Bryn Mawr Bankruptcy Lawyer
Overwhelming debt is a fact of life for thousands of Pennsylvanians. If you’re a Pennsylvania resident who lives in the Bryn Mawr area, and are worried about how you will manage your bills, pay down your debts, and continue to provide for your family, it could be time to consult with a bankruptcy attorney about your financial options. Filing for bankruptcy could help turn your financial life around, reducing or erasing your debts, putting a stop to stressful debt collection attempts, and even preventing your home from being foreclosed on.
From foreclosure prevention to debt elimination, there are many reasons to consider filing for bankruptcy in Bryn Mawr. However, it is not in your best interests to start the process without assistance from a Bryn Mawr bankruptcy attorney. Federal bankruptcy regulations were overhauled by Congress in 2005, making the process more complicated and difficult than in previous years. Under the revised regulations, it is easy for debtors to make minor errors, often with serious impacts on their cases. A Chapter 13 bankruptcy attorney from Sadek and Cooper Law Offices, LLC can ensure that you avoid these pitfalls while aiding you with bankruptcy forms, representing you at hearings, and helping you make financially strategic decisions, such as which exemptions to use, when to file bankruptcy, and whether to file individually or jointly with your spouse.
Whether you are a recent graduate, a retiree, a business owner, a stay-at-home parent, a military veteran, or come from a different background, the Bryn Mawr Chapter 7 bankruptcy lawyers of Sadek and Cooper Law Offices, LLC can help you evaluate your options for lowering your debt and protecting your property. For a free consultation about whether bankruptcy could be right for your situation, contact our law offices at (215) 995-2543 today.
Differences Between Chapter 7 and 13 Bankruptcy in Pennsylvania
Each type of bankruptcy is called a “chapter.” Some chapters of bankruptcy are ideal for businesses, while others are more compatible with individuals, whether filing individually or jointly with a spouse.
Whether filed jointly or individually, the two most common types of personal bankruptcy are Chapter 7, which is also called “liquidation” bankruptcy, and Chapter 13, which is also called “reorganization” bankruptcy. Both have the power to:
- Help you lower or eliminate debt.
- Protect some or all of your property.
- Temporarily stop debt collectors from contacting you.
There are also similarities when it comes to the debts which can be eliminated, or “discharged,” by the bankruptcy court. Both chapters allow debtors to discharge, or wipe out, debts that are related to:
- Business Loans
- Credit Cards
- Medical Bills
- Past-Due Rent
- Past-Due Utilities
- Personal Loans
- Social Security Overpayments
In addition, Chapter 13 allows some additional debts to be discharged that cannot be discharged in Chapter 7, such as debts related to homeowners’ association fees.
While Chapter 7 and Chapter 13 are alike in many ways, there are also substantial differences between the processes each chapter follows. Some of the most important differences between Chapter 13 and Chapter 7 bankruptcy are that:
- Debtors who file Chapter 13 are required to make recurring payments, usually on a monthly basis, to the bankruptcy trustee. Debtors who file Chapter 7 do not have to make any payments to the trustee.
- Chapter 7 requires roughly four to six months for completion. Chapter 13 bankruptcy cases follow long-term reorganization plans which require three to five years for completion.
- In Chapter 7, the trustee can liquidate, or sell, the debtor’s belongings, with some exceptions. The trustee does not have this power in Chapter 13, if the debtor complies with their payment plan.
- Chapter 7 debtors are often able to keep their property. However, if your specific goal for filing bankruptcy is to prevent foreclosure and save your home, Chapter 13 is likely to be the stronger option. Unlike Chapter 7, Chapter 13 allows debtors to catch up on missed mortgage payments, enabling foreclosure prevention. Similarly, Chapter 13 also allows the debtor to keep his or her vehicle by catching up on missed auto loan payments.
If you decide to declare bankruptcy in Bryn Mawr, you will likely use one of these filing options. At Sadek and Cooper Law Offices, LLC, our knowledgeable legal team includes both Chapter 7 attorneys and Chapter 13 lawyers, enabling us to walk you through a detailed, point-by-point comparison should we determine that bankruptcy is appropriate for your situation. If bankruptcy is not appropriate for your situation, our attorneys may be able to assist you with a more suitable alternative, such as:
- Debt Consolidation
- Debt Settlement
- Mortgage Modification
- Pre-Foreclosure Forbearance Plans
Bryn Mawr Bankruptcy Attorneys Can Help You File Chapter 13 or 7
Bankruptcy is a major financial decision. Don’t go it alone. Instead, get help from a trusted and reputable bankruptcy law firm serving Bryn Mawr, PA. At Sadek and Cooper Law Offices, LLC, you are not just a file or a case. Our experienced bankruptcy lawyers can sit down with you in person to discuss your reasons for considering bankruptcy, the debts you currently owe, and your short-term and long-term financial goals. We take your case seriously, weigh the potential outcomes of each action, and pursue the strategy designed to yield the best possible financial results.
Don’t let financial difficulties continue to take charge of your life. Take back control by getting help from a knowledgeable team of bankruptcy lawyers serving the Bryn Mawr area. For a free legal consultation about Chapter 7, Chapter 13, or bankruptcy alternatives in Pennsylvania, call Sadek and Cooper Law Offices, LLC at (215) 995-2543 today.