Alfred Abel Law Offices: Your Bankruptcy Law Firm in Philadelphia
How Can You Benefit from Having a Bankruptcy Lawyer?
Alfred Abel Law Offices is a bankruptcy law firm in Philadelphia that can help guide individuals through the bankruptcy process from start to finish. Filing for bankruptcy is one of the most serious financial decisions you can make; therefore, it is crucial to know and understand the implications beforehand. At the initial consultation, we strive to determine the best option for your specific financial circumstances.
Beginning the Bankruptcy Filing Process
Prior to filing a Chapter 7 bankruptcy or Chapter 13 bankruptcy, the individual will be required to complete credit counseling with an agency approved by the U.S. Department of Justice, including those with primarily business debts. This credit counseling session serves to inform consumers about the potential advantages and disadvantages of declaring bankruptcy, as well as available alternatives. You may have to liquidate some of your property and assets depending on your personal situation and the laws of your state. A bankruptcy filing is a matter of public record, and will become part of your credit history and will affect your credit report for several years, depending on the type of bankruptcy. However, with proper advice, the effect of the bankruptcy can be minimized after the case is over.
Filing for Bankruptcy
The next step would be to file for bankruptcy with the court. Each judicial district in the United States has a bankruptcy court. There are two courthouses located in the Eastern District of Pennsylvania. Once the process has begun, the bankruptcy will appear on your credit report and creditors must stop making attempts to collect on your debt. Based on varying circumstances, liquidation or repayment may be the next step. An experienced bankruptcy lawyer will be able to help you protect secured property that you wish to keep after the bankruptcy.
After the bankruptcy case is filed, individuals are required by the Bankruptcy Code to register for a debtor education course that must be completed prior to having the debts discharged. Then, the final step of bankruptcy would be the discharge of the debt, where you are relieved of the obligation to pay certain debts. This is not the end of the journey, however. Next you will begin the process of rebuilding your credit.
How a Bankruptcy Lawyer Can Help
Ask us your questions about bankruptcy! We can explain complicated bankruptcy laws and make sure you file under the proper bankruptcy Chapter for your situation. Retaining a bankruptcy lawyer to complete the filing with the court will make the entire process much quicker and less stressful. The quicker the bankruptcy moves through the court system, the quicker you will be able to start rebuilding your financial situation. Schedule a meeting with a bankruptcy law firm in Philadelphia near you – contact Alfred Abel Law Offices at 610-940-1635.