We have offices located in Bucks County, Philadelphia, Quakertown, Bensalem, Bala Cynwyd, Doylestown, Jenkintown, Allentown, Easton, Mt. Holly, Hamilton Twp., Marlton and Piscataway
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There are numerous advantages to filing when you are in a financial predicament. Once your case has been filed, the harassing telephone calls, lawsuits, shutoffs, home foreclosures, bank freezes and wage garnishments will all stop. It protects all your assets, including savings and checking accounts from future collection efforts. Further, filing bankruptcy is not something you should be ashamed of or feel guilty about. The founding fathers of our country considered bankruptcy so important that they specifically included it in the U.S. Constitution. They understood that sometimes it would be necessary that there be laws in place to allow people to, when necessary, cancel their debts and get a fresh start with their lives rather than spend years and years as slaves to creditors. In fact, over the years, a number of famous successful athletes, entertainers and business people had to do the same thing that you may be thinking about – seek relief by filing a personal bankruptcy.
Read what our clients have to say about us.
“I filed a Chapter 7 bankruptcy with Mr. Young in 1988 and thereafter have had three family members file through Mr. Young’s office. All of those people were happy with his services, and I have recommended numerous other friends. While bankruptcy is not something anyone ever wants to have to do, if you do have to file, you should receive professional advice that is presented in a compassionate, not judgmental, fashion. If you are ever considering bankruptcy, you would be doing a disservice if you did not first speak with Paul Young or Young, Marr & Associates.”
☑ Been paying for years on credit card balances that seem to never go down?
☑ Been keeping up with your bills and mortgage payments until you lost your job or had a reduction in your earnings?
☑ Attempt to work out a payment arrangement with your creditors or mortgage company to no avail?
☑ Been notified of a foreclosure action and have attempted to modify your mortgage but despite your best efforts, are getting nowhere?
☑ Been denied for a mortgage or other line of credit?
If the answer to any of these questions is “yes” then bankruptcy may be an option that you should consider.
Eliminate or Reduce Your Debts Stall Foreclosure or get a Mortgage Modification Leapfrog Ahead 5-10 Years Financially
Types of Bankruptcy
The Bankruptcy Process
Why File Bankruptcy?
Tips on Bankruptcy
Stop a Mortgage Foreclosure
What is Means Testing?
The Role of the Trustee in a Chapter 7 or 13 Bankruptcy
What Debt Can You Discharge Through Bankruptcy?
A Chapter 7 bankruptcy, sometimes referred to as a liquidation, is the most common form of bankruptcy filing. This type of bankruptcy accounts for approximately two-thirds of all consumer bankruptcy filings.
A Chapter 7 bankruptcy will result in a discharge of all unsecured debts which include credit cards, medical bills, most personal loans, and utility bills. If you file a Chapter 7 bankruptcy, you may keep your car and your home (provided that you do not have the exceeded amount of equity in those items) and you will continue to make payments on your mortgage and/or car loan. A Chapter 7 bankruptcy is different than other types of filings because the debtor does not make a monthly payment to the Trustee. The Bankruptcy Trustee, who is appointed, collects all non-exempt property, sells the assets, and distributes proceeds from the sale to appropriate creditors; however, in a great majority of cases, all of your property is exempt under bankruptcy law, meaning you keep all of your property.
The reason there is rarely a liquidation is because the federal bankruptcy laws provide that most of your personal property including a certain amount of equity in real estate, automobiles, household goods, retirement accounts and bank accounts, are exempt from the process. Under Pennsylvania bankruptcy law, you may select either the Federal exemptions or State exemptions. While the Federal exemptions are chosen by most people since they provide a greater level of protection of assets, in some instances, it is appropriate for people to take the Pennsylvania exemptions.
Chapter 13 bankruptcy, which is also called “reorganization bankruptcy” or a “wage earner plan,” is a type of personal bankruptcy that a debtor can use to catch up on delinquent debts while keeping his or her home, vehicle and other valuable assets. Other than Chapter 7, Chapter 13 is one of the most popular and widely-used forms of bankruptcy in the United States.
When a debtor files for Chapter 13 bankruptcy, he or she creates an agreement known as a “reorganization plan,” which may last from three to five years depending on the situation. The purpose of the reorganization plan, which must be approved by the bankruptcy court overseeing the debtor’s case, is to determine how the debtor will repay his or her creditors. These payments, which are managed by a court-appointed bankruptcy trustee, are funded by the debtor’s disposable income, which means that certain debtors may be ineligible to file Chapter 13.
The debtor must adhere to the plan while the bankruptcy is in progress. When the bankruptcy case comes to an end, the court will wipe out the debtor’s remaining dischargeable debts, which generally include medical bills, credit card debt, and debt from personal loans, among many other debts. If handled effectively by an experienced bankruptcy lawyer, Chapter 13 can even prevent foreclosure on the debtor’s home, or stop the debtor’s vehicle from being repossessed.