Phoenixville, PA Bankruptcy Lawyer
People usually think of bankruptcy as some punishment for being in too much debt. In reality, bankruptcy is a solution to your debt problems and should not be viewed as a penalty.
People end up in debt for a variety of reasons. Some people spend more money than they earn and end up with bills and debts they cannot pay. Other people have serious debt from medical bills. In any case, bankruptcy might help you get out from under these debts. When filing for bankruptcy, you must decide how to file. Chapters 7 and 11 are perhaps the most common ways to file for individuals, and each has its pros and cons. To begin filing for bankruptcy, you will need a thorough record of your finances so we know what kind of assets you have and what debts you can pay back.
If you have serious financial troubles, you can talk to our Phoenixville, PA bankruptcy lawyers about whether filing for bankruptcy could help you. For a free review of your case, call Young, Marr, Mallis & Deane at (215) 701-6519.
Reasons to Consider Filing for Bankruptcy in Phoenixville, PA
You might have various reasons to file for bankruptcy, which could help alleviate numerous financial problems and burdens. People tend to hesitate or resist filing for bankruptcy because they are embarrassed or believe bankruptcy is some legal penalty. The truth is that there is no shame in filing for bankruptcy, and while there are certain drawbacks or consequences, the process is beneficial overall. Call our Phoenixville, PA bankruptcy lawyers about whether bankruptcy is good for your situation.
One of the biggest reasons people file for bankruptcy is unpaid medical debt. This might be your own medical care or the care of a family member. Medical debts can be so high that they are impossible to repay, and bankruptcy might help you discharge some of them.
A major complaint among those in debt is the number of harassing calls, messages, and letters they get from creditors demanding payment. Once a person files for bankruptcy, these unpleasant calls and messages should stop almost right away. Even if your debts are not completely squared away, you at least do not have to deal with creditors breathing down your neck anymore.
Which Bankruptcy Chapter Works for You in Phoenixville, PA
Multiple bankruptcy chapters might apply to your case. Each chapter comes with different rules and requirements and might fit different needs. Talk to our Phoenixville, PA bankruptcy attorneys about which chapter is right for you. While there are many bankruptcy chapters, chapters 7 and 11 are the most common for individuals.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is often called “liquidation bankruptcy” because it focuses on liquidating assets to pay off debts. There are some significant pros and cons to chapter 7 bankruptcy. The downside is that you risk losing valuable assets like your home, vehicles, and properties. These assets might be liquidated, and the proceeds used to pay off your debts. The upside is that many of your debts might be taken care of, and unsecured debts that cannot be paid down might be discharged.
Chapter 7 bankruptcy is good for people with fewer assets and a lower income. If you own a home, vehicle, or any other assets you want to retain, Chapter 7 might not be right for you. However, if you are a renter with few assets, chapter 7 might greatly help your situation.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy does not focus on liquidating assets and paying off debts as soon as possible. Instead, people who file for chapter 13 bankruptcy work out a payment plan that allows them to pay down their debts over time. Our Phoenixville, PA bankruptcy lawyers can help you develop a payment plan that works for you so you can regain control of your finances.
Chapter 13 bankruptcy might be right for you if you own significant assets like a home or other properties that you want to keep and you have a steady flow of income. Furthermore, once a certain amount of debt is paid off according to the payment plan, the remaining debts might be discharged. While chapter 13 bankruptcy can help you hang on to your assets, it often takes several years before debts are back under control. Also, your payment plan must be approved by the court.
What You Need to Start a Bankruptcy Claim in Phoenixville, PA
To begin your bankruptcy claim, you should meet with our Phoenixville, PA bankruptcy attorneys to discuss your options. First, we must determine if you qualify for bankruptcy, and the qualifications you need to meet vary depending on the chapter you plan to file under.
To begin, you should have a thorough record of your finances, including details about your income, assets, and debts. We must be as detailed as possible when we file your claim, and it might be necessary to conduct a thorough review of your financial situation before we proceed. If any debts are left out of your claims, they might be excluded from the filing and cannot be discharged.
How Our Phoenixville, PA Bankruptcy Lawyers Can Assist You
When filing for bankruptcy, our Phoenixville, PA bankruptcy lawyers can help you identify what debts must be paid off and what debts might be discharged. When a debt is discharged, the debtor is no longer personally liable for repaying the debt, and creditors can no longer demand payment.
Not all debts can be discharged, and our legal team can help you determine which debts might be discharged. Generally, debts like credit cards, medical bills, and private loans can be discharged. Debts that cannot be discharged include alimony, child support, criminal restitution or fines, and federal student loans.
An attorney can help you come up with a strategic plan to pay off certain debts while allowing others to be discharged. In the end, our team can help you get out from under your debts as quickly as possible.
Call Our Phoenixville, PA Bankruptcy Attorneys for a Free Case Review
If you are facing serious financial problems and need a way out, our Phoenixville, PA bankruptcy lawyers can help you. For a free case evaluation, call Young, Marr, Mallis & Deane at (215) 701-6519.