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.
Should I File for Bankruptcy? A Philadelphia Chapter 7 Bankruptcy Lawyer Answers Some Common Questions
Bankruptcy is the legal procedure that allows people who are struggling financially to discharge debt and move on with their lives. Filing for chapter 7 bankruptcy with a Philadelphia lawyer can potentially come with some costs including a hit to your credit score, however, if you are struggling to make ends meet saving your credit score may be the least of your concerns.
Bankruptcy enables people who are overwhelmed and unable to continue paying their debts to clear their financial obligations and get a fresh start. Bankruptcy also provides some protection: an automatic stay is enacted that prohibits creditors from contacting the debtor and requiring them to file a claim with the Court to seek satisfaction of their debts. This cessation of phone calls and pressure is often a huge relief to those in financial distress. A Chapter 7 Bankruptcy Lawyer in Philadelphia explains the differences between two options: Chapter 7 or Chapter 13 bankruptcy.
When Bankruptcy is Discharged: A Chapter 13 Bankruptcy Attorney Advises What to Do After your Bankruptcy
You filed for Chapter 13 bankruptcy and your debt was discharged; congratulations! You are well on your way to building a new life. While you are working on that fresh start, here are a few tips from an Alfred Abel Law Offices Chapter 13 bankruptcy attorney about what you should do next.
Brides who were injured by the recent bankruptcy filing and closure of Alfred Angelo, a large bridal retail chain, could use the services of a Chapter 7 bankruptcy lawyer. The 84 year old company closed its retail stores on July 13, 2017 without warning and filed for Chapter 7 bankruptcy protection the following day. With over 60 locations in the United States, Canada and Europe, the sudden closure of the company disrupted wedding plans for thousands of brides who ordered their gowns from Alfred Angelo, causing emotional as well as financial losses. Alfred Abel, a Pennsylvania bankruptcy lawyer, describes the aftermath of Alfred Angelo’s bankruptcy and what it means for their brides.
In most cases, Chapter 7 bankruptcy will halt wage garnishment in Pennsylvania. The most significant exception is that bankruptcy has no impact on obligations to pay child support. Another significant exception is if you work in a different state, like New Jersey or Delaware where the state rules may differ.
Bankruptcy is a tool that allows people who are insolvent to seek protection from the court, to assist them in reorganizing their debt and finances. In exchange for the protection and debt reorganization (or forgiveness), bankruptcy may affect your credit which can impair your ability to secure mortgages, favorable interest rates, car loans, and many other debt tools. A Chapter 13 bankruptcy attorney from Alfred Abel Law Offices reviews the effects of bankruptcy and compares those against the benefits offered.
Many NBA players file for bankruptcy within five years of their professional career ending. What is the cause of this phenomena? Taxes? Fraud? You would be surprised to know that none of those are the primary reasons. Instead, the cause is poor planning and foresight on the part of the players. Players should have spoken to bankruptcy lawyers to sort out their finances before, during, and after their professional career. Take these stories as a cautionary tale; if million-dollar basketball players can be affected by bankruptcy, anyone can. A Philadelphia Bankruptcy Lawyer from Alfred Abel Law Offices provides some tips to understand and avoid bankruptcy.
According to an article on the internet site, www.stuff.co.nz, a 74-year old grandmother recently filed for bankruptcy after being stuck with $13,000 in debt. A “friend” had convinced her to take out a loan in her own name because she was unable to get one herself, then failed to pay the loan off.