Affordable Philadelphia Bankruptcy Lawyer

When you are dealing with overdue bills, missed mortgage payments, harassing calls, and facing collection litigation, the last thing you believe you have at your disposal is money. You may have read about the benefits of bankruptcy but do not think you have the available resources to pay for a qualified Philadelphia bankruptcy attorney.

At Young, Marr & Associates, we recognize the concerns you may have about retaining an attorney’s services. We are also well aware of how challenging and complicated the bankruptcy process can be – it is too costly not to have our experienced bankruptcy lawyer at your side. We have payment plans to fit any budget and situation, and your initial consultation is free. Call our affordable Philadelphia bankruptcy lawyer at (215) 701-6519 to schedule your confidential, free consultation.

Benefits of an Experienced Philadelphia Bankruptcy Attorney

The idea of filing for bankruptcy is formidable. During your initial consultation, our seasoned attorney will work to ease any anxiety you may be feeling. Through a series of questions, we will be able to evaluate your financial situation and propose workable options to achieve your goals. Our objective is for you to be comfortable and understand the bankruptcy process, including the benefits and advantages of Chapter 7 and Chapter 13 bankruptcies. By listening to your concerns and addressing your economic needs, our knowledgeable lawyer will advise you on what chapter bankruptcy is most beneficial or if there are other alternatives available.

Chapter 7 Bankruptcy in Philadelphia

For individuals with limited income, mostly unsecured debt, and without substantial assets, filing for Chapter 7 would be useful. Commonly referred to as “liquidation” bankruptcy, Chapter 7 is a relatively short proceeding allowing a debtor to eliminate a vast majority of their debt.

Upon filing for Chapter 7, all of a debtor’s property becomes a part of the bankruptcy estate. Property in the bankruptcy estate is under the control of a court-appointed trustee, who can sell the property to pay off a debtor’s creditors. While this appears to be a significant disadvantage, in the majority of Chapter 7 cases, a debtor can keep most, if not all, of their property.

The Bankruptcy Code contains several exemptions that offer debtors the ability to protect their property from being sold by the bankruptcy trustee. Pennsylvania allows a debtor to choose between the federal exemptions or the Pennsylvania state exemptions. It is vital to work with our Philadelphia bankruptcy lawyer when selecting the type of exemptions – the choice must be made at the time of filing and cannot be changed. We will thoroughly examine all of your assets to determine which set of exemptions protects most of your property. The majority of Chapter 7 cases in Philadelphia are “no-asset” cases, meaning the debtor was able to keep all of their property. If your circumstances require the sale of a substantial portion of your possessions, we would advise another option, such as filing for Chapter 13.

Chapter 13 Bankruptcy in Philadelphia

Chapter 13 bankruptcy is for individuals with substantially more income or who are filing to pay specific types of debt, such as mortgage arrears or back taxes. During our initial consultation, we will determine if filing for Chapter 13 satisfies your needs and helps you achieve your financial goals.

The heart of a Chapter 13 bankruptcy is the reorganization plan. The terms of your plan must adhere to several code provisions and address your debt.

Most debtors will file for Chapter 13 to address a specific debt. For example, filing for bankruptcy to pay overdue real estate taxes. In this example, a debtor must pay the tax delinquency over 36 to 60 months. The proposed plan would indicate the monthly amount a debtor would pay to a court-appointed trustee to satisfy their real estate tax debt.

Original Form 122C-2 is a required document in Chapter 13 bankruptcy. More commonly referred to as the “calculation of disposable monthly income,” this evaluation determines the length of the bankruptcy and the amount a debtor is required to pay to unsecured creditors. We will determine a debtor’s available disposable monthly income by calculating the total household monthly income, fixed allowed IRS expenses, and a limited amount of actual costs. A debtor must pay their disposable income towards their unsecured debt. However, this payment is usually only a small portion of the total debt owed and is more cost-effective than loan consolidation or debt settlement. Often, the calculation requires no payments to unsecured creditors. Our experienced bankruptcy attorneys will guide you through the process, explaining your obligations under the proposed plan.

Your payments under your bankruptcy plan could also reflect property you could not protect in a Chapter 7 case. For example, a vehicle you are unable to exempt but did not want to sell if you filed for Chapter 7. Keeping the car would require paying the fair market value into the bankruptcy plan. Therefore, if the vehicle’s fair market value is $7,000, you would have to pay that amount to your unsecured creditors.

Call Our Cheap Philadelphia Bankruptcy Attorney for a Free Consultation

At Young, Marr & Associates, we are sympathetic to the emotional distress caused by economic hardship. We offer flexible payment plans to work within your budget, allowing you the means to gain your financial freedom once again. With over two decades of dedicated service to Philadelphia residents, the compassionate attorneys at Young, Marr & Associates are prepared to help you. Call our cheap Philadelphia Bankruptcy lawyer at (215) 701-6519 to schedule your free consultation.