When you visit our Chapter 13 bankruptcy attorney in Philadelphia to discuss filing for bankruptcy, we will help you learn what your options are. Whether you are considering Chapter 13 or Chapter 7 bankruptcy, the process can be disruptive and affect your credit for several years, so in a perfect world, we all want to avoid this consequence. Consulting a Chapter 13 bankruptcy attorney in Philadelphia early, before things become too overwhelming, is a good idea. Sometimes we can suggest alternatives.
Four Ways to Improve Your Bottom Line and Avoid Bankruptcy
If you are already in an overwhelming situation, the time to seek a consultation is now. Delinquencies can hurt your credit as much as a bankruptcy if they go unresolved. However, if you are just under some financial stress, you might be able to utilize the following cost-cutting or revenue-boosting ideas.
- Sell unnecessary assets such as a second car or second home
Selling off property can hurt, but can be a way to avoid bankruptcy if you can pay off some of your debts. After all, some proceedings -such as Chapter 7- involve these assets being sold anyway, at auction. In addition, if you make the sale yourself, you can potentially make more money to use toward bills.
- Refinance your home, car, or other major purchase
In the event you have too many monthly payments that are beyond your ability to pay, you may be able to refinance them and lower those payments. However, know that you will have better luck with this tactic if you still have a relatively good record of payments. Too many missed payments will make banks less flexible when working with you.
- Consolidate school loans
In many cases, consolidating your school loans can be an excellent way to cut your monthly bills. School loans usually cannot be discharged in bankruptcy, so anything you can do to lower your monthly payments on them could help.
- Cut down on subscriptions
We tend to have so many subscription-based services today, and they can really add up. Netflix, Amazon, magazines, country clubs, gyms… the list can be endless. Take an inventory of your subscriptions and see what you could save by canceling some of them until you have your finances back in order.
Consult with An Experienced Chapter 13 Bankruptcy Attorney in Philadelphia
No matter your financial situation, you have options! In overwhelming financial circumstances, Chapter 7 and Chapter 13 offer the chance to start over. Contact us to schedule a consultation with Alfred Abel Law Offices to learn if bankruptcy is the right choice for you.
As lawyers in Philadelphia, we know that an unfortunate fact is that the elderly in our country are at heightened risk of fraud and other forms of senior abuse. What is more unfortunate is that the majority of the time, the abuser is a friend or family member – such as in cases of senior abuse by someone with Power of Attorney (POA).
Any Philadelphia bankruptcy attorney knows many misconceptions exist regarding personal bankruptcy. One of these misconceptions is that all debts are dischargeable in bankruptcy. Of course, most are, but a number of obligations may be deemed “non-dischargeable” such as tax bills, court-ordered child support, and some types of college loans.
One inevitable aspect of running a business, even a small business, is running into situations where a customer is unable to pay their bills. From time to time, you will have to deal with a customer in collections, but you will need to tread carefully when this occurs.
The safest course of action is to hire a Philadelphia business litigation attorney or at least a qualified collections agency. If the amount is small, however, you may have recourse to more cost-effective options. Should you find yourself in a situation where you need to collect, here are some guidelines to follow.
As with most things in life, timing matters if you need to file for bankruptcy. While no legal restrictions exist on when you can file, you will find many reasons why hiring a Chapter 7 bankruptcy attorney in Philadelphia during the summer makes more sense. The process can be easier for you, and for them.
Notification of a Chapter 13 bankruptcy proceeding can be a blow to creditors and many assume – often erroneously – that they will have to write off most or all of that debt. Creditors have rights during bankruptcy hearings and can often influence the proceedings to ensure they get the money owed to them.
Hiring a qualified Chapter 13 bankruptcy attorney in Philadelphia is a good first step, as an attorney can advocate for and help protect the creditor’s rights.
Every year in the US, hundreds of thousands of people -or more- file for bankruptcy as a way of getting out from under debts and other obligations they are unable to pay without assistance. Some of these people are here in Philadelphia and considering whether they should seek the services of a Philadelphia bankruptcy attorney to help them with their debt restructuring.
If you are behind on your mortgage payments and foreclosure threatens, contact an experienced Chapter 13 bankruptcy attorney to see if you qualify for relief under Chapter 13 of the Bankruptcy Code, which allows debtors to reorganize their financial obligations according to a court-approved plan.
One of the most common questions a bankruptcy lawyer in Philadelphia is likely to hear from small businesses struggling with debt is “Can I file for Chapter 11 or Chapter 13 bankruptcy?” In some cases, either form of bankruptcy may be an option.
Bankruptcy is complicated and is best undertaken with the guidance of an experienced attorney. Business owners may file under Chapter 7, Chapter 13 or Chapter 11, depending on several factors. A Chapter 13 Bankruptcy Attorney can help you determine the best available choice for your situation. This month we will discuss Chapter 13 Bankruptcy. Larger businesses or those who are considered separate legal entities will have to file under Chapter 11, and that will be a subject for next month.