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Young Marr remains dedicated to our clients during this COVID-19 quarantine. We understand that legal needs of our clients must go on during this time. In order to minimize disruption as much as possible, we are offering free consultations via phone and/or video and can have our clients submit documents virtually.

York County, PA Bankruptcy Lawyer

The reasons for a financial disaster are many. While every situation is unique a lost job, medical expenses, or an accident are common reasons why hard-working people get into financial trouble. Most people work hard and try to do what is right, but sometimes life makes that impossible. In situations like these, bankruptcy can provide a powerful and effective method of reducing or eliminating debt. For 20 years the attorneys at Young, Marr & Associates have helped people who have fallen on hard times. We can advise you on whether bankruptcy is appropriate. If so, we work with you through every stage of bankruptcy.

The Benefits of Hiring a Bankruptcy Lawyer

Representation by an experienced bankruptcy attorney can provide relief from most collection calls. The automatic stay prohibits new debt collection efforts from beginning against you. Further, creditors become prohibited form calling you after they learn that you are represented by an attorney. Instead, the creditor must call your attorney. What this means is that an experienced attorney may be able to convince your creditors to reduce your payments, reduce the amount owed, or to another loan modification.  However, loan modifications should be approached with caution. While these reasons should not be the primary ones for your choice to declare bankruptcy, they do often reduce the anxiety felt by many people.

What is Chapter 7 Bankruptcy?

An approved Chapter 7 bankruptcy plan permits a trustee to sell a person’s non-exempt property. The proceeds from the sale are then used to pay back your creditors. After a Chapter 7 discharge is granted, nearly all of your debts are wiped away. Chapter 7 bankruptcy is an extremely powerful tool to eliminate debt. However, you must be able to qualify for Chapter 7 since Chapter 7 is means tested. An experienced bankruptcy attorney can analyze your financial situation and advise you if you would qualify.

While Chapter 7 bankruptcy is typically better-suited for people with less property, in some circumstances it can be beneficial to homeowners as well. Unfortunately, Pennsylvania’s state exemptions do not have a homestead exemption. Pennsylvania law permits you to select the federal exemptions however that provide an exemption of $22,975 in equity for an individual. These exemptions can be doubled to $44950 for married people.

What is Chapter 13 Bankruptcy?

When keeping your property is of paramount importance or if you cannot pass the Chapter 7 means test, Chapter 13 can provide a better option. Chapter 13 plans are typically a 3 to 5 year plan where the individual makes a single monthly payment. That payment is then divided amongst creditors at a court-approved percentage. At the end of the plan, the individual has either paid off all of his or her debt or the court will discharge the remaining dischargeable debt. Many people are able to keep the majority of their property while stabilizing and rehabilitating their finances by selecting this bankruptcy option.

Our York County, PA Bankruptcy Lawyers Can Help You Today

Bankruptcy can provide real financial relief and a pathway to financial health for many people. However, a bankruptcy and its details should be carefully considered prior to taking any action. An experienced  Young, Marr &  Associates bankruptcy attorney can advise you on a recommended course of action. To discuss your financial options in an initial consultation call our offices or contact us online.

Have You:

Been paying credit card balances that seem to never go down?

Lost your job and are now having trouble keeping up?

Attempted to work out a payment arrangement to no avail?

Been notified of a mortgage foreclosure action?

Been denied for a mortgage or other line of credit?

If the answer to any of these questions is “yes” then bankruptcy may be an option that you should consider.

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12 Convenient Office Locations

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Quakertown

328 W Broad St
Quakertown, PA 18951
Tel: (215) 515-6876
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Philadelphia

7909 Bustleton Ave, First Floor
Philadelphia, PA 19152
Tel: (215) 607-2715
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Bensalem

3554 Hulmeville Rd, #102
Bensalem, PA 19020
Tel: (215) 515-6389
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Marlton

10000 Lincoln Drive E, Suite 201
Marlton, NJ 08053
Tel: (856) 213-2805
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Bala Cynwyd

2 Bala Plaza, Suite 300
Bala Cynwyd, PA 19004
Tel: (610) 557-3209
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Jenkintown

101 Greenwood Ave
Jenkintown, PA 19046
Tel: (215) 544-3347
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Mt. Holly

27 Cedar St
Mt. Holly, NJ 08060
Tel: (609) 796-4344
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Piscataway

200 Centennial Ave, Suite 200
Piscataway, NJ 08854
Tel: (908) 367-7256
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Allentown

137 N 5th St, Suite A
Allentown, PA 18102
Tel: (215) 240-4082
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Easton

101 Larry Holmes Dr, #212
Easton, PA 18042
Tel: (215) 515-7077
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Hamilton Twp.

3525 Quakerbridge Rd, #903
Hamilton Township, NJ 08619
Tel: (609) 236-8649
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