Feasterville, PA Bankruptcy Attorney

Unfortunately, bankruptcy has developed a negative reputation that prevents many people from realizing just how beneficial it can be. The truth is, most of the common fears about bankruptcy are myths or exaggerations.

For example, filing for bankruptcy does not necessarily mean you will lose your car, your home, or your other valuables.

Your credit will not be permanently damaged, and you will not have to quit your job. On the contrary, bankruptcy can actually help you retain your property, while simultaneously reducing or erasing many of your debts.

Additionally, you can start to rebuild your credit almost right away – and, with much of your debt wiped out, it will be easier to earn a higher credit score than you had in the past.

Nearly all people who file bankruptcy in Pennsylvania choose to do so using Chapter 7 or Chapter 13. Our legal team includes Chapter 13 bankruptcy lawyers and Chapter 7 bankruptcy lawyers, enabling us to help you make a detailed comparison about which is better suited to your situation.

Regardless of whether you file Chapter 7 or Chapter 13, bankruptcy can have the following benefits:

• Relief from debt. Bankruptcy allows debtors to “discharge” (eliminate) medical debt, credit card debt, personal loan debt, business debt, and many other sources of costly and burdensome debt.
• Protection from creditors. When you file bankruptcy, the “automatic stay” temporarily freezes all collection actions, unless a creditor succeeds in having the stay lifted.
• Retention of assets and property. You can use bankruptcy “exemptions” to protect certain assets from being liquidated (sold) or repossessed.
• Long-term credit improvement. Filing for bankruptcy will initially have a negative effect on your credit score. However, so will allowing your debts to continue accumulating. Once bankruptcy has wiped out some of your debt, it will be easier for you to keep up with utility bills, budget for your expenses, and practice other financial habits that build good credit.

Bankruptcy is a major financial and legal decision, and may not be the best way of resolving your matter. However, if our attorneys determine that bankruptcy is not the most efficient strategy for you to pursue, we can provide other legal services that would be more beneficial for you.

For example, we may be able to help you get a mortgage modification, or negotiate a mortgage forbearance plan.

Rather than taking a “one-size-fits-all” approach, we work closely with each client to identify your needs, meet your challenges, and find the best financial solutions for you.