Bankruptcy Law Services in the Philadelphia & Surrounding Areas

Here is a high-level and simplified explanation: After our discussion, if you decide that filing for bankruptcy is the right course of action for you, we will determine which chapter of bankruptcy you should file (Chapter 7 or Chapter 13). We will fill out a petition which lists all of your assets, debts, and lists your creditors. We will file the petition with the court, and notify all of your creditors. If you qualify and file for Chapter 7 bankruptcy, we will be able to eliminate all of your unsecured debt once we have completed all the required steps in the bankruptcy process. These steps will include attending a meeting of the creditors where the Bankruptcy Trustee will examine your financial position and confirm the facts stated in your petition. If you qualify and file for Chapter 13 bankruptcy, we will propose an affordable repayment plan to repay all or part of your debts. This will be presented at a meeting of the creditors. The plan will require payments to creditors over a three-to-five-year period. The ultimate goal is to provide you a financial “fresh start” from burdensome debts.

Yes, but even the Government’s US Courts website does not recommend it. Below is their reasoning which I agree with:

Filing personal bankruptcy under Chapter 7 or Chapter 13 takes careful preparation and understanding of legal issues. Misunderstandings of the law or making mistakes in the process can affect your rights. Court employees and bankruptcy judges are prohibited by law from offering legal advice. The following is a list of ways your lawyer can help you with your case.

Advise you on whether to file a bankruptcy petition.

Advise you under which chapter to file.

Advise you on whether your debts can be discharged.

Advise you on whether or not you will be able to keep your home, car, or other property after you file.

Advise you of the tax consequences of filing.

Advise you on whether you should continue to pay creditors.

Explain bankruptcy law and procedures to you.

Help you complete and file forms.

Assist you with most aspects of your bankruptcy case.

The word “bankruptcy” often has a negative connotation. However, depending on your financial circumstances, you may be able to utilize some aspects of bankruptcy law to improve your short-term and long-term financial situation.

Automatic Stay – There is a provision in bankruptcy law which states that upon the filing of a Bankruptcy Petition, the commencement or continuation of all actions against the Bankruptcy filer must stop. People often ask me, “Will bankruptcy stop a foreclosure?” or “Will bankruptcy stop wage garnishment?” If filed correctly, bankruptcy will halt these collection activities while the court works with the creditors through the bankruptcy process.

Exemptions- People ask me, “What is the bankruptcy where you can keep your house?” or “What is the bankruptcy where you can keep everything?” Each scenario is different, but what people often do not know is that bankruptcy law often allows you to keep your home depending on the amount of equity you have. As far as your personal possessions, bankruptcy law allows for certain exemptions for your vehicle, personal expenses, and retirement accounts. You may still be able to keep them despite filing for bankruptcy.