Saturday, September 24, 2022

Transition from WELLS, HOFFMAN, HOLLOWAY and MEDVESKY, LLP to MEDVESKY LAW OFFICE, LLC

The law firm of WELLS, HOFFMAN, HOLLOWAY and MEDVESKY, LLP has dissolved and the members no longer practice law as a firm. Below is contact information for the members of the former firm in case you have questions or need assistance.

Mark M. Medvesky & Dawn E. Miller Medvesky

Mr. and Mrs. Medvesky continue to practice law in the Souderton area at MEDVESKY LAW OFFICE, LLC located at 601 E. Broad Street, Ste 110. Their contact number is still 215-660-3170. For more information about them and their practice, click here.

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Richard E. Wells

Mr. Wells continues to practice in the Pottstown area . He can be reached at 610-310-0115. If any client of Mr. Wells’ has questions about his/her records for services provided by Mr. Wells, please contact him at rewells545@gmail.com or 610-310-0115.

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R. Kurtz (Kurt) Holloway

Mr. Holloway has retired. He recommends that his clients seeking an attorney in the Pottstown area contact the law firm of Yergey-Daylor-Allebach-Scheffey-Picardi for any legal services. That firm’s phone number is 610-323-1400. If you wish to reach Mr. Holloway for copies of your file records, he can be reached at hollowaykurt@gmail.com.

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Thomas L. Hoffman, 1950 – 2021

Mr. Hoffman passed away September 16, 2021. His clients who need legal services should contact the law firm of Yergey-Daylor-Allebach-Scheffey-Picardi for any legal services. That firm’s phone number is 610-323-1400. If any client of Mr. Hoffman’s has questions about his/her records for services provided by Mr. Hoffman, please also contact the Yergey-Daylor-Allebach-Scheffey-Picardi law firm.



Tuesday, August 9, 2022

Bankruptcy - Everything is tight, should I be saving for retirement?

Image courtesy of David Castillo Dominici
at FreeDigitalPhotos.net
First of all, I need to say I am not a financial planner or an accountant. This post is not meant to replace advice of other professionals. But, if you are reading this, it may be a topic to address with them.

As a bankruptcy attorney, I have clients who come in and have either spent down their retirement savings or, in some cases, never started. I have a couple clients now who never started. They were small business owners. One did not successfully make the transition to on-line sales. The other's  problem was just poor timing. Eventually, the businesses were forced to close. They had a good deal of debt, which was personally guaranteed or placed on credit cards. Now, most of the debts are in collections or reduced to judgments and they are planning for bankruptcy. This is not an uncommon story.

As I was preparing their cases, I asked about 401(K)'s, SEP's, IRA's, etc. One told me his accountant advised that a better plan was to pay down the debt first then start his retirement savings afterwards. The other client just didn't feel like she was able to start. While my clients had some great years and paying off the debt was not a worry, times changed. Unfortunately, they never paid off the debts and bankruptcy is being considered or has occurred. Had my clients saved money in an IRA during the good times, they would have a valuable asset they could protect. 

I am not suggesting anyone should put money away to hide it from creditors. I am suggesting if you set up a "Pay Yourself First" type budget to appropriately save for retirement, you will not be penalized if you find yourself in a bankruptcy case.  

Another common step taken by clients is to withdraw money from a retirement account to try to get debt under control. I have had clients that spent all their retirement money and still needed to file for bankruptcy protection anyway. If you are thinking about dipping into your 401(K), SEP or IRA, you may be in more financial trouble than you realize. Most retirement accounts are protected in a bankruptcy case. You should consider meeting with a bankruptcy before you take that step. 

If you want assistance, legal representation, or just want to know more about Mark Medvesky or our firm of Wells, Hoffman, Holloway & Medvesky LLP, check out our website at www.whhmlaw.com.

Other Articles:




#bankruptcy #Chapter7 #Chapter13 #MontgomeryCounty #lawfirm #BucksCounty #Pennsylvania

Thursday, May 12, 2022

Mortgage Relief may be available

Did you fall behind on your mortgage because of the COVID-19 pandemic? You may be eligible for assistance. Check this site out:

"The Pennsylvania Homeowner Assistance Fund, or PAHAF, is a housing-related program funded by the U.S. Department of the Treasury to assist Pennsylvania homeowners facing financial hardship due to the COVID-19 pandemic that began after January 21, 2020, (including a hardship that began before January 21, 2020, and continued after that date). The program will provide financial assistance to homeowners for qualified mortgage and housing-related expenses to address delinquency and avoid default, foreclosure, or displacement."

