Saturday, November 19, 2016

One counselor does not fit all circumstances - talk to a bankruptcy attorney too

Almost everyone has a person or two they talk to for advice. Some people have a professional they use. Some people use accountants as their primary advisor, some have trusted business people, and others use financial planners or insurance professionals. Over the last several weeks, I have had the opportunity to speak to several financial planners during networking sessions. It was my thought that there could be times when I could help them help their clients. I think if they have clients pulling money from their retirement accounts or liquidating assets, they could send them my way to see if we can minimize their loss.

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I guess I wasn't surprised by their responses. The first planner responded, "if I have someone to send to you, then I failed at my job." Another planner said "I would try to work out some type of financing for them."
They just don't understand bankruptcy.  First of all, bankruptcy usually results from unfortunate and unforeseen circumstances. No one has failed anything... life happens. Thinking like that inhibits people from seeking help when it would work best. Secondly, piling new debt on top of old debt can cause more problems than it will solve. This doesn't make them poor counselors. They just may not understand Bankruptcy.
If a person has a financial planner when they experience major changes in his or her financial health, that may be a good place to start. However, a debtor should consider consulting a bankruptcy attorney too. A financial planner may not realize retirement funds, life insurance values, and joint property might be protected under the law.
I would never suggest to someone that they not talk to an advisor they trust. I am suggesting people should talk to more than one type of advisor, including a bankruptcy attorney, when they are in serious financial distress before they settle on a course of action.
If you want assistance, legal representation, or just want to know more about Mark M. Medvesky or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at
Why you should not borrow from your retirement fund...

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

Thursday, November 10, 2016

"Can I Walk Away From My House After Bankruptcy?" - Bankruptcy Blog article from

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While working with a former bankruptcy client, I found this article; "Can I Walk Away From My House After Bankruptcy?" They completed their bankruptcy last year. Since then, their home has suffered continuous water seepage.

After several insurance claims and convincing the homeowner association to re-grade landscaping, the problem continues. They are considering walking away from the home.

I explained to them at the time they could walk away from the home since the mortgage was discharged during the bankruptcy. They did not sign a reaffirmation agreement before discharge.

The article author, Gerri Detweiler, simply recognizes almost as a side note,"When you do not reaffirm your mortgage in bankruptcy you can continue to live in your home as long as you make your payments. But you are no longer personally liable for the debt if you decide to leave."

The bottom-line is I sent a link to article to my clients and they found it helpful. So I thought I would share the article here on my blog to help other people looking for information.

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

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