Personal Bankruptcy Lawyer
Bankruptcy as a result of debt problems can happen to anyone for a variety of reasons. Illness or injury, divorce, job challenges, and more can lead people into situations where they feel overwhelmed by debt. A personal bankruptcy lawyer will discuss your options and help you determine if bankruptcy is the right course of action for you.
Basic Facts About Bankruptcy
Though bankruptcy is often complicated, the two questions we hear from almost every individual are below.
What is involved in personal bankruptcy?
The process begins with a consultation with a bankruptcy lawyer, who will explain your options. The case will be filed in court and a trustee is appointed to review your case. A means test will be applied to evaluate whether you can repay your debts and if so, at what rate. After the completion of a successful case, the court will order the discharge of some of your unpaid debts. Not all debts can be discharged. A Philadelphia bankruptcy attorney will work with you to ensure that you get the best possible outcome for your case.
What types of bankruptcy can I file for?
Typically, individuals can either file for Chapter 7 or Chapter 13 bankruptcy. Chapter 7 is sometimes called a “liquidation” bankruptcy – if you have assets in excess of what you are allowed to protect, they may be sold to pay off your debts, and the rest is discharged, meaning those creditors can’t sue you in court to get paid. Chapter 13 is considered a “consumer reorganization,” allowing you to keep your assets, catch up on mortgage, car or other defaulted payments, and pay off your debts over time.
Contact Main Line Personal Bankruptcy Lawyer Alfred M. Abel
If you are facing significant financial challenges, call our personal bankruptcy lawyer today. We will help you through the personal bankruptcy process. To arrange a consultation, call 215.517.8300 or 610.940.1635 or contact our bankruptcy law firm online.