Chapter 13 Bankruptcy

Chapter 13 Bankruptcy


Chapter 13 Bankruptcy is a payment plan and is commonly used to stay mortgage foreclosure or lower overall monthly expenses. A Chapter 13 Plan is filed with the court and later confirmed allowing the Petitioner to repay mortgage arrears or only cents on the dollar of their unsecured debts (credit cards, medical bills, personal loans, collection accounts, and certain tax obligation, among others). A Petitioner usually qualifies for Chapter 13 Bankruptcy protection based on equity in real estate (house) or based on higher income qualifications, as discussed below.

Chapter 13 Bankruptcy in Philadelphia Case –Scenario 1

Many people believe incorrectly that filing for Chapter 13 bankruptcy is their only option if they own a home. In fact, homeowners have several options when declaring bankruptcy.

Individual homeowners are entitled to an exemption of $20,200. To clarify, if two homeowners own property and have a mortgage of $100,000, the property must be worth over $140,400 for them to file under Chapter 13. Otherwise, a Chapter 7 bankruptcy case may be a more viable option. The bankruptcy attorneys at Sadek & Cooper Law Offices conduct free online appraisals to conclude whether or not Chapter 13 is the best option for you.

Chapter 13 Bankruptcy in Philadelphia Case –Scenario 2

Income can also be a major factor in determining whether or not a Petitioner can file for Chapter 13 bankruptcy. Chapter 13 payment plans can be structured around what a Petitioner can afford to pay their creditors monthly rather than what he/she owes.

The Chapter 13 standards, called “means testing,” are similar to the IRS collection standards and often provide Petitioners with significant monthly savings on their debts. Because of these savings, Petitioners can enjoy a higher level of disposable income. Chapter 13 Bankruptcy also leads to a higher credit score due to an improved debt to income ratio, leaving you and your family with better credit terms.

How can Sadek & Cooper Law Offices help you with your Chapter 13 Bankruptcy in Philadelphia

  • Over 4000 Satisfied Clients
  • We Answer ALL your Creditor Calls
  • Super Lawyers Listed
  • Free Initial Consultation
  • Save your home from foreclosure
  • Low Flat-Rate legal fees
  • Fast and Accurate Filing
  • Payment Plans Available
  • Convenient Locations
  • Be Debt Free!

The Chapter 13 bankruptcy attorneys at Sadek & Cooper Law Offices are here to help

Chapter 13 Bankruptcy may be appear confusing, however, the bankruptcy attorneys at Sadek & Cooper Law Offices specialize in Bankruptcy Law, with free consultations and reviews of your financial situation to determine a Chapter 13 Bankruptcy Law strategy for you.

If you have any questions regarding Chapter 13 Bankruptcy and your legal situation, call the bankruptcy attorneys and lawyers at Sadek & Cooper Law Offices at (215)-545-0008. We offer a FREE and confidential consultation with one of our Chapter 13 bankruptcy attorney in our law offices to further discuss Chapter 13 Bankruptcy.





Doug Tinlin
Doug Tinlin
06:55 15 Feb 18
Brad Sadek gave me hope when he decided to handle my mortgage for enclosure defense. I had exactly 10 days left of the 30 days ultimatum given me, but he was able to bargain for an extra 30 days for me to pay up. That duration turned out just right.
Jacinth Jacinth
Jacinth Jacinth
16:07 31 Jan 18
Excellent service. Brad and Matt were outstanding and friendly. They helped me through this. I’ve never met attorneys like these. Thank you!
julie njoku
julie njoku
12:29 24 Jan 18
Brad Sadek is excellent!. He understands and he's fair. You feel like you have someone fighting for you. The staff is friendly, professional, and courteous. These guys are the best at what they do !
Owen Black
Owen Black
20:14 09 Jan 18
Thanks for the great service! I would recommend this firm highly. Throughout the years I have been helped by this firm greatly and very much appreciated.
Steven Rychalsky
Steven Rychalsky
15:30 09 Jan 18
Sadek and Cooper law office was a wonderful experience to work with. Bankruptcy is a difficult experience but they helped with the stress so much and made it easy. I would recommend Sadek and copper too anyone.
Chris Kourelias
Chris Kourelias
19:09 28 Dec 17
Working with both Brad & Matthew was a pleasure. Both gentlemen are extremely knowledgeable and helpful in providing me the right assistance needed to make the correct decision to benefit me in the long run. I would recommend both candidates to anyone looking for assistance with a reputable law firm.
Jennyfer Santana
Jennyfer Santana
21:17 21 Dec 17
Highly Recommended. Matt & Brad assisted with my case. I felt comfortable throughout the entire process. Matt was very understanding, patient, and ensured he answered all my questions! Both great guys and very friendly! It was a pleasure working with Matt and Brad.
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