If you are behind on your mortgage payments, this program might be the answer. If this doesn't work for you, you may still be able to protect your home through a Chapter 13 bankruptcy plan. 

If you want assistance, legal representation, or just want to know more about Mark Medvesky or our firm of Wells, Hoffman, Holloway & Medvesky LLP, check out our website at www.whhmlaw.com.

#bankruptcy #Chapter_7 #Chapter_13 #Montgomery_County #law_firm #Bucks_County #Pennsylvania

Sunday, March 13, 2022

Bankruptcy - Age is not a factor, don't let it be a barrier

Most people who come into my office to talk about bankruptcy are embarrassed. They seem to think that no matter what major events have occurred in their lives; serious illness, divorce, extended unemployment/under-employment, and/or downturns in the economy in general, they still feel they did something wrong. The reality is, life happens. Like now, high inflation, gas prices through the roof, a war in Europe, and no real end in sight. On top of bad times, people sometimes kick money issue down the road for years. So, what happens when you want to retire?

Recently, I have had several people in their 70's contact me about bankruptcy over the past few months. Everyone feels embarrassment when they need to speak to an attorney about bankruptcy but this group seems to feel it more. They feel they should be wiser and more responsible for their situation. The reality is they seem to be more vulnerable. 

Part of their income is fixed and they are working menial jobs to pay the debt they accrued when they were working in their careers. They have depleted their savings trying to get ahead of the debt and have made very little progress. If they are working when they come in, it is just enough to make ends meet and have nothing saved for an emergency. Finally, they will never be in a position to save again. They are coming to the realization they need help and bankruptcy is their option. 

Hard times are not limited to the young or foolish. As people age, they become more vulnerable to economic hardships and less able to recover. Everybody needs help sometime in their life. Sometimes it is later in life. Don't let your age be the reason you don't ask for help. 

If you want assistance, legal representation, or just want to know more about Mark Medvesky or our firm of Wells, Hoffman, Holloway & Medvesky LLP, check out our website at www.whhmlaw.com.

Other Articles:




#bankruptcy #Chapter7 #Chapter13 #MontgomeryCounty #lawfirm #BucksCounty #Pennsylvania

Sunday, January 16, 2022

Things do not seems to be getting any better... Is it time to clean the slate by filing for bankruptcy protection?

Image courtesy of jscreationzs
at FreeDigitalPhotos.net
 Here are some of the current headlines:

"How sky-high inflation is evaporating Americans' savings, imposing 'cruelest tax' on
the poor"
 ABC News

"Rising prices put American families in deeper debt" FOX Business Newswhich states in the body:

"... According to a recent study from NerdWallet, Inc. the average U.S. household owes $155,622, with American households holding $15.23 trillion in debt nationwide. That figure is up 6.2% from a year ago..."

"The Fed Has Signaled Rate Hikes for 2022. Here's How That Could Impact Consumers" the ascent, which states in the body:

"... Once the Federal Reserve raises its rates, we could see credit card interest rates follow suit. That would be bad news for consumers who rack up balances during the holiday, or who carry existing balances into the new year..." 

"Get ready for the climb. Here’s what history says about stock-market returns during Fed rate-hike cycles. MarketWatchwhich states in the body:

"...To be sure, it is harder to see the market producing outperformance during a period in which the economy experiences 1970s-style inflation. Right now, it feels unlikely that bullish investors will get a whiff of double-digit returns based on the way stocks are shaping up so far in 2022. The Dow is down 1.2%, the S&P 500 is off 2.2%, while the Nasdaq Composite is down a whopping 4.8% thus far in January..."

So, people are exhausting their savings, paying more for the essential goods, accruing more debt, and interest rates on current credit card debt is set to rise. Along with all this economic news, the federal stimulus money has ended. If you are just keeping your head above water now, you may start feeling like you are trying to bail out the Titanic in a few months. 

On top of all this, your retirement accounts (401(K)'s, IRA's, 403b's, etc.) will probably see a rough ride as well. This is not the time to withdraw retirement savings. I would argue it in never time to withdraw retirement savings if you are not retired. 

This may be the time to start the year with a clean slate? If this is the case, talk to a bankruptcy attorney about options.

If you want assistance, legal representation, or just want to know more about Mark Medvesky or our firm of Wells, Hoffman, Holloway & Medvesky LLP, check out our website at www.whhmlaw.com.

#bankruptcy #Chapter7 #Chapter13 #MontgomeryCounty #lawfirm #BucksCounty #Pennsylvania