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Bankruptcy Lawyers in Pennsylvania, PA

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If you want to know about bankruptcy and how it works in Pennsylvania, read on!

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What is the Fresh Start Program?

The circumstances in which we all find ourselves after 2020 are uncertain and worrisome. We haven’t even had a chance to start over, because the aftermath is still part of our lives and we are being dragged into an even more uncertain outlook.

A lot is said about bankruptcy, they say it is a way to lose everything, that it causes permanent damage to your credit, that it is only for financially irresponsible people. But you should know that all these are just myths spread by people who don’t know about this process. 

Bankruptcy is a legal tool by which you can get rid of all your unsecured debts, which will allow you to have peace of mind once again and have a fresh financial start.

Experience

If you decide to file for bankruptcy, but you are unfamiliar with the laws surrounding this process, it may be a bad idea to do so on your own. An excellent bankruptcy attorney will have all the experience necessary to make your bankruptcy filing successful. In addition, a bankruptcy attorney knows the state laws and regulations inside and out, and will guide you through all the procedures.

Assess all your options

The extensive financial knowledge of an experienced bankruptcy attorney will allow him/her to diagnose your financial situation, and then determine what type of bankruptcy is best suited for your situation. You may want to get rid of your debts quickly, in which case the attorney will recommend chapter 7 bankruptcy. Or you may have a steady income and qualify for chapter 13 bankruptcy.

Protection from creditors

You may be receiving constant calls, and even visits, from creditors demanding payment of your debt. However, if your creditors know that you have an excellent bankruptcy attorney on your side, they will leave you alone immediately. Your bankruptcy attorney will make sure they stay away from you. He or she will tell you about the types of behavior that are considered abusive, and about the rights you have in your position. Once you file for bankruptcy, creditors are legally required to stop collecting on the debt.

Save your home or vehicle

If you are facing foreclosure proceedings, or if you are receiving threats to repossess your vehicle, hiring a bankruptcy attorney may be your best option to save those precious assets. The attorney will explain to you the options you have to have the best chance of keeping them. In addition, he/she will assist you in making lists of exempt assets, so that you do not make any mistakes during the procedure and end up losing something important to you.

Peace of mind

Retaining the services of an experienced bankruptcy attorney will make the entire process much easier. If you are going through a difficult financial time, you do not need to stress about legal procedures, when you can entrust it to someone who is much more experienced than you are in this field. Once you retain the services of an attorney, you can relax a bit, and then focus on rebuilding your finances with some peace of mind.

What Are The Benefits of Bankruptcy in Pennsylvania?

In Pennsylvania, there are not too many differences in the bankruptcy process, but there are differences in the property that you will be able to exempt from in the chapters where the exemptions apply. In addition, Pennsylvania bankruptcy lawyers are dedicated and experienced professionals who will guide you every step of the way.
Bankruptcy will be the tool that will help you get rid of all unsecured debts, i.e., secured debts such as child support, some taxes, and student debt, will still be present. The good news is that a lot of weight will be lifted off your shoulders and creditors will be legally obligated to leave you alone.
In addition, Pennsylvania legal professionals are qualified to help you understand which type of bankruptcy is appropriate for your case, more information on Chapter 7, Chapter 13, and Chapter 11 bankruptcy are below.

Bankruptcy is also an ideal solution to get rid of many debt-related issues. If any of your creditors harass you, demanding payment of the debt, they will be legally obligated to leave you alone after your filing.

In addition, Nevada is home to world-class bankruptcy attorneys. If you live in Nevada, we have attorneys near you ready to help you with your filing.

What Are The Different Types of Bankruptcy in Pennsylvania?

Chapter 7 Bankruptcy

This type of bankruptcy is known for being a liquidation of the bankruptcy filer’s assets, but this is a common myth. This is rarely the case, in Pennsylvania, it is very unlikely that you will end up losing your property, depending on your case. If the court determines that you must sell any of your assets to pay, you can always exempt a list of assets that you want to keep. 

If you qualify, the court will appoint a trustee to sell your assets, if you have assets to sell, so that you can pay your creditors and pay off all of your outstanding unsecured debts. 

