Ridley Park Bankruptcy Lawyer
Deciding to file for bankruptcy can seem like a failure for debts in Ridley Park. In reality, filing for bankruptcy can be the answer to your financial difficulties, especially if you seek help from our experienced attorneys.
If you are having difficulty meeting car or mortgage payments, or are otherwise struggling with considerable debt, consider filing for bankruptcy in Ridley Park. Our attorneys can explain your options, which may include filing for either Chapter 7 or Chapter 13 bankruptcy. The former works through liquidating a debtor’s assets, while the latter works through repayment plans. Eligibility for Chapter 7 or Chapter 13 bankruptcy in Ridley Park is based on a debtor’s income. With help from our skilled lawyers, you can file for bankruptcy, repay creditors, and reclaim agency over your finances.
When debtors are struggling financially in Ridley Park, our attorneys can help. For a free case evaluation with the bankruptcy lawyers at Young, Marr, Mallis & Associates, call today at (215) 701-6519.
When to File for Bankruptcy in Ridley Park
Recognizing when it is time to file for bankruptcy can be challenging for some people. While bankruptcy can have a negative connotation, it does not have to. Instead of seeing it as a last resort or a final option, view bankruptcy as a tool you can use to reclaim your financial stability and address debt. Our lawyers can help you know when it is time to file for bankruptcy so you can move forward with your life free from debt.
You Have Missed Car Payments
For example, some people might think that missing a few car payments does not put them at risk of losing their vehicle. In reality, lenders in Pennsylvania might repossess your vehicle with little to no warning if you have missed even one car payment. Our bankruptcy lawyers can help you devise a plan to repay creditors, so you do not lose your car in Ridley Park.
You Are at Risk of Defaulting on Your Mortgage
Falling behind on mortgage payments and defaulting on your loan can put you at risk of losing your home in Ridley Park. Once you have missed several mortgage payments, catching up without filing for bankruptcy can be difficult. When you file for bankruptcy in Ridley Park, our attorneys can help you protect your home from liquidation or repossession so that you do not lose your property because of financial difficulties.
You Want to Eliminate Dischargeable Debts
Some debtors in Ridley Park might feel as though they are dealing with overwhelming debt. If you cannot seem to keep your head above water, it might be time to file for bankruptcy. Our lawyers can help you identify which debts may be dischargeable in bankruptcy. Certain unsecured debts, like medical bills, credit cards, and sometimes student loans, can be erased when you file for bankruptcy, alleviating you from any personal responsibility to pay back those creditors. That way, you can eliminate dischargeable debts and focus on repaying non-dischargeable debts to creditors.
Filing for Chapter 7 Bankruptcy in Ridley Park
Once you decide that filing for bankruptcy is the best route to take after speaking with our attorneys, you must identify which type of bankruptcy you wish to file for. For some debtors, Chapter 7 bankruptcy, or liquidation bankruptcy, is preferable.
In Ridley Park, debtors who file for Chapter 7 bankruptcy can liquidate their assets to satisfy debts to creditors. To qualify for Chapter 7 bankruptcy, you must pass a means test that confirms that your income is insufficient to support repayment to creditors in any way other than liquidation.
Chapter 7 bankruptcy might be intimidating for debtors in Ridley Park who do not want to risk losing their homes, vehicles, or other property through liquidation. While Pennsylvania does not have a homestead or vehicle liquidation exemption, it does have other exemptions, such as a wildcard exemption, which debtors can use to protect up to $300 in property from liquidation. Our bankruptcy lawyers can help you choose between federal exemptions and state exemptions so that you can protect certain assets from liquidation during Chapter 7 bankruptcy in Ridley Park.
Because Chapter 7 bankruptcy works through liquidation, it is typically a fast process. By filing for Chapter 7 with help from our bankruptcy lawyers, debtors in Ridley Park can address their debt within four to six months, sometimes sooner.
Filing for Chapter 13 Bankruptcy in Ridley Park
For debtors not interested in liquidating their assets to pay back creditors, filing for Chapter 13 bankruptcy in Ridley Park may be more appealing. This type of bankruptcy works through repayment plans and typically takes several years.
In order to file for Chapter 13 bankruptcy in Ridley Park, you must pass a means test. For Chapter 13 filers, it is important that they earn enough income to support the requirements of a repayment plan. Once you file, our attorneys will design a repayment plan that consolidates your outstanding debts to creditors and allows you to pay them off over time at a standard interest rate.
This option can make repaying debts much easier for people struggling financially in Ridley Park. With Chapter 13 bankruptcy, you do not have to worry about protecting certain assets from liquidation, only about meeting the mandatory scheduled payments of your repayment plan.
Depending on the amount of debt you have and your ability to repay creditors based on your income, you may be able to exit Chapter 13 bankruptcy debt-free within three to five years in Ridley Park.
Call Our Ridley Park Lawyers About Your Bankruptcy Case Today
If you are having financial difficulties and need help, reach out to our attorneys in Ridley Park. For a free and confidential case evaluation with the bankruptcy lawyers at Young, Marr, Mallis & Associates, call today at (215) 701-6519.