Chapter 13 Bankruptcy Attorney in Philadelphia
Chapter 13 may present an alternative solution to your debt problems If you are ineligible for Chapter 7 bankruptcy. The main difference between Chapter 13 and Chapter 7 is that under Chapter 13, rather than liquidating your assets, you will enter into a three to five-year payment plan to restructure your debts, which usually includes paying only a fraction of your unsecured debt, such as credit cards or past medical bills. Chapter 13 can be a good choice for home owners who wish to stop foreclosure and pay arrearages on their mortgage over time. Chapter 13 can also work for people with steady sources of income that do not pass the Chapter 7 means test.
Debt Repayment Plan Lawyer for Residents in Bryn Mawr and other Philadelphia Suburbs
Under Chapter 13, your repayment plan is based on your ability to pay. We will propose a repayment plan to the bankruptcy court. Your creditors will have limited opportunities to object to your plan. Once the court approves your repayment plan, you can begin paying your debts according to the terms of the plan. Chapter 13, like Chapter 7, has an automatic stay, to stop foreclosure and keep other creditors from taking action against you after you have filed for bankruptcy. Once your payment plan is concluded, any remaining unsecured debt will be discharged.
Chapter 13 Small Business Bankruptcy Lawyer in Philadelphia
Small business owners can file a chapter 13 case. The requirements for Chapter 13 limit who can file a chapter 13 case, but those limits are broad enough to include many small businesses. If debts have overwhelmed a small business, but it is still making money, or if there is a separate source of income to allow the owner to pay the living expenses, the owner can resolve some vendor debts, utilities, back taxes and other creditor claims, and keep the business in bankruptcy and going until it returns to making a profit. This method has no liquidation requirement, but will allow the owner to keep the business and real estate.
However, these cases are not routine. The law of bankruptcy is the same, but small business cases are more difficult than consumer cases, and should only be handled by a Chapter 13 bankruptcy attorney in Philadelphia with years of experience in bankruptcy cases and in dealing with the large law firm attorneys hired by creditors.
Larger businesses that exceed the limits for a chapter 13 case can file a chapter 11 case. At Alfred Abel Law Offices, we take our roles as advisors and advocates equally seriously. When we have a complete understanding of your financial situation, we will counsel you about your best options. Once you have decided on how to proceed, we will protect your rights at every step of the way. We represent individuals, families and businesses across Philadelphia, Bucks County, Montgomery County and the surrounding areas of Pennsylvania.
Contact Alfred Abel Law Offices to Speak to a Chapter 13 Bankruptcy Attorney in Philadelphia
If you are interested in filing for Chapter 13 bankruptcy or want to learn more about your options, call or e-mail our law firm today. Call 215.517.8300 or 610.940.1635.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.