Chapter 7 bankruptcy is the quickest and cheapest of the bankruptcies and if you are not afraid of losing some assets, it will be the right bankruptcy for you. It is the bankruptcy that will allow you to erase all your debts as soon as possible so you can get that fresh financial start you so desperately needed.

Chapter 7 Bankruptcy

This type of bankruptcy is known for being a liquidation of the bankruptcy filer’s assets, but this is a common myth. This is rarely the case, in Pennsylvania, it is very unlikely that you will end up losing your property, depending on your case. If the court determines that you must sell any of your assets to pay, you can always exempt a list of assets that you want to keep. 

If you qualify, the court will appoint a trustee to sell your assets, if you have assets to sell, so that you can pay your creditors and pay off all of your outstanding unsecured debts. 

Chapter 7 bankruptcy is the quickest and cheapest of the bankruptcies and if you are not afraid of losing some assets, it will be the right bankruptcy for you. It is the bankruptcy that will allow you to erase all your debts as soon as possible so you can get that fresh financial start you so desperately needed.

What Can A Chapter 7 Bankruptcy Attorney in Pennsylvania Offer You?

Hiring an excellent Pennsylvania bankruptcy attorney is the key to qualifying for court. Through expert legal advice, you will be able to collect all the required paperwork and have a better chance of being able to file for bankruptcy.

The attorney will do everything in his or her power to make your case without liquidation of assets and if you have to liquidate, he or she will be able to advise you as to what assets you will be able to exempt during this process.

Chapter 13 Bankruptcy

Chapter 13 is a bankruptcy alternative for those who do not want to sell their assets to pay their debts and have the means to be able to stick to a financial reorganization plan. This plan will allow you to pay your debts to creditors progressively through a payment plan.

However, in this type of bankruptcy, you must be responsible and disciplined with the payments, otherwise, your assets will be liquidated to finish paying the remaining debt. Therefore, this chapter is recommended for people with a high salary or small business owners.

Chapter 13 Bankruptcy

Chapter 13 is a bankruptcy alternative for those who do not want to sell their assets to pay their debts and have the means to be able to stick to a financial reorganization plan. This plan will allow you to pay your debts to creditors progressively through a payment plan.

However, in this type of bankruptcy, you must be responsible and disciplined with the payments, otherwise, your assets will be liquidated to finish paying the remaining debt. Therefore, this chapter is recommended for people with a high salary or small business owners.

What Can A Chapter 13 Bankruptcy Attorney in Pennsylvania Offer You?

Having an expert to advise you in this type of case is the best decision you can make to qualify for this type of bankruptcy. He or she will do everything possible to guide you through the entire process.

A Pennsylvania bankruptcy lawyer will help you collect all the paperwork required in court and will know how to help you create a financial organization plan that will allow you to pay off your debts while maintaining a relatively normal lifestyle.

Chapter 11 Bankruptcy

The specialty of Chapter 11 is that large businesses (even those with international branches) have a way to get out of debt. If you are a business owner, or represent a large organization in some way, this may be the option you should consider.

The specific processes will depend on each company. However, essentially, this Chapter shares many similarities with Chapter 13. First, the business will have to restructure its finances, and then develop a payment plan, through which all outstanding debts will be discharged.

Throughout the process, you will be able to continue to run your business, and it will be able to operate fairly normally. Success will depend on the payment plan being fulfilled.

Chapter 11 Bankruptcy

If you represent a large corporation, a multinational, or a partnership, this is the type of bankruptcy for you. Chapter 11 bankruptcy is a bankruptcy designed similarly to Chapter 13 but tailored to the needs of a business.

In this type of bankruptcy, you do not need to sell your assets to pay your debts and you will be able to manage your business while going through this process. The similarity with Chapter 13 comes from the fact that you have a financial reorganization plan designed to pay your debts progressively to your creditors.

What Can A Chapter 11 Bankruptcy Attorney in Pennsylvania Offer You?

Making a financial organization plan is complex for an individual, but for a company, it is another level. Therefore, you need a person with sufficient experience and knowledge to advise you on the financial organization of the company and guide you through the whole process in a professional manner and according to your needs.

It is not only a requirement of the law that you have a bankruptcy lawyer advising you, you need a good lawyer who can advise you in a way that does not lead your company to an inevitable failure.

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