Delaware County Chapter 7 Bankruptcy Lawyer
Despite its fearsome reputation, bankruptcy does not have to be a stressful or negative experience. Contrary to harmful and untrue myths about bankruptcy, such as the myth that bankruptcy “will cause you to lose your house” or “ruin your credit forever,” bankruptcy can actually help you protect certain property while simultaneously ending creditor harassment, setting you up to build healthy credit in the future, and of course, helping you get your debts under control.
Don’t let misinformation about the nature of bankruptcy discourage you from exploring your legal options. With careful guidance and dedicated assistance from our knowledgeable, experienced Delaware County bankruptcy attorneys, filing for Chapter 7 in Pennsylvania can be a very positive turning point in your financial life. To find out whether declaring bankruptcy under Chapter 7 may be a good option for you, call Sadek & Cooper Law Offices at (215) 995-2543.
Reasons to File for Chapter 7 (Liquidation) in Pennsylvania
Most people know that bankruptcy can aid filers with debt management, but are unaware of the additional benefits of declaring Chapter 7 bankruptcy, also known as “liquidation” or “straight” bankruptcy. In addition to leading to the discharge, or elimination, of many of your most costly and devastating debts, bankruptcy also affords filers some additional, lesser-known benefits and protections.
For example, did you know that filing for bankruptcy can immediately put a stop to creditor harassment? When you file for Chapter 7 in Delaware County, you are immediately protected by a court order aptly named the “automatic stay,” which quickly halts, or stays, an array of stressful collection actions and service disconnections, including but not limited to:
- Utility Shut-Offs
- Vehicle Repossession
- Wage Garnishment
With exceptions for certain situations involving prior bankruptcies, which apply only to individuals who have filed more than once, the automatic stay will remain in effect until your bankruptcy case is discharged. Creditors must go through the process of obtaining court approval if they wish to seek relief from the stay. By temporarily halting collection actions, the automatic stay will give you breathing room to stop, assess your resources, and formulate a plan with help from your attorney.
In addition to the automatic stay, which is a very powerful source of aid for filers, bankruptcy can also help you build credit. While your credit score will see an initial drop, you will be free to start building credit once many of your debts have been discharged. By releasing you from various liabilities, Chapter 7 bankruptcy can give you the boost you need to reach a good or excellent credit score in the future.
What Dischargeable Debts Can Chapter 7 Bankruptcy Eliminate?
Chapter 7 bankruptcy broadly divides debts into two categories: dischargeable debts, or debts which can be wiped out, and non-dischargeable debts, or debts which the filer must pay and cannot be released from. The good news is that most types of debt are categorized as dischargeable debts, which means they can be eliminated. Some examples of dischargeable debt in a Chapter 7 bankruptcy case include, but are not limited to, the following:
- Credit Card Debt
- Business Debt
- Medical Debt
- Personal Loan Debt
- Social Security Overpayments
- Utility Bills
With some narrow exceptions, examples of non-dischargeable debt in a Chapter 7 case generally include:
- Child Support
- Student Loans
- Tax Debt
In most instances, Chapter 7 bankruptcy cases in Pennsylvania are discharged after a short period of just four to six months, so you can rapidly get back on your feet. Once a discharge has been granted by the bankruptcy court, the debtor is no longer considered liable for the debts which have been discharged, meaning creditors can no longer pursue the debtor for repayment of those particular debts.
Delaware County Chapter 7 Bankruptcy Attorney Serving Chester, Drexel Hill, Ardmore
We understand that “bankruptcy” is an intimidating, even frightening word for many people. At Sadek & Cooper Law Offices, we are committed to providing friendly, compassionate representation that takes the mystery, fear, and anxiety out of the Pennsylvania bankruptcy process. With years of experience representing thousands of clients in consumer bankruptcy proceedings, you can feel confident that your case will be handled with care, efficiency, and skill.
At Sadek & Cooper Law Offices, we are proud to represent the residents of Pennsylvania in consumer bankruptcy matters. We counsel and represent filers from all corners of Delaware County, including but not limited to Ardmore, Brookhaven, Broomall, Chester, Clifton Heights, Collingdale, Darby, Drexel Hill, Folcroft, Glenolden, Lansdowne, Media, Prospect Park, Ridley Park, Swarthmore, Woodlyn, and Yeadon.
Our Delaware County bankruptcy lawyers can assist you with filing individually, or, if you wish to file with your husband or wife, a joint bankruptcy filing. We can advise you of your options to determine whether bankruptcy is right for you, and if so, develop a plan for filing at a strategic time. If bankruptcy is not the right option for you, we can assist you with various bankruptcy alternatives, including debt consolidation. To get started learning about your options in a free bankruptcy consultation, call Sadek & Cooper Law Offices at (215) 995-2543 today.