulty Repaying EIDL Loans " Hardship Accommodation Plan"https://shenwick.blogspot.com/2023/05/new-relief-program-for-sba-eidl.htmlEIDL LOANS and SBA OFFER IN COMPROMISE PROGRA Mhttps://shenwick.blogspot.com/2022/07/eidl-loans-and-sba-offer-in-compromise.htmlPPP & EIDL Fraudhttps://shenwick.blogspot.com/2022/08/ppp-eidl-fraud.htmlBetter to connect-What small business owners need to know about repaying loans tied to pandemic relief from the SBA EIDL Loanshttps://shenwick.blogspot.com/2022/11/better-to-connect-what-small-business.html