Fairless Hills, PA Bankruptcy Lawyer

“Bankruptcy” is a term that often scares people when it is brought up. It is associated with poor money management, risky business ventures, and financial ruin. The reality is that people can fall into debt even when making reasonable life decisions. Bankruptcy is a legal “safety valve” to help people pay off their debts without losing all they have worked for.

If you are considering filing for bankruptcy around Fairless Hills, our lawyers can help. We are experienced bankruptcy attorneys who can help you through the process and make sure courts and creditors treat you fairly. Bankruptcy proceedings can be incredibly complicated, so it is very easy to make a mistake if you do not have legal representation.

Young, Marr, Mallis & Associates has bankruptcy lawyers ready to assist you with your case when you call (215) 701-6519.

Reasons to File for Bankruptcy in Fairless Hills, PA

While bankruptcy is not a sentence to destitution, it is still a very important decision that you should only make after significant thought as well as discussing the prospect with our bankruptcy lawyers.

An important consideration when thinking about filing for bankruptcy is whether you can manage your current debt. In general, if you can afford to make monthly payments on debt, you should not file for bankruptcy. Bankruptcy is usually reserved for those circumstances where your monthly earnings are not enough to pay off your debts.

Terms to Know for Fairless Hills, PA Bankruptcy

There are some important terms that you should familiarize yourself with when going into a bankruptcy proceeding. That way, when a judge or lawyer says them in an official setting, you have some idea of what they are discussing.


Liquidation is a term for turning physical assets into money. For example, selling an antique at a pawn shop could be considered a form of liquidation. In a bankruptcy context, liquidation refers to the organized selling of your assets to pay off debts. Various chapters of bankruptcy will liquidate assets to greater or lesser degrees. For example, Chapter 7 bankruptcy has fewer restrictions on what assets can be liquidated than Chapter 11 or Chapter 13 bankruptcy.


Reorganization is a more formalized process than liquidation. When bankruptcy proceedings involve reorganization, the court implements a plan to have the debtor pay their creditor while still retaining many of their assets. This process requires more work on the part of the debtor but can be beneficial if the debtor has many assets they wish to protect from bankruptcy proceedings.

“Automatic Stay”

An automatic stay is a very important part of bankruptcy proceedings. When you file for bankruptcy, the court places an injunction or “stay” on debt collection against you. What this does is prevent creditors from taking any action to try and satisfy your debt to them for the duration of bankruptcy proceedings.

When the court puts the automatic stay in place, creditors cannot repossess your assets, send you invoices, or even make collect calls to try and get you to pay debts. This lets you focus on resolving the issue instead of worrying about harassment by creditors.

Bankruptcy Chapters in Fairless Hill, PA Bankruptcy Proceedings

Bankruptcy proceedings are split into different “chapters,” or types, of bankruptcy. These chapters have different rules for their proceedings and are designed to serve people and entities with varied needs. Some of these chapters are geared toward corporate entities or businesses, while others are meant to serve the needs of individuals. Similarly, some chapters are better for people with fewer assets, while others are ideal for those with many assets.

Chapter 7

Chapter 7 bankruptcy is arguably the easiest form of bankruptcy to understand. In Chapter 7 bankruptcy, the court simply liquidates or sells off your assets to pay off debts. Unlike with other forms of bankruptcy, you do not fill out a form or make a plan to facilitate this process. Because Chapter 7 bankruptcy proceedings are usually resolved rather quickly when compared to other Chapters of bankruptcy, they are often ideal for individuals with minimal assets to be sold off. One of the quirks of bankruptcy is that if a person or business runs out of assets to be sold, the proceedings and any creditors that have not had their debts paid simply do not get to collect. If you are comfortable with the potential prospect of having many assets sold off, consider speaking with our lawyers about Chapter 7 bankruptcy.

Chapter 11

Chapter 11 is one of the more well-known kinds of bankruptcy. Chapter 11 is generally reserved for business entities. Chapter 11 proceedings are more formalized than Chapter 7 proceedings. You will need to submit to the court schedules of your assets, liabilities, income and expenses, contracts, and leases. You will also need to submit to the court a statement of financial affairs.

While Chapter 11 is more complicated, one of the benefits is that you will hold on to more of your assets than you would in a Chapter 7 proceeding.

Chapter 13

Chapter 13 bankruptcy is similar to Chapter 11 bankruptcy, but Chapter 13 is more focused on individuals than businesses. Like Chapter 11, Chapter 13 bankruptcy liquidates fewer assets than Chapter 7 bankruptcy. The trade-off, again, is that you must submit a great deal of forms and paperwork to the court. Our attorneys can certainly assist you with this process, but even with good legal representation, this can take a very long time. Chapter 13 bankruptcy usually takes several years to resolve. If you require immediate debt relief, Chapter 13 bankruptcy might not be the best option.

Call Our Fairless Hills, PA, Bankruptcy Lawyers to Start the Process

Our bankruptcy lawyers with Young, Marr, Mallis & Associates are ready to discuss your situation when you call (215) 701-6519.

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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

Harrisburg, PA

2225 Sycamore St Harrisburg, PA 17111 (717) 864-8887 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