Yardley, PA Bankruptcy Lawyer
When facing financial difficulties and considerable debt, people in Yardley may be unsure where to turn. Our attorneys can help explain the benefits of filing for bankruptcy and how doing so can help you reestablish your financial footing.
If you are dealing with overwhelming debt and are concerned about your financial situation, ask our attorneys about filing for bankruptcy in Yardley. Based on your income, our lawyers will determine if you are eligible to file for Chapter 7 or Chapter 13 bankruptcy. Then, our attorneys will help you start the process by filing a bankruptcy petition with the court. Depending on the type of bankruptcy you file for, you may be able to claim exemptions to protect certain assets from liquidation. Within a short time, you can exit bankruptcy debt-free with help from our attorneys in Yardley.
We are here to help debtors struggling in Yardley reclaim their financial stability by filing for bankruptcy. For a free case evaluation with the bankruptcy lawyers at Young, Marr, Mallis & Associates, call today at (215) 701-6519.
Reasons to Contact Our Yardley, PA Bankruptcy Lawyers
While many people see filing for bankruptcy as a last resort, it can be a solution to various financial problems. If you are struggling with debt or are heading down a difficult road, our attorneys can help you file for bankruptcy in Yardley.
Filing for bankruptcy is not an option reserved for those with crippling personal finances. In reality, bankruptcy is a legal tool through which you can address your debt, no matter how severe your situation is. Our bankruptcy lawyers can help you whether you have missed a few mortgage or car payments or are at risk of losing your home or other property.
There are many reasons to file for bankruptcy in Yardley. The reason that appeals to many debtors initially is that an automatic stay will go into effect as soon as they file. This prevents creditors from contacting you about making payments and gives you time to get your affairs in order.
Certain debts are dischargeable through bankruptcy, meaning they are effectively erased, leaving you with no personal liability to repay them. Dischargeable debts include many unsecured debts, such as credit card bills and medical bills.
Bankruptcy is a long-term solution that can help debtors in Yardley tackle financial difficulties. It addresses debt head-on, allowing you to repay creditors through liquidating your assets or a repayment plan.
How to File for Chapter 7 or Chapter 13 Bankruptcy in Yardley, PA
Filing for bankruptcy might initially seem like a difficult and arduous process for debtors in Yardley. If you wish to file for Chapter 7 or Chapter 13 bankruptcy, our attorneys can explain the process and help you reestablish your financial stability.
Pass the Means Test
Once you have contacted our bankruptcy lawyers and have expressed your interest in filing, our attorneys will determine if you pass the means tests for Chapter 7 or Chapter 13 bankruptcy. Also known as liquidation bankruptcy, Chapter 7 requires debtors to liquidate certain property to satisfy their debts. A requirement of Chapter 7 is an insufficient income to repay creditors in any way other than liquidation. If you pass the means test, our attorneys can help you continue filing for Chapter 7 bankruptcy in Yardley.
For Chapter 13 bankruptcy, the means test also applies to debtors, but in a different way. In order to qualify for Chapter 13 bankruptcy in Yardley, you must pass the means test and affirm that you earn enough income to support a repayment plan to creditors.
File a Petition
Bankruptcy is a legal process, meaning it is figured out in court. In order to file for Chapter 7 or Chapter 13 bankruptcy in Yardley, you must file a petition with the court. Understandably, debtors might be intimidated by this step in the process and have some concerns. Our bankruptcy lawyers can help you file a petition for Chapter 7 or Chapter 13 bankruptcy in court, which will require you to gather certain information about your debts to creditors and the state of your finances.
Chapter 7 bankruptcy enables debtors to pay off their debts by liquidating assets. This might scare debtors who are worried about losing their homes or vehicles during liquidation. While Pennsylvania does not have homestead or vehicle liquidation exemptions, it does have a wildcard exemption. Depending on your outstanding mortgage or car payments, Pennsylvania’s $300 wildcard exemption might protect certain assets from liquidation during Chapter 7 bankruptcy. Debtors can also choose to claim federal liquidation exemptions if state exemptions do not suit their needs.
Because Chapter 13 bankruptcy does not require a debtor to liquidate their assets, you may be able to skip this step entirely. There are no liquidation exemptions for Chapter 13 bankruptcy since your assets are not at risk when you file in Yardley.
Pay Back Creditors
The final stage in the bankruptcy process is paying back creditors. If you file for Chapter 7 bankruptcy in Yardley, this can be accomplished by liquidating certain assets. Since liquidation can happen relatively quickly, you may be through with Chapter 7 bankruptcy within four to six months of filing in Yardley.
Paying back creditors is a different process for debtors who file for Chapter 13 bankruptcy in Yardley. Instead of satisfying debts through liquidation, debtors pay back creditors through repayment plans. Our bankruptcy lawyers will devise a repayment plan that consolidates your debts, allowing you to pay them off over time at a standard interest rate. Typically, Chapter 13 bankruptcy takes three to five years to complete in Yardley.
Ask Our Yardley, PA Lawyers About Filing for Bankruptcy Today
If you need help regaining your financial stability by filing for bankruptcy in Yardley, our attorneys can help. For a free case evaluation with the bankruptcy lawyers at Young, Marr, Mallis & Associates, call today at (215) 701-6519.