West Philadelphia, PA Bankruptcy Lawyer

If your debts have grown beyond your control and want the countless collection calls and emails to end, filing for bankruptcy might be the best option to regain financial stability.

While filing for bankruptcy can be a difficult decision, it can provide considerable relief to those struggling to make their payments. Once your filing is approved, an automatic stay will put a stop to collection attempts and legal proceedings against you. However, you will need to qualify before your filing is approved, whether you are filing for Chapter 7 or Chapter 13 bankruptcy.

If you are struggling to satisfy your debts and considering filing for bankruptcy, our bankruptcy lawyers can help you get back to financial stability. For a free case evaluation, call Young, Marr, Mallis & Associates today at (215) 701-6519.

Why You Should File for Bankruptcy in West Philadelphia

There are times in life when struggling with one’s financial burdens becomes overwhelming. If you have lenders contacting you at all hours and cannot seem to keep up with your current payments, it might be time to consider speaking with our bankruptcy lawyers in West Philadelphia. There are several benefits to filing for bankruptcy that can help you start on the road to long-term debt relief.

Automatic Stays

One of the main benefits of filing for bankruptcy is the immediate relief petitioners get from the automatic stay that goes into effect once their bankruptcy claim is approved. An automatic stay bars creditors and lenders from pursuing payment in any manner. This includes preventing repossession attempts and requests that the sheriff’s office sells your property. Perhaps most important to those who file, the harassing calls and collection attempts will cease at once. Put simply, all collection efforts against you must stop once the court grants your bankruptcy request.

An automatic stay allows you the space and calm you need to plan your financial future effectively. That is where our skilled bankruptcy attorneys can help. Our firm can help you determine the right type of bankruptcy to file depending on your circumstances and how to protect the assets you hope to keep through the process.

Discharging Your Debts

Of course, the primary benefit those filing for bankruptcy seeks is relief from their debts. When your bankruptcy claim is approved, certain unsecured debts, like medical expenses and credit card bills, will be discharged. While these debts will be erased, other secured debts cannot be discharged. Importantly, some of your assets might be liquidated to satisfy your debts, depending on the type of bankruptcy you file. Our bankruptcy attorneys can review your case to determine what debts you can discharge and how best to protect your property.

Choosing the Right Type of Bankruptcy Claim to File in West Philadelphia

Most people would rather not contemplate bankruptcy altogether, so they might not be aware that there is more than one type to choose from. Chapter 7 and Chapter 13 bankruptcy are available depending on the circumstances of the person filing. Each form of bankruptcy is intended to help a person recover financially, but they take very different paths to get there. Our bankruptcy attorneys can help you determine which chapter of bankruptcy will be most suited to your situation.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is a popular choice for many people in West Philadelphia since it provides quick relief to those approved. While each case is different, most Chapter 7 bankruptcy cases can be resolved within a matter of a few months. If you are filing for yourself, you simply need to file your petition where you live. If you are filing for bankruptcy on behalf of your business, you must file your claim in the state where your principal place of business is located.

When you file for bankruptcy, you will need to provide information about your assets, income, debts, to who, and other important information. The court will then see if you qualify by conducting a “means test” to determine if your monthly income is less than the state average. If you pass, a trustee will be assigned the case to oversee the sale of your assets to satisfy the debts in your petition. Once the sales are complete, you will be discharged from those debts for good.

In most cases, you can discharge debts like medical expenses, credit card bills, and other debts deemed unsecured. However, you will not be able to discharge secured debts like child support and alimony. While student loans have typically been excluded from dischargeable debts, some petitioners have successfully discharged student loan obligations.

Chapter 7 bankruptcy is also known as “liquidation” because the petitioner’s assets are liquidated or sold to satisfy their debts. While there is no getting around losing some property, federal or state exemptions are available that could help protect certain pieces of property you would rather not part with. Our bankruptcy attorneys can help you determine if Chapter 7 bankruptcy will solve the financial troubles in your case.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is a longer-term solution than Chapter 7 in West Philadelphia. The purpose of Chapter 13 bankruptcy is to allow petitioners a chance to organize their debts under a court-approved repayment plan. When the court approves a repayment plan, the petitioner’s debts are reorganized into one monthly payment, usually at a lower interest rate than their original debts.

Most repayment plans provide five years for petitioners to pay off their debts, but the court does allow three-year plans in some cases. Once the plan is complete, your debts are discharged, and you can get on with your life. However, missing a payment under the approved plan can have a negative impact on whether the court will allow the plan to continue.

The main benefit of filing for Chapter 13 bankruptcy is that you will typically be able to keep your property. Our bankruptcy attorneys can help you devise a repayment plan that works for you and your family.

Our West Philadelphia Bankruptcy Lawyers Can Help

If you are considering filing for bankruptcy, our bankruptcy lawyers can help you determine what options are available to put your finances back in order. Contact Young, Marr, Mallis & Associates at (215) 701-6519 for a free review of your case.