Chapter 7 and Chapter 13 Bankruptcy
Are you struggling to pay the bills? Perhaps you are behind on mortgage payments and worried that you may lose your home. Whether you want to prevent foreclosure, eliminate credit card debt or stop creditor harassment, bankruptcy may be the solution.
To find out if bankruptcy is right for you, contact the law offices of Greg Prosmushkin, P.C. Our bankruptcy lawyers will review your finances and discuss your debt relief options. We offer payment plans and flat fees for bankruptcy services as well as free consultations. Please call us in Philadelphia at 215-437-3058 or in New Jersey at 609-257-4976 today.
The Benefits of Bankruptcy
If you file Chapter 7 bankruptcy, many of your debts will be discharged or eliminated. Examples of dischargeable debt include medical bills, credit card debt and unsecured loans. Depending on your income, you may be able to keep some of your assets. To qualify for Chapter 7, your income must be below the median for a household of your size in Pennsylvania or New Jersey.
Chapter 13 bankruptcy reorganizes your debts into a repayment plan of either three or five years. The monthly payments on your loans will be lowered, so you will be able to continue making payments. If you are hoping to keep more of your assets, such as your house, Chapter 13 bankruptcy is usually a good choice.
Certain debts and obligations, including alimony and child support, student loans, most taxes, and wrongful death or injury judgments, are not dischargeable under any chapter of bankruptcy.
One of the benefits of both Chapter 7 bankruptcy and Chapter 13 bankruptcy is the automatic stay from all collection activities during the bankruptcy process. The automatic stay will stop creditor harassment and prevent creditors from garnishing your wages, filing and foreclosing on liens, and seizing collateral or property such as your home and car.
To make an appointment with our Trenton, New Jersey, Chapter 13 bankruptcy attorneys, please call one of our offices or contact us online. Your consultation is free.
