Nearly everyone filing for Chapter 13 bankruptcy does so with the best of intentions. Everyone wants their Chapter 13 to succeed, particularly if they have chosen Chapter 13 specifically so they can protect certain assets they want to hang onto. However, any Chapter 13 bankruptcy attorney in Philadelphia can attest that sometimes bankruptcies do fail.
One of the main tasks of a Philadelphia Chapter 7 bankruptcy attorney is helping our clients understand which forms of bankruptcy they may qualify for. Many people want Chapter 7, because this form is relatively quick compared to Chapter 13 bankruptcy.
One unfortunate aspect of working as a Philadelphia bankruptcy lawyer is knowing that a great many business bankruptcies might have been avoided. Sometimes catastrophes happen, or bad luck ruins a good business plan, but often, small and medium-sized business (SMB) owners call a bankruptcy lawyer due to inexperience or costly decisions over time. Sometimes calling a bankruptcy lawyer before the situation is too dire can yield solutions other than bankruptcy.
As a Chapter 7 bankruptcy attorney in Philadelphia, an important piece of our job is counseling people in bad financial situations. When someone has a large amount of unsecured debt that he/she is unable to pay, and the individual is being harassed by creditors, getting out from under the weight of unmanageable debt through Chapter 7 bankruptcy can sound like a great idea.
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.
A Lawyer in Philadelphia Discusses the Problem of Senior Abuse via Power of Attorney, and Bankruptcy
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).
Understanding How Fraud and other Bad Acts Relates to Bankruptcy, From A Philadelphia Bankruptcy Attorney
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.