Langhorne, PA Bankruptcy Lawyer

The simple fact is that no individual sets out to fall into debt. However the difficult economic climate has caused people to lose their jobs or see their other sources of income dry up. Sometimes a massive debt burden can occur without a job loss. In fact, medical bills are the most common cause of bankruptcies in the United States. CNBC reports that nearly 2 million people will file bankruptcy in 2014 due to unpaid medical debts.

However, the good news is that medical debt and many other types of debt can be eliminated through the bankruptcy process. However depending on your financial situation and other factors, one form of bankruptcy may be more likely to achieve favorable results. The experienced bankruptcy attorneys of Young, Marr & Associates, LLC can explain Chapter 7 bankruptcy, Chapter 13 bankruptcy, and guide your through every step of the bankruptcy process.

How Can Bankruptcy Help Me?

While declaring bankruptcy is not a decision that should be taken lightly, it can offer those who have gotten in over their head a pathway to financial stability. To begin with, bankruptcy can eliminate your debt. If you are only making minimum payments, you may already have an unsustainable debt burden. Furthermore, once you file for bankruptcy the automatic stay will go into effect. The automatic stay prohibits creditors from beginning new collections efforts. This means that your phone should stop ringing and creditor calls should cease.

What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is typically the form of bankruptcy that people have a greater familiarity with. Also known as liquidation, Chapter 7 bankruptcy is the most powerful debt elimination tool. A successful Chapter 7 bankruptcy an discharge, eliminate, all or most of you debts. However there are a number of caveats regarding Chapter 7.

First, you must be able to qualify for a Chapter 7 plan. To determine if your financial situation is a match for Chapter 7 bankruptcy, you must be able to pass the means test. The means test was implemented by Congress in an attempt to screen out people who could service a Chapter 13 plan. The first stage of the means tests compares your income to the median for your state. If your monthly income is less than that of your state’s median, you pass the means test and are eligible for Chapter 7 bankruptcy. If you income is greater than the median, however, the court will analyze your disposable income, the money you have left at the end of the month after paying your bills.

Other drawbacks to Chapter 7 include that it does not protect some types of property, like a home or car, adequately. Furthermore, Chapter 7 is often not the best choice if a significant portion of your debt is secured and you wish to keep the property.

What is Chapter 13 Bankruptcy?

Chapter 13 is generally less familiar to people and it is not a liquidation. Rather, under a Chapter 13 plan the individual and their attorney devise a repayment plan of 3 or 5 years of duration. In exchange for paying back a greater portion of the debt, a Chapter 13 filer can keep more property than would be allowed under Chapter 7. Thus, Chapter 13 can read to superior results for those who wish to protect property.

Experienced Bankruptcy Lawyers Serving Langhorne, PA

If your debt burden has become unsustainable and you don’t know where to turn, contact an experienced bankruptcy attorney like those at Young, Marr & Associates. To schedule your free and confidential bankruptcy consultation call (609) 755-3115 in New Jersey or (215) 701-6519 in Pennsylvania or contact us online.

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13 Convenient Office Locations

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Quakertown

328 W Broad St
Quakertown, PA 18951
Tel: (215) 515-6876
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Plymouth Meeting

600 West Germantown Pike #400
Plymouth Meeting, PA 19462
Tel: (215) 515-6876
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Doylestown

44 E Court Street #100
Doylestown, PA 18901
Tel: (215) 515-6876
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Marlton

10000 Lincoln Drive E, Suite 201
One Greentree Centre
Marlton, NJ 08053
Tel: (856) 213-2805
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Philadelphia

7909 Bustleton Ave, First Floor
Philadelphia, PA 19152
Tel: (215) 607-2715
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Bensalem

3554 Hulmeville Rd, #102
Bensalem, PA 19020
Tel: (215) 515-6389
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Bala Cynwyd

2 Bala Plaza, Suite 300
Bala Cynwyd, PA 19004
Tel: (610) 557-3209
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Cinnaminson

909 Route 130 South, Suite 202
Cinnaminson, NJ 08077
Tel: (609) 796-4344
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Jenkintown

135 Old York Road
Jenkintown, PA 19046
Tel: (215) 544-3347
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Allentown

137 N 5th St, Suite A
Allentown, PA 18102
Tel: (215) 240-4082
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Easton

101 Larry Holmes Dr, #212
Easton, PA 18042
Tel: (215) 515-7077
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Hamilton Twp.

3525 Quakerbridge Rd, #903
Hamilton Township, NJ 08619
Tel: (609) 236-8649
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Piscataway

371 Hoes Lane, Suite 200
Piscataway Township, NJ 08854
Tel: (908) 367-7256
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