Warrington, PA Bankruptcy Lawyer
If your debts have become unmanageable and your daily life is being negatively affected by stress and anxiety, it may be the right time to start thinking about filing for bankruptcy. Contrary to what the myths and misconceptions might have you believe, bankruptcy can help protect you against foreclosure and repossession, put a stop to collection actions, eliminate many of your debts, and most importantly, give you a clean slate to start again.
While bankruptcy has proven to be a financial lifesaver for countless residents of Warrington Township, the legal process is notorious for being difficult and complex, particularly in light of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which made dramatic changes to the U.S. Bankruptcy Code. Don’t go it alone: get trusted legal advice from a respected and well-established law firm. The attorneys of Young, Marr & Associates have more than 20 years of experience filing thousands of cases, and in many instances, our clients are able to “jump ahead” financially by as much as 10 years.
Your initial consultation is absolutely free, and your information will be kept confidential, so don’t wait another day to start tackling your debts: call Young, Marr & Associates at (609) 755-3115 in New Jersey or (215) 701-6519 in Pennsylvania.
What Are the Benefits of Filing for Bankruptcy?
As mentioned above, bankruptcy suffers from a completely unfair and undeserved reputation. Many of our clients are pleasantly surprised to learn just how helpful and protective filing can be. For example, did you know that by filing for Chapter 7 or Chapter 13, you can:
- Erase most of your debts? That includes, but is not limited to, medical debt, credit card bills, personal loans, business debts, and certain tax penalties. Debts which can be eliminated are referred to “dischargeable debts,” whereas debts you must keep are called “nondischargeable debts.” Nondischargeable debts include alimony and student loans.
- Postpone foreclosure on your home or repossession of your vehicle? As soon as you file, you’ll gain invaluable protection from a special injunction called “the automatic stay,” which generally remains in effect for the duration of a case. As long as the automatic stay is in place, your creditors are prohibited from taking further collection actions.
- Start to repair your credit? Once you eliminate old debts, you’ll have the financial breathing room you need to get on top of your bills again. By making timely payments, you can start to raise your credit score back to a healthy, stable level.
Not only does filing allow you to erase your debts, silence your creditors, and repair your credit score — you’ll also gain priceless peace of mind. With your debts under control again, you can say goodbye to anxious, sleepless nights forever.
Chapter 7 Bankruptcy vs. Chapter 13
Simply put, there is no concrete answer to this question. Neither chapter is objectively “better than” the other — it simply depends on which form of bankruptcy is more appropriate for your resources, goals, and needs. Both Chapter 7 and Chapter 13 come with their own unique sets of benefits and drawbacks, and our attorneys will work closely with you to make sure you have a clear understanding of your legal rights and responsibilities before, during, and after the filing process concludes.
In Eastern Pennsylvania, Chapter 7 is slightly more common than Chapter 13, with approximately 1,700 Chapter 7 cases filed compared with about 1,300 Chapter 13 so far in the current fiscal year. Chapter 7 appeals to many debtors because it is rapid, generally concluding in about four to six months, and because it is fairly simple, eschewing the complex repayment plan featured in Chapter 13.
While Chapter 7 may be faster and simpler than Chapter 13, the primary drawback is that debtors generally lose more of their nonexempt possessions, which are resold by the trustee to help pay off the debtor’s creditors. For this reason, Chapter 7 is sometimes referred to as “liquidation.” The Pennsylvania state exemptions are dramatically different from the federal exemptions, but our legal team will help you make a financially advantageous decision.
Chapter 13 takes much longer to complete than Chapter 7, with cases typically lasting for approximately three to five years. This is because Chapter 13 cases center around a long-term repayment plan, which our attorneys will help you negotiate with your creditors. While Chapter 13 is slower and more financially demanding than Chapter 7, the benefit is that Chapter 13 debtors are typically able to protect a greater portion of their property and other assets, even if they are nonexempt. Chapter 13 is also known as “reorganization.”
Our Warrington, PA Bankruptcy Attorneys Can Help
If you’re struggling to deal with unpaid bills and constant calls from creditors and debt collectors, it may be the right time to think about filing for Chapter 7 or Chapter 13. If you’re ready to turn over a new financial leaf, our attorneys can help. To start exploring your options in a free and completely confidential legal consultation, call our bankruptcy lawyers today at (215) 701-6519 in Pennsylvania.