Fairless Hills, PA Bankruptcy Lawyer

If you have increasingly mounting debts and your income cannot keep up, you might want to consider filing for bankruptcy. Our legal team can help you look at various legal options to help you get out from under your debt.

Filing for bankruptcy is a hard decision to make, but it might be necessary for you to start over fresh. Bankruptcy might be a good choice if you are falling behind in important payments, like a mortgage, and have no way of catching up. You might have several options for filing bankruptcy, and Chapters 7 and 13 are rather common options. Which option is right for you depends on your unique situation. One of the most significant concerns among people filing for bankruptcy is what happens after. While your credit might be negatively impacted, there are ways you can rebuild your credit and move on with your life.

Call our bankruptcy lawyers at Young, Marr, Mallis & Associates at (215) 701-6519 for a free review of your case and financial situation.

How Do I Know if Bankruptcy is a Good Choice in Fairless Hills, PA

People often think of bankruptcy as a last resort or penalty imposed against people who fail to pay their debts. While bankruptcy is often not the first course of action for people in financial trouble, it is certainly not a punishment. In fact, bankruptcy is actually a potential solution to your debt issues, and our bankruptcy lawyers can guide you through the filing process.

You should consider several key factors when deciding whether to declare bankruptcy. First, you should think about how much debt you have. Most people have at least some debt. People who have made large purchases, like homes, vehicles, or real estate, likely have a great deal of debt. If you have high debts but have a hard time making timely payments – or any payments for that matter – you should speak to a lawyer about bankruptcy.

Even if your debts are not abnormally high, you should consider your level of income. If your income cannot stretch to cover your debts so that all monthly payments are made on time, bankruptcy might be a viable option. Even people with high incomes could struggle to pay significant debts.

It is also worth considering how quickly you amass debt. It is normal for people to accrue some debt before paying it down, only to accrue more debt and then pay it down again. If your debt is accruing faster than you can pay it off, consider bankruptcy as a way out.

Options for Filing Bankruptcy in Fairless Hills, PA

Bankruptcy is governed by federal law, and there are various chapters under which you can file your case. Each chapter spells out different rules and procedures and allows different opportunities for debtors in need. Our bankruptcy attorneys can assist you in choosing the best path for your case.

Chapter 7 Bankruptcy

One of the most common ways of filing for bankruptcy is to file under Chapter 7. Chapter 7 bankruptcy is also referred to as “liquidation bankruptcy” because it emphasizes liquidating valuable assets and using the proceeds to pay off debts. This can be very helpful in many cases, but people with assets they do not wish to lose should be wary.

Chapter 7 bankruptcy tends to work quickly. Many people who file under Chapter 7 see their assets liquidated and debts paid or discharged in a few short months. The problem is that you probably want to retain the assets you need, like your car or home.

Chapter 7 bankruptcy might be a good fit for people struggling with debt who do not own significant assets. If you rent your home, lease a vehicle, and do not own any real property, Chapter 7 could be very beneficial. If you own such assets, our bankruptcy lawyers can help you explore other options. Remember that bankruptcy is often a difficult process, and you should be prepared to make certain sacrifices to get a fresh start.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is another common option for people in debt, but it works somewhat differently. Instead of liquidating assets, Chapter 13 focuses on reorganizing debts and finances, and most people do not lose significant assets.

Instead of selling off assets to pay your debts, you and our bankruptcy attorneys must devise a feasible payment plan. The plan must be approved by the creditors you owe money to and the court. Once approved, you will likely be on this payment plan for the next few years.

Chapter 13 bankruptcy usually takes longer to complete, with many people spending 3 to 5 years on their payment plans. The upside is that you might keep your home.

Other Chapters

There are other chapters beyond Chapter 7 and 13, but they tend to be less common and geared to more unique situations. For example, certain chapters are available exclusively for businesses filing for bankruptcy rather than individuals. You should talk to our bankruptcy attorneys about your situation so we can help you figure out the right chapter for you.

Recovering Financially After Bankruptcy in Fairless Hills, PA

A major concern among people filing for bankruptcy is how their credit might be affected. While it is true that bankruptcy is on your credit history for future creditors to see, and your credit score will likely take a significant dip, there are ways you can bounce back.

Once many of your debts have been paid or discharged, keeping up with regular monthly payments will be much easier. Making timely payments on rent and utilities can help improve your credit over time. It will also be easier to start implementing smarter financial choices and spending habits when your income is no longer eaten up by debt.

Call Our Fairless Hills, PA Bankruptcy Lawyers for Help

Call our bankruptcy lawyers at Young, Marr, Mallis & Associates at (215) 701-6519 and ask about a free evaluation of your case to get started with bankruptcy proceedings.

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12 Convenient Locations Across Pennsylvania and New Jersey

Philadelphia, PA

7909 Bustletown Ave, 1st Floor Philadelphia, PA 19152 (215) 607-7478 Get Directions

Quakertown, PA

328 Broad St. Quakertown, PA 18951 (215) 515-6876 Get Directions

Allentown, PA

137 N 5th St. Suite A Allentown, PA 18102 (215) 240-4082 Get Directions

Jenkintown, PA

135 Old York Road Jenkintown, PA 19046 (215) 544-3347 Get Directions

Easton, PA

101 Larry Holmes Dr. #212 Easton, PA 18042 (215) 515-7077 Get Directions

Bala Cynwyd, PA

2 Bala Plaza, Suite 300 Bala Cynwyd, PA 19004 (610) 557-3209 Get Directions

Bensalem, PA

3554 Hulmeville Rd, #102 Bensalem, PA 19020 (215) 515-6389 Get Directions

Plymouth Meeting, PA

600 W. Germantown Pike #400 Plymouth Meeting, PA 19462 (215) 515-6876 Get Directions

Cinnaminson, NJ

909 Route 130 South #202 Cinnaminson, NJ 08077 (609) 796-4344 Get Directions

Hamilton Twp., NJ

100 Horizon Center Blvd., 1st and 2nd Floors Hamilton Township, NJ 08691 (609) 236-8649 Get Directions

Marlton, NJ

10000 Lincoln Drive E One Greentree Centre, Suite 201 Marlton, NJ 08053 (856) 213-2805 Get Directions

Piscataway, NJ

200 Centennial Ave. Suite 200 Piscataway, NJ 08854 (908) 367-7256 Get Directions