Dauphin County, PA Bankruptcy Lawyers
For 20 years Young, Marr & Associates has worked with hard-working Pennsylvanians who have suffered a setback, and as a result, have unfortunately suffered a financial disaster. Regardless of the reasons for your financial trauma, bankruptcy can offer financial relief and a pathway to good financial health. We have handled over 5,000 bankruptcies and provide clear, experienced representation.
The purpose of bankruptcy is to provide the honest hard-working individual a second chance should they fall on hard times. Bankruptcy can discharge, wipe clean, many types of debt. For instance, Chapter 7 bankruptcy can usually provide relief for credit card debt.
The Automatic Stay
While the automatic stay should never be you lone reason for selecting bankruptcy, many clients do report that it is an added bonus. The automatic stay is a feature of bankruptcy that is triggered when an individual files for bankruptcy. It automatically stops many types of debt collection activity. What this means to you is that creditors cannot begin new collection activities against you. Further, because you are represented by an attorney, current collectors become prohibited from calling you when they learn that you are represented by an attorney. If they continue to call you after they are made aware, have used profane language, or implied that you have committed a crime they may have violated provisions of the Federal Debt Collection Practices Act (FDCPA) and you may have a cause of action against your creditor.
Chapter 7 Bankruptcy
Despite often being referred to as liquidation, Chapter 7 does not mean that you lose everything. Bankruptcy could hardly be considered a fair and fresh start if it left people penniless. Instead, bankruptcy makes allowances, or exemptions, for certain classes of goods that you are all allowed to keep. Because Pennsylvania permits you to select either the state or federal The amount of the exemption varies depending on which set is selected. In some instances, the federal bankruptcy exemptions may be able to protect your home. This is especially true when a married couple files jointly because the federal guidelines then permit doubling of the exemption. This means that the $22,975 in equity an individual would be permitted to protect normally doubles to 45,950 – a number that is slightly more reasonable. Likewise, the amount would double for exemptions including motor vehicle, jewelry, household goods and appliances, and tools of the trade. An experienced attorney can help you determine if Chapter 7 is a good solution for your financial problems.
Chapter 13 Bankruptcy
In other financial situations, Chapter 13 may appear to be a better option. Chapter 13 plans are sometimes referred to as a reorganization or a wage earners plan. Chapter 13 allows people to keep more property at the expense of the instant relief offered by Chapter 7. In fact, many people are able to keep a significant portion of their assets. Under a Chapter 13 plan, your attorney prepares and proposes to the court a three to five-year repayment plan. If approved by the bankruptcy court the individual agrees to faithfully pay the repayment agreement for it due course. In many cases, Chapter 13 can establish strong saving and spending practices and assist people in returning to financial health with new skills and a favorable balance sheet.
Our Dauphin County, PA Bankruptcy Lawyers Can Help
Bankruptcy is a powerful financial tool, but it is also one that should be used wisely. An experienced bankruptcy attorney like those at Young, Marr & Associates can assist you in making that decision. And if bankruptcy is right for you, we handle every step of the process. Call us today at 1(609) 755-3115 in New Jersey or (215) 701-6519 in Pennsylvania or contact us online for your free initial consultation.
☑ Been paying credit card balances that seem to never go down?
☑ Lost your job and are now having trouble keeping up?
☑ Attempted to work out a payment arrangement to no avail?
☑ Been notified of a mortgage foreclosure action?
☑ 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.