Few mailings strike more fear in the hearts of taxpayers than a notice from the IRS that taxes are due. When a balance is owed, immediate attention to the IRS notice could resolve what could be otherwise unnecessary anguish. While the task may seem daunting, an experienced professional can properly lead you through the process and may save you interest,…
If you do not qualify for a deferment as we discussed in our last blog, you may qualify for a forbearance. Optional forbearances for direct, FFEL loans and Perkins loans can be granted in the discretion of the servicer for: financial difficulties medical expenses change in employment other reason acceptable to your servicer These discretionary forbearances can last for up…
So, you cured your defaulted payments under your student loans (see prior blog if not), and you are ready to tackle the daunting task of affording your future student loan obligations. Provided you are willing to work with your servicer, several options are available through the Department of Education to keep you on track. If you face temporary payment issues,…
Filing for bankruptcy in Pennsylvania is one of the best ways to deal with debts and have a clean financial start. Usually, the court will dismiss some of your debts to make things easier for you, but there are some debts you must pay. More on this below. Types of bankruptcies There are three main types of consumer bankruptcy: Chapter…
If you went to school beyond high school, chances are student loans went with you. Whether they were federally backed loans or private loans, an effective strategy to repay these student loans is essential for your financial and mental health. If you feel like you hit a patch of quicksand along your journey, you are not alone. While federally backed student…
When someone dies in Pennsylvania, their estate goes through a legal process called probate. During probate, the executor of the estate is responsible for handling all aspects of the deceased person’s property. This can be a complex process, and it usually involves certain tasks. Introducing the will to the court The executor must provide the original copy of the will…
It’s imperative that you start creating an estate plan as soon as you become a legal adult. However, it’s not uncommon for Pennsylvania residents and others to put off estate planning as long as possible. If your parents don’t have an estate plan, it may be in your best interest to talk to them about the benefits of having a…
Various economic factors may contribute to bankruptcy filings. If the economy takes a downturn a particular year, the number of bankruptcies might increase. However, challenging economic times might not always result in increased bankruptcy filings. And the challenges could be disproportionate as Pennsylvania could experience economic growth while other states do not. While each situation varies, 2021 appeared to be…
When things get really tough, sometimes filing for bankruptcy can be the best option to get your finances under control. While there are many misconceptions about bankruptcy, it is an important tool that most people who experience financial difficulty would benefit from knowing more about. What is bankruptcy? In a nutshell, bankruptcy is a legal process that can help people…
Facing the possibility of bankruptcy can be a scary experience both from financial and emotional perspectives. If you are considering the need to file for bankruptcy, the following information regarding Pennsylvania law may provide you with some insight into the process and the next steps you may decide to take. Chapter 13 bankruptcy overview Designed to give you a fresh…