Bucks County Attorneys Help You File for Chapter 7 or Chapter 13 Bankruptcy
Bucks County is one of the 100 most populous counties in the United States. Leveraging its talented and industrious population, its natural resources and beauty, and a long history of settlement and growth have allowed Bucks County and its towns to develop into attractive places to live and visit. Whether you live in Yardley in Upper Bucks or Croydon in Lower Bucks County, the Delaware River Valley is a place with numerous economic opportunities.
However, while many people will find immediate success, it may take some time for others to gain their footing. Regardless of the reasons behind the financial difficulties you have encountered, the bankruptcy attorneys of Sadek & Cooper are happy and proud to help hard-working people get a handle on their debt situation. We can provide guidance regarding Chapter 7 or Chapter 13 bankruptcy and bankruptcy alternatives. To schedule a confidential consultation, call the bankruptcy lawyers of Sadek & Cooper at 215-995-2543 today.
What Are Common Reasons for Filing Bankruptcy in Bucks County?
While no two financial situations are the same, there are certain factors that we frequently see in the bankruptcies we handle in Bucks County. Perhaps the most common factor we see in bankruptcies is a severe injury, illness, or other medical event. A heart attack, severe illness, or severe injury due to an accident frequently require a person to stop work and focus on their recovery. Thus, a household’s income often drops precipitously just as large medical bills are incurred. An illness or injury hits both sides of an individual’s or household’s balance sheet.
Another common scenario that may motivate a bankruptcy is a job loss. This is especially true in a single income household. Other scenarios where a job loss is more likely to push an individual or family to bankruptcy include situations where little savings were available. Furthermore, an extended job loss where a person uses credit cards to meet bills and obligations often frequently results in a difficult debt situation.
In What Court Do I File My Bankruptcy Petition if I live in Levittown, Bristol, Fairless Hills, or Elsewhere in Bucks County?
It is essential to file your bankruptcy petition in the proper court. A failure to file a Chapter 7 or Chapter 13 petition in the right court is likely to result in a dismissal of your case. You will need to file in the proper court and start the process from the beginning. Furthermore, it is important to understand in which court filing is proper because a failure to do so will mean that you are not aware of local rules and standing orders that may require you to approach certain aspects of the filing in a specific manner. Depending on the severity of the oversight, this too may result in your matter being dismissed until the filing is sufficient.
All individuals living in Bucks County are required to file their bankruptcy petition in Pennsylvania’s Eastern District Bankruptcy Court. This is a federal court with courthouses in Reading, Pennsylvania and Philadelphia, Pennsylvania. Individuals living in Bucks County should expect to have their proceedings at the Philadelphia courthouse.
How Can I Choose Between Filing Chapter 7 or Chapter 13 Bankruptcy?
Deciding between Chapter 7 bankruptcy and Chapter 13 bankruptcy is often difficult for people considering bankruptcy. Generally speaking, Chapter 7 bankruptcy is better suited for individuals with unsecured debts and assets that are adequately protected by bankruptcy exemptions. Furthermore, individuals who file for Chapter 7 will need to prove that they are “deserving” by passing the Chapter 7 means test that considers your income and disposable income.
However, some taxpayers will be better served by Chapter 13 bankruptcy. This includes households that cannot past the means test and qualify for Chapter 7. It also includes bankruptcy filers who have significant property and assets that they wish to protect. Finally, individuals primarily holding secured debts are also often better served by Chapter 13 due to the unique lien stripping provisions under this Chapter of the bankruptcy code.
A Bucks County Bankruptcy Lawyer of Sadek & Cooper Can Handle Filing Chapter 7 or Chapter 13 for You
If you are considering filing for bankruptcy in Bucks County, the attorneys of Sadek & Cooper may be able to help. One of our law offices is conveniently located on Woodbourne Road in Levittown, Pennsylvania. While most Bucks County residents find this law office convenient and easy to find, we do offer additional locations throughout southeast Pennsylvania. To schedule a free and confidential consultation please call the bankruptcy attorneys of Sadek & Cooper at 1-800-689-1649 today.