Your Roadmap for Bankruptcy: Navigating the Tough Times

In this blog entry a road map of the bankruptcy system will be outlined.  The first step to pursuing bankruptcy relief is an initial consultation with a bankruptcy lawyer in our Philadelphia, PA office location.  At the initial consultation, which can last up to one hour, we will ask a series of questions to determine whether bankruptcy is right for you or ascertain whether another alternative exists under the law.  The type of bankruptcy fitting to your situation, whether Chapter 7 Bankruptcy, Chapter 13 Bankruptcy or a Chapter 11 Bankruptcy proceeding will be explained in depth.

A bankruptcy filing is commenced with the filing of a petition in the Federal District Bankruptcy Court.  The Petition includes, among other things, a list of assets, income, liabilities and expenses.  It is crucial that the petition is correct and each item is properly listed in order for the bankruptcy to be approved by the court.  Prior to filing the Petition, the client will provide certain documents and take a credit counseling class which generally lasts forty-five minutes either on the telephone or on the computer.  In the meantime, a client may direct all their creditor calls to Sadek Law Offices, LLC.  Upon filing the Petition in Bankruptcy, the automatic stay is immediately activated.  The “automatic stay” stops all creditor collection efforts including phone calls, lawsuits, freezing of bank accounts and sheriff sales.

At least one month after the bankruptcy filing date a hearing, known as a 341 Meeting of Creditors takes place.  At this time the bankruptcy is reviewed for truth and accuracy.  Within forty-five days of the first scheduled 341 meeting a debtor education class, a sequel to credit counseling (done prior to filing) must be completed.  In a Chapter 13 case there are extra hearings known as confirmation hearings to ensure that the Chapter 13 Plan filed with the court meets all the requirements under applicable bankruptcy laws.  In a Chapter 7 Bankruptcy, a discharge may be expected three months after the first scheduled 341 meeting.  In a Chapter 13 Bankruptcy a discharge is usually granted upon completion of the bankruptcy plan.  For more information on the different types of bankruptcies, please visit out home page at

If there are any general questions or topics you would like to read about relating to bankruptcy law, you may contact Sadek Law Offices, LLC at 215-545-0008 or email brad@sadek-cooper-site.  Thank you.

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