Feasterville Bankruptcy Lawyer
Filing for bankruptcy is, understandably, one of the most challenging decisions a person will need to make. There is no shame in filing for bankruptcy, as it can be an incredibly powerful tool to protect your financial interests.
Our experienced bankruptcy lawyers in Feasterville can help determine if filing for bankruptcy will be the best option to secure your financial future. There are two kinds of bankruptcy that individuals can file, Chapter 17 and 13. Each can help in distinct ways, but deterring the right one to file will largely depend on your finances at the time of filing and the types of assets you own that could be at risk of being repossessed.
If you are considering filing for bankruptcy in Feasterville, our bankruptcy lawyers are here to help you regain financial stability. Contact Young, Marr, Mallis & Deane at (215) 701-6519 for a free case review.
How Our Feasterville Bankruptcy Lawyers Can Help Your Case
Filing for bankruptcy is one of the most important decisions a person will make. As such, choosing to file for bankruptcy can be an extremely stressful time. Of course, these decisions will have a profound impact on your finances. Our bankruptcy lawyers can help you better understand if filing for bankruptcy is the right option for you and your family.
Determine the Type of Bankruptcy You Can File For
The most important thing we can help with is determining which type of bankruptcy to file for. In Pennsylvania, individuals can file for either Chapter 7 or Chapter 13 bankruptcy. Each type is intended to accomplish different things and has its own requirements to qualify. The current state of your income and any outstanding debts are usually the basis to determine which type of bankruptcy you can file for.
Determine Which Debts You Can Discharge
Our bankruptcy lawyers can also review and explain which debts you can likely discharge and which you might not. Typically, unsecured debts can be discharged. This includes debts like medical expenses, credit card bills, and personal loans you have taken out. Debts considered secured are tied to a particular lender and can be repossessed by the lender if an individual defaults. Debts that cannot be discharged include alimony, child support payments, criminal restitution, and usually student loan debt. Our bankruptcy lawyers can help you determine which debts you can discharge in your case.
Once you have spoken with our bankruptcy lawyers and filed the appropriate type of bankruptcy in court, what is referred to as an automatic stay will go into effect. This can provide an incredible amount of relief as it will stop creditors from continuing to call and email you to collect the debts. It also prevents creditors from initiating any new collection attempts against you. This can give individuals the vital breathing room they need to get their finances in order. If lawsuits are pending against you, they will stop, and your bank accounts will be unfrozen.
Review Exemptions that Could Protect Your Property
When you file for bankruptcy in Feasterville, certain exemptions could apply to your case that can protect your property after filing your bankruptcy claim. Pennsylvania and the federal government both offer exemptions. The catch, though, is that you are required to choose one set of exemptions to apply to your property. Your financial situation at the time you file will need to be analyzed to determine which set of exceptions will be the most suitable to your circumstances. Our bankruptcy lawyers can help you determine which exemptions have the best chance of protecting your assets.
When You Can File Chapter 7 Bankruptcy in Feasterville
Chapter 7 bankruptcy is a type you can file but can have serious consequences on your property. Chapter 7 bankruptcy is typically reserved for those who cannot pay back their outstanding debts. Referred to as liquidation, Chapter 7 bankruptcy typically means that an individual’s property can be repossessed. However, Chapter 7 bankruptcy can quickly eliminate debts that are causing a great deal of financial harm.
To qualify for Chapter 7 bankruptcy, you will need to pass a “means test.” This test will compare your income with the state median income, and if your income is less, you will be permitted to file for Chapter 7 bankruptcy. If the state median is less than what you make, your disposable income left over at the end of the month will be the basis to determine if you can still qualify.
The trouble with Chapter 7 bankruptcy is that it provides little protection from your property being repossessed. This typically includes collateral like cars and houses. Further, a Chapter 7 bankruptcy will remain on an individual’s credit report for ten years following their claim being approved. Our bankruptcy lawyers can help determine if filing Chapter 7 bankruptcy is the right option for you and your family.
When You Can File Chapter 13 Bankruptcy in Feasterville
There are a few reasons that make filing for Chapter 13 bankruptcy a more attractive option than filing for Chapter 7. Most importantly, you will be permitted to retain your property if you continue making regular payments. To file for Chapter 13 bankruptcy, you must develop and submit a detailed repayment plan showing how you will make good on your debts. Your repayment plan can last anywhere from three to five years, so it is important to consider your future financial circumstances. Also, if your Chapter 13 filing is approved, an automatic stay will immediately go into effect.
Like Chapter 7, Chapter 13 bankruptcy also requires you to qualify in order to receive relief. To determine if you qualify, the court will review your finances to see if you can financially support yourself during the specified repayment period. If the court finds that you cannot support yourself and make your scheduled payments, your Chapter 13 filing will be denied.
Be aware, though, that an approved Chapter 13 bankruptcy will remain on your credit report for seven years. However, this is still three years less than Chapter 7 bankruptcy. Our bankruptcy lawyers can help you craft a Chapter 13 repayment that works best for your current and future financial health.
Our Feasterville Bankruptcy Lawyers Can Help
If your financial problems are becoming overwhelming and you are considering filing for bankruptcy, our bankruptcy lawyers can provide you with a free case review to see what options are available to you. Call Young, Marr, Mallis & Deane today at (215) 701-6519.