Pottstown, PA Bankruptcy Lawyers

If you are feeling crushed by debt, unable to pay your monthly expenses, or fear losing your home to foreclosure, filing for bankruptcy could offer you the relief you and your family desperately need. There is no shame in filing for bankruptcy. Bankruptcy was designed to give hardworking people a means to pull themselves out of an economic hole. Bankruptcy provides the tools and legal protections to obtain a fresh financial start.

How filing for bankruptcy benefits you depends on your unique circumstances. At Young, Marr, Mallis & Associates, our Pottstown, PA bankruptcy lawyers offer compassionate and professional legal help to those overwhelmed by debt. Our goal is to take the fear and stigma out of bankruptcy, so the hardworking residents of Pottstown feel comfortable taking advantage of the benefits it offers.

Our attorneys and staff also understand that it is not easy to seek assistance for your financial troubles. We also know that a successful bankruptcy case depends on how invested the debtor is in the proceedings. Therefore, it is important to us that you understand the bankruptcy process. Our Pottstown bankruptcy lawyers are here to answer your questions and address your concerns. Call (215) 701-6519 to schedule a confidential appointment.

Who Should File For Bankruptcy in Pottstown, PA

Filing for bankruptcy is a major decision. For many people, bankruptcy is a way to start over. For others, bankruptcy is a means to protect their most cherished possessions. However, in some situations, filing for bankruptcy is analogous to using a sledgehammer on a finishing nail. How do you know if you need to or should file for bankruptcy?

There is no “one” or “correct” answer. However, if certain circumstances exist, you should consider speaking with one of our experienced Pottstown bankruptcy lawyers.

  • The majority of your debts are unsecured, such as medical bills, credit card debt, or unsecured personal loans
  • It would take you over five years to pay your creditors, not including your mortgage or car loan
  • You are receiving harassing collection calls, letters, or emails
  • You have fallen more than a month behind on multiple debts
  • You have expensive medical bills and limited or no medical insurance
  • You have little savings and few assets
  • A creditor is suing you, your bank account has been frozen, or your wages have been garnished
  • Your car was repossessed or threatened with repossession
  • Your mortgage lender filed a mortgage foreclosure action against your home

Every person’s situation is unique, so it is important to review your case with an experienced bankruptcy lawyer.

Advantages of Filing for Bankruptcy in Pottstown

The benefits filing for bankruptcy provides depends on what chapter you file and the type of debt you have.

The Automatic Stay

When you file for bankruptcy, a legal wall is erected between you and your creditors. This injunction, known as an automatic stay, goes into effect whether your file a Chapter 7 or Chapter 13 case. Creditors are prohibited from attempting to collect a debt after you file. This means they are not allowed to call you, send you letters, or file a lawsuit against you. For example, if your house was scheduled for a sheriff’s sale, filing for bankruptcy will stop the sale. Additionally, wage garnishments will cease, bank accounts will be unfrozen, and in some cases, repossessed vehicles will be returned.

Eliminate Unsecured Debt

Most people file for bankruptcy to discharge unsecured debt. If you qualify, you could eliminate your unsecured debt, including medical bills, personal loans, and credit card debt in five or six months through a Chapter 7 bankruptcy. While you might be required to pay a portion of your debt back if you file Chapter 13, debtors typically still discharge a significant portion of their unsecured debt. Our Pottstown bankruptcy lawyers will evaluate and examine your debt to determine what is dischargeable.

Pay Back Secured Debt

Sometimes people want to file for bankruptcy to pay back secured debts. A common example is a homeowner who fell behind on their mortgage. Filing a Chapter 13 case allows a homeowner to pay their mortgage lender over five years. In most cases, this is a much more manageable payment schedule than the mortgage company would offer. Depending on the homeowner’s income and assets, they could also discharge unsecured debt. Paying secured debt is not limited to homes. Many people file for bankruptcy to keep their car or truck.

No Tax Obligations on Discharged Debt

Bankruptcy offers a huge advantage that many people fail to consider when weighing their debt relief options. It is possible to settle with a credit card company or another creditor. Some creditors will offer a settlement, requiring the debtor to pay a portion of the debt while forgiving the remaining balance. Typically, this amount will have to be paid in one lump sum. One drawback to settling with a creditor is that forgiven debt is considered taxable income. This means you must list any forgiven debt as income when you file your federal tax returns. The additional income means you could lose an anticipated refund or you could owe additional taxes. When you file for bankruptcy, any discharged debt is not considered income for tax purposes.

Experienced Pottstown, PA Bankruptcy Lawyers Offering Confidential and Free Consultations

For many people, knowing whether filing for bankruptcy is the best option or not is difficult – if not impossible. Our experienced Pottstown, PA bankruptcy lawyers are available to help you guide you through this process. At Young, Marr, Mallis & Associates, we know that filing for bankruptcy has great advantages and benefits. We also understand it is not the best option in every situation. By taking the time to review your circumstances, we can offer our professional and compassionate advice. Call (215) 701-6519 to see if filing for bankruptcy is the right option for you.

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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

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