Chapter 13 Bankruptcy

Over 500 Five Star Reviews


Chapter 13 Bankruptcy

Over 500 Five Star Reviews


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.


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