Eddington, PA Bankruptcy Lawyer
Filing for bankruptcy may be an option you should consider at times of financial distress. If collection agents are disrupting your daily routine, there are options available for residents of Eddington, PA. There are some risks to consider before filing for bankruptcy, including the fact that it appears in credit reports for 10 years. An experienced lawyer can help guide you through this difficult process. The benefits of the debt relief bankruptcy provide can outweigh the risks. For example, protection can be provided for the assets that you need the most such as your home and car. A skilled Eddington, PA bankruptcy attorney will go through the specific assets you own, how much you owe and if bankruptcy is best for you.
Young Marr & Associates’ accomplished Eddington bankruptcy attorneys are committed to helping people obtain a fresh start out of debt and sleepless nights. Your information is protected and confidential, and your initial consultation is totally free of charge. We handle Chapter 7 and Chapter 13 cases. We are known for being proactive in our support and are more than willing to handle emergency filings. Contact us at (215) 701-6519 to schedule a free consultation.
Overview of Bankruptcy Petitions in Eddington, PA
Bankruptcy filings in Eddington Pennsylvania are filed in the Eastern District of Pennsylvania. Each local district has rules that must be followed. Filings for personal bankruptcy can be made pursuant to Chapter 7 or Chapter 13 of the US Bankruptcy Code. The determination as to what chapter will best fit a situation depends on many factors, including the types of assets you own and/or whether enough debt relief can be provided that the debtor can enter into a payment plan. A bankruptcy attorney can help you navigate through this process.
There are other factors the attorney will go over with you, including:
If Your Monthly Income Is Meeting Your Basic Needs
The guiding principle in bankruptcy cases is known as the “means test.” If your debt exceeds your income, it’s possible that the debt relief provided under the US Bankruptcy Code can help you find your way out of debt. A skilled bankruptcy attorney will be able to help you determine if filing a bankruptcy petition is a viable option in view of your income and expenses.
Types of Debt You May Owe
An experienced attorney who specializes in bankruptcy will be best equipped to assist you in determining the viability of debt relief through a bankruptcy petition. Most people dealing with financial troubles have faced some type of significant adversity—it could be a divorce, a sudden illness, or the loss of employment. Some situations might be considered a hardship that could allow a greater degree of debt relief. An attorney can look at the types of debt you may be facing and help to determine which debt can be dischargeable or eliminated. Unsecured debt describes debt that is likely to be removed through bankruptcy. “Unsecured” means that there is no property interest or collateral guaranteeing repayment of the debt. This can include:
- Credit card debt
- Utility bills
- Hospital bills
- Personal loans
- Certain court judgments
- Unpaid rent
The Collection Action
A collection action is a legal procedure used by creditors employ to seek payment for unsecured debts. An attorney can help you to review these actions to see if bankruptcy is the best course of action if creditors are constantly attempting to contact you or your family. Creditors ordinarily seek receive direct payment or try to file what is known as a “lien” that will reduce the value of your assets. This lien would allow them to receive a portion of the profits if you sell that asset.
Can Debt Be Eliminated?
Yes, debt can be eliminated or discharged. One of the benefits of bankruptcy protection is the discharge of a portion or even the totality of obligations depending on the circumstances. There are many factors involved in this determination. Bankruptcy attorneys should be able to advocate in your situation to establish that a proper “fresh start” can be achieved with the greatest possible amount of debt eliminated. Those suffering from serious medical conditions that render them unable to find employment or pay their debts can apply for what is known as “hardship.” Debt relief can be more extensive if the court acknowledges those difficulties. Experienced bankruptcy attorneys file have a keen understanding of how these petitions work and will be able to correctly and timely file it.
The Automatic Stay
The legal term “automatic stay” is used to describe a benefit of bankruptcy wherein letters and phone calls from collection agencies can no longer be sent directly to your home during the time the bankruptcy is active. However, it does not spell the end of those collection efforts; it simply forces all communications go through the bankruptcy court system instead.
The officials appointed by the bankruptcy courts and your attorney will communicate with the creditors’ attorneys. The trustee is the attorney leading these communications entrusted with working with the judge, creditors, and your attorney. There are important additional protections, including that:
- Utilities and services cannot be suspended because of a bankruptcy petition
- You cannot be fired from your place of employment
- Your 401K, pension and IRAs cannot be seized
- Your social security allowance will not be halted or reduced
Call Your Eddington, PA PA Attorney Who Will Advocate for Your Peace of Mind
The team of experienced attorneys at Young, Marr, Mallis & Associates can help you make informed, financially sound decisions. If you are increasingly overwhelmed by collectors or worry about losing your home, there is no time to waste. Young, Marr, Mallis & Associates can be the proactive and relentless advocates you need. Call us at (215) 701-6519 to schedule a consultation.