Why File Bankruptcy?

Why File Bankruptcy?

The word “bankruptcy” makes many people uneasy. Perhaps you have thought about filing bankruptcy in Pennsylvania, but stopped because you were worried about the potential consequences. At Sadek and Cooper Law Offices, LLC, our Philadelphia bankruptcy lawyers are frequently contacted by Pennsylvanians who have questions like, “If I file bankruptcy, will I lose my house or my car?” “If I file bankruptcy, will my credit be permanently ruined?” “If I file bankruptcy, won’t all my friends and family members find out? And what about my employer? Will filing bankruptcy cause me to lose my job?”

Bankruptcy is a major financial decision, so it’s wise to consider the consequences carefully. However, most of the fears people have about bankruptcy are based on inaccurate or misleading information.

Don’t let negative myths about bankruptcy stop you from getting debt relief in Philadelphia. Continue reading to find out what happens when you file Chapter 7 or Chapter 13, and learn more about the benefits of filing for bankruptcy in Pennsylvania.

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Reasons to File Chapter 7 or 13 Bankruptcy in Pennsylvania

You probably already know that bankruptcy can help get your debt under control. But did you know that there are other benefits to filing bankruptcy, too? Here are some reasons to consider bankruptcy in Philadelphia:

  • Reduce or erase your debts. If you complete the bankruptcy process properly, the court will “discharge” or eliminate most of your debts. Dischargeable debts in bankruptcy, or debts that bankruptcy can erase, include debts from medical bills, credit card bills, utility bills, business loans, personal loans, and more.
  • Stop debt collectors. As soon as you file bankruptcy in Philadelphia, you gain the protection of the “automatic stay,” a court order that freezes debt collection actions while your case is pending. With some exceptions, the automatic stay remains in effect for the duration of your bankruptcy case.
  • Stop utilities from being shut off. If you have unpaid electric bills, gas bills, or other unpaid utilities, bankruptcy may provide immediate relief.
  • Prevent home foreclosure. Certain types of bankruptcy may let you stop foreclosure by giving you extra time to make up missed mortgage payments. Similarly, bankruptcy can also help you stop your car from being repossessed due to unpaid auto loans.
  • Build better credit. Bankruptcy will initially cause a temporary drop in your credit score. However, once your debts are eliminated, it will be easier for you to build good credit. If you are currently in debt, you likely have a low credit score already, which bankruptcy can help you increase in the long run. If you are diligent, your credit score may start to improve within as little as one year of filing.
  • Protect your property. If you owe creditors money, you risk losing property to repossession. Bankruptcy can help you protect real property and personal property from being repossessed and sold at auction, including valuable jewelry, family heirlooms, artwork, and more.
  • Get stress relief. Living with financial hardship creates a constant state of stress and uncertainty, especially if you are responsible for supporting a child, spouse, or family member. Over time, the stress caused by money problems can start to affect your sleep, your mental health, and even your physical health. Bankruptcy releases you from the burden of anxiety caused by crushing debt, giving you optimism that a brighter future is on the horizon.

In most cases, bankruptcy does not lead to foreclosure or repossession. On the contrary, it can actually delay or even prevent these outcomes. And unless they are listed as your creditors, your friends and family will not necessarily discover that you have filed for bankruptcy, either. The same applies to your employer.

While bankruptcy is not necessarily the appropriate solution for every person’s situation, it has already helped millions of Americans rebalance their finances and start again fresh. Court statistics show that in 2013 alone, more than 12,000 people filed bankruptcy cases in Eastern Pennsylvania – and that’s only one portion of the state.

Even if bankruptcy is not optimal for your situation, our attorneys can help you explore other alternatives to bankruptcy in Pennsylvania, such as mortgage modifications or pre-foreclosure forbearance plans. Our bankruptcy law firm can help you make sound, informed decisions about how to reduce your debt strategically.

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Philadelphia Bankruptcy Attorneys Can Help

Bankruptcy has the power to transform your life by eliminating your debts and freeing you from the heavy, exhausting burden of financial hardship and creditor harassment. However, you shouldn’t go through the Pennsylvania bankruptcy process alone. Filing bankruptcy can be a complicated procedure, so it’s important to make sure you have legal help from an experienced bankruptcy lawyer in Philadelphia.

At Sadek and Cooper Law Offices, LLC, our trusted team of attorneys has many years of experience handling thousands of bankruptcy cases. Our law firm works with single individuals, married couples, and business owners to help Pennsylvanians file Chapter 7 bankruptcy, file Chapter 13 bankruptcy, or, where appropriate, explore bankruptcy alternatives. We handle cases across Southeastern Pennsylvania, including Ardmore, Audubon, Bristol, Broomall, Chester, Collingdale, Croydon, Darby, Doylestown, Drexel Hill, Fairless Hills, Folsom, Harleysville, Horsham, King of Prussia, Lansdale, Lansdowne, Levittown, Montgomeryville, Morrisville, Norristown, Perkasie, Philadelphia, Pottstown, Quakertown, Richboro, Telford, Willow Grove, Woodlyn, Yeadon, and many other communities throughout Philadelphia, Bucks, Montgomery, and Delaware Counties.

To learn more about the advantages of filing bankruptcy, and whether Chapter 13 or Chapter 7 could be the right solution for you, call Sadek and Cooper at (215)-545-0008 for a free legal consultation. We will keep your information confidential.

 

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Lavern Baker
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17:03 23 Feb 18
You are all super lawyers. Brad and Matt made me feel comfortable. Every one in your office so nice and just made it easy. You’re the best!
peter b
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19:42 21 Feb 18
Thank you, Sadek and Cooper Law offices for your dedication on my behalf. I appreciate Matthew and Patrick and your staff and all that everyone did to support me in this legal matter. You took an embarrassing, sad experience, for me, and turned it into a successful solution without all the emotional pain expected. After dealing with a loan modification company for over eighteen months without going to an attorney first that is the biggest mistake anyone can make. The Modification Companies set out to sell you lies, broken promises and dilute the homeowner's assets with no knowledge of any kind of law. I can't stress enough stay away from Modification companies, as a Military Veteran and family man, protect you or your family best interest. Go directly to Sadek and Copper you will not regret it! This firm moves with Super speed and diligence protecting you and your family's the entire process, even after watching some of these other attorneys in the courtroom appearing to mishandled their clients’ cases before the Trustee. You made it easy and I’m finally getting my financial life back on track! Thank you for your prompt replies to me, your clear information and preparation needed when at the courthouse. I would of course recommend you to others and I am glad you were the one who had my case. Kind genuine law firm who treats you like family. God bless you all and I pray for your continued success in your field of expertise. This firm is Super Lawyers for a reason. They are the best at what they do! Pete
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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.
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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.
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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.
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