Philadelphia Bankruptcy Lawyer
Millions of Americans have gone through Bankruptcy. It is not shameful. It is not admitting failure. It is a necessary tool to help people who have been burdened with overwhelming debt in a historically poor economy.
A knowledgeable Bankruptcy Lawyer in our Philadelphia office can help guide you through this complicated process.
Bankruptcy May Be an Option for You
Loans, defaulted mortgages, failed businesses, outrageously high credit card interest – the reasons for debt in this country are numerous. While contacting an attorney to discuss your financial misfortunes may not be the highlight of your day, it may be the best decision you can make. Stop struggling to address your debt problems. Hire an experienced attorney today.
What Are Your Bankruptcy Options?
Any Bankruptcy Lawyer in Philadelphia knows that some aspects of Bankruptcy are complicated, and you will need to contact an attorney to provide you a more in depth explanation, but here’s a roadmap that will help you to prepare for your first meeting with your bankruptcy lawyer in Philadelphia:
- Chapter 7: Chapter 7 is a “straight bankruptcy” which focuses on “liquidation”. Liquidation essentially means that the Bankruptcy Court is willing to write off most of your debt if you liquidate your assets first. You are eligible for Chapter 7 if you make below your state’s average income for your family size. You will also need an attorney to determine what assets you can protect from bankruptcy proceedings. Ultimately, Chapter 7 is a good option for those without significant assets.
- Chapter 13: Often called a “reorganization” or the “wage earner’s” bankruptcy, Chapter 13 is best suited for those who do have sufficient income and/or assets but are unable to meet their debt obligations. Filing for relief under Chapter 13 may benefit you because it stops all collection activities and foreclosures for a minimum of thirty days. Additionally, it allows you to manage your debt by setting up a payment plan for a portion of your debt, with a potential discharge of the remainder.
- Chapter 11: Referred to as “corporate bankruptcy,” Chapter 11 is generally a reorganization of a company’s debts. It follows the same pattern as a Chapter 13 for an individual, but it has added reporting requirements, and the plan it proposes to repay its debts must be approved by its creditors through a voting process before the Bankruptcy Court can allow it. Chapter 11 is also appropriate for people whose debts exceed about a million dollars.
Why Do You Need a Lawyer?
One of our Bankruptcy Lawyers in Philadelphia can help you to determine which Bankruptcy option is best for you, and help you plan accordingly. If you are considering Bankruptcy as an option, contact an experienced attorney today. It is time to begin anew.
This content was written on behalf of Greg Prosmushkin.