Olney, PA Bankruptcy Lawyer
Anyone facing financial adversity knows how difficult it can be to find a way out of overwhelming debt or to determine the financial decisions that will mitigate your distress. If you live in the Olney area of Philadelphia, there is help available near you. With the right bankruptcy lawyer, you can overcome the financial difficulties and continue to enjoy your life as part of the diverse, vibrant Olney community.
While bankruptcy is not for everyone, there are situations where filing for bankruptcy is the most financially sound option. For example, if you have a substantial credit card balance or mounting medical debts, bankruptcy makes sense to protect the assets you will need, such as your home and car.
Also, this is a time when many scam artists target individuals facing financial difficulties and take advantage of their desperation with false promises of debt elimination. A skilled and experienced attorney can help you avoid these scams and give you solid legal advice.
Call the offices of Young, Marr, Mallis & Associates to meet with an experienced bankruptcy attorney near Olney who can help you navigate your turbulent financial waters. Time is of the essence to get a fresh start and prioritize any debt that may harm you and your family. To schedule a consultation, reach out to us at (215) 701-6519.
When to File Bankruptcy in Pennsylvania
Federal bankruptcy laws give debtors the right to file for bankruptcy at times of financial distress. Bankruptcy can stop — at least temporarily — garnishments, collection actions, foreclosures, and repossessions through something called an “automatic stay.” Additionally, bankruptcy is effective at dealing with asset seizures and various types of liens, particularly any liens rooted in a collection action.
Some of the most important benefits of filing for bankruptcy involve protecting your rights regarding the following debts:
- Utilities: Your utility services are usually restored, and collection actions related to utilities will be resolved through the bankruptcy court.
- Car: You can often keep your car and home, depending on the circumstances. There are times when you can re-negotiate your car loan and take steps to get caught up with past-due payments.
- Mortgage: Bankruptcy offers what is known as the federal bankruptcy exemption, which allows you to protect the amount you have paid off, or equity, in your home. Depending on your circumstances, you can work out options to either protect your home or mitigate your losses.
If you find yourself unable to make ends meet, or if you find yourself dealing with debt collectors day after day, this may be the time to consider seeking bankruptcy protection. An experienced bankruptcy attorney can help you determine if you meet the qualifications under the “means test” needed to file for bankruptcy. Bankruptcy shouldn’t be a last resort decision for those in financial trouble.
Common Misconceptions About Bankruptcy
Despite what you may think, there are ways to protect your property when you file for bankruptcy. Housing authorities, licensing departments and other government agencies cannot discriminate against you for having filed for bankruptcy. Employers are also barred from acting against you because of bankruptcy.
Many people think bankruptcy can hurt their status in the community. However, this is not the case. Most people empathize with tough financial times and can understand a situation where bankruptcy is the best option.
Chapter 7 vs. Chapter 13 Bankruptcy in Pennsylvania
The U.S. Bankruptcy Code provides two types of personal bankruptcies, Chapter 7 and Chapter 13. You and your attorney will decide which type fits your circumstances. An experienced bankruptcy attorney can look into the status of your assets and explain the differences between the two chapters. An area of special importance is the determination of which assets are “exempt” or shielded from the creditors and will not be subject to sale to satisfy debts.
Chapter 7 Bankruptcy
Chapter 7 tends to move along over a period of three to five months, and it’s generally the best option when:
- Your property is exempt,or there are mechanisms to protect it.Thislegal concept is known as “exemption planning,” and your attorney can explain this process at greater length. If you are not behind in secured debts such as your car and mortgage payments,then Chapter 7 may be the best option because it will allow you to keep property safe through adequate exemption planning.
- The majority of debts that cause people problems are unsecured and dischargeable in Chapter 7.
Chapter 13 Bankruptcy
Chapter 13 protection is the most viable option when you have non-exempt assets you need to protect. While Chapter 13 requires the implementation of a long-term plan, it is a favorable option when:
- There are debts that cannot be discharged under Chapter 7.
- You can enter into a favorable plan that will give you more control over the sale of assets, if necessary.
Since bankruptcy filings are generally tailored to your circumstances, you have the option of converting your bankruptcy to a different chapter after your initial filing. With the guidance of a skilled attorney, you can make informed decisions throughout the entire process.
Call a Bankruptcy Lawyer Near Olney You Can Trust
The legal team at Young, Marr, Mallis & Associates comprises responsive and dedicated bankruptcy attorneys. They will give you trustworthy advice that comes from decades of experience and thousands of bankruptcy filings. They are also known for their prompt attention to bankruptcy matters, including the option to file emergency petitions. If you are concerned about saving your home or car or protecting your assets from seizure, you should consider bankruptcy as an option. To schedule a free and confidential consultation, call us at (215) 701-6519.