As a Philadelphia bankruptcy attorney, I am often asked about the benefits of Chapter 13 bankruptcy. Despite common misconceptions, filing a Chapter 13 bankruptcy can be the best, and sometimes the only option depending upon a debtor’s circumstances. Avoiding forced liquidation of assets, like a home or car, the most common items that people want to avoid losing, makes a Chapter 13 bankruptcy more desirable than other alternatives.
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.
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.
