Bensalem, PA Bankruptcy Attorney
Daily life can feel like a nightmare when you’re struggling to balance your debts and living expenses. However, relief may be available through Chapter 7 bankruptcy, Chapter 13 bankruptcy, debt settlement, debt consolidation, or other strategies for reducing debt. The Bensalem bankruptcy lawyers of Sadek and Cooper have already helped thousands of debtors get debt relief, and are ready to put our knowledge, our skill, and our experience to work on your case. Conveniently located in Trevose, our Pennsylvania bankruptcy law offices are positioned to serve residents of Bensalem, Feasterville-Trevose, and the Philadelphia region.
You don’t have to spend another sleepless night wondering how you will stay in your home, keep your vehicle, pay off your credit cards, or pay for your medical care. Instead of living with the stress and anxiety of constant financial hardship, let the bankruptcy attorneys of Sadek and Cooper help you find ways to lower your payments, reduce what you owe, or wipe out your debts altogether. To arrange a free legal consultation about the bankruptcy services we provide for Bensalem residents, call Sadek and Cooper Law Offices, LLC at (215) 545-0008 right away.
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Bankruptcy Attorneys Offering Debt Relief Legal Services
Should one apply for a small business loan to grow his/her business? It is true just because you can think of a reason to borrow for your business does not mean you have a good reason. What are some justifying reasons?
One good reason for borrowing money to grow a business is your business is growing and needs more space. Maybe your plant has outgrown your office space or you need more space to handle inventory, personnel, and/or assets. Depending upon your situation, you probably cannot just snap your fingers and come up with more room. However, just because your business is ready to expand does not mean that you have the cash to do so. Financing a loan can get you the cash you need when you need it. There are questions you need to ask before getting a loan, such as whether you could cover loan costs and make a profit. You need to “crunch some numbers” to know how this loan would affect your bottom line.
Another good reason to borrow money for business growth is to build credit for your business future. It is sometimes harder for new/young businesses to qualify for loans because they do not have a verifiable credit history. However, getting smaller loans and making payments on time will establish and build your business’s credit standing for the future. Building your credit like this can also help build relationships with lenders, which will give you connections for when you need that larger loan. Be cautious about this loan because one late payment on this smaller loan can damage your chances of getting a bigger loan someday.
A third good reason to borrow money for business growth is that you need additional equipment to run your business. This can mean new technology or replacing old, worn out equipment. If you get a loan for equipment financing, you can sometimes set up the loan so the equipment can serve as collateral, like a car loan. One thing to remember when you are taking out a loan for equipment is that actual needs and wants should be separated. Employees probably want a margarita machine, but since you probably are not running a restaurant, it might not be the best use of your business resources.
A fourth reason to borrow money for business growth is that you want to purchase more product/inventory. This can especially be true if your business is seasonal or there are other cash flow problems. To know whether this borrowing would be good for your business, make some sales projections based on your sales history for that time of year. Comparing your projected sales to the cost of the proposed debt will help you determine whether a loan is a wise financial move. Lenders like OnDeck provide amazing rates. When making this prediction, you need to keep in mind that sales can fluctuate wildly from year to year. You do not want to borrow an amount that will not cover your projected sales and expenses, and you also do not want to borrow too much.
If you need help resolving a difficult financial problem, it may be the right time to ask an attorney about bankruptcy or bankruptcy alternatives. The sooner you start exploring your legal options with help from our trusted bankruptcy attorneys in Bensalem, the closer you will be to finding a solution to your issue. By acting quickly, you may even be able to stop your landlord from evicting you, prevent your car from being repossessed, or stop foreclosure on your home.
However, you should never rush into a major financial decision like bankruptcy or debt consolidation. Before taking any action, it is wise to review your legal options with a bankruptcy lawyer in Bensalem. Depending on factors like how much debt you owe, which types of creditors are owed payment, the age of the debt, your living expenses, the assets you possess, and your level of income, we can determine the most efficient course of action for overcoming your challenges and achieving your goals. Depending on each client’s unique financial background, Sadek and Cooper offers an array of bankruptcy and debt relief services in Bensalem and the surrounding area, including:
- Bankruptcy for High Income Earners
- Bankruptcy for Military Members and Veterans
- Bankruptcy for Retirees
- Bankruptcy for Small Business Owners
- Chapter 7 Bankruptcy Services
- Chapter 13 Bankruptcy Services
- Debt Consolidation Services
- Debt Settlement Services
- Foreclosure Defense Services
- Mortgage Modification Services
- Short Sale Services
- Other Bankruptcy Alternatives
Instead of taking a generic approach to each case, we work closely with our clients to identify their specific financial hurdles. Once we have a clear understanding of the outcomes you are trying to avoid, or the objectives you are trying to accomplish, we can help you make informed financial decisions while managing and facilitating the legal process. From answering your questions to filing your bankruptcy documents – representing you before creditors to helping you compare state and federal bankruptcy exemptions – rely on our Bensalem bankruptcy attorneys to skillfully manage every aspect of your case.
Bankruptcy Attorneys Offering Debt Relief Legal Services
Should I File Chapter 13 or 7 Bankruptcy?
There are many types, or “chapters,” of personal bankruptcy. However, most Pennsylvanians file under Chapter 7, which is also called “straight” or “ordinary” bankruptcy. The second most common type of bankruptcy is Chapter 13, which is also called a “wage earner’s plan” or “reorganization” bankruptcy.
On one hand, there are major similarities between Chapter 7 and Chapter 13. Both can wipe out debts, prevent your creditors from initiating attempts to collect debts, and give you opportunities to protect your possessions from being seized or liquidated.
However, despite having similar benefits, there are also substantial differences between Chapter 7 and Chapter 13. For example, Chapter 13 requires you to make monthly payments to a bankruptcy trustee, while Chapter 7 does not. Another major difference is that Chapter 7 cases generally resolve in approximately four to six months, while Chapter 13 requires three to five years for completion and discharge.
The chapter you file will have significant impacts on all aspects of your case, from the forms you must file to the debts you may eliminate. Our Chapter 13 bankruptcy lawyers and Chapter 7 bankruptcy lawyers will use our detailed knowledge of state and federal bankruptcy laws to help you make an informed decision about which chapter is right for your situation.
Bensalem Chapter 7 and 13 Bankruptcy Lawyers in Trevose, PA
At Sadek and Cooper Law Offices, LLC, we know that “bankruptcy” can be an intimidating word. We work to remove all of the stress and uncertainty from day one of the process, beginning with a free initial consultation at our conveniently located Trevose office, which is located at the following address off U.S. Route 1 near Bensalem, Feasterville, Levittown, Willow Grove, and Northeast Philadelphia:
Sadek and Cooper Law Offices, LLC
5 Neshaminy Interplex, Suite 205
Trevose, PA, US 19053
To learn more about the Bensalem bankruptcy services we offer in a free consultation, call Sadek and Cooper Law Offices at (215) 545-0008. If you need relief from debt, we are available to help 24 hours a day, seven days a week.