Helping Protect Residents of Northeast Philadelphia Through Bankruptcy
If you live in Northeast Philadelphia and are facing foreclosure, you are in good company. Recent economic troubles have affected Pennsylvania residents just as they have the rest of the country, and while the economy is recovering, high debt and foreclosure are still a common problems in Northeast Philadelphia. Many residents are struggling to pay their credit card bills, medical debts, and mortgage payments, and as a result, are in danger of losing their home, having their car repossessed, or their bank account frozen.
If you are having financial difficulties, you may be a good candidate for personal bankruptcy. With over twenty years of legal experience, Northeast Philadelphia bankruptcy lawyer Michael S. Schwartz helps residents throughout the city find much-needed relief from their debts and put a stop to foreclosure. In addition to flexible appointment scheduling options, The Law Offices of Michael S. Schwartz offers free initial consultations, so you have nothing to lose by speaking about your situation with a top Philadelphia bankruptcy attorney.
Debt Relief For Those Who Need It
Chapter 13 and Chapter 7 are among the most common forms of personal bankruptcy in Northeast Philadelphia. There are key difference between the two, and your bankruptcy lawyer can help you determine which you qualify for and which will be most beneficial given your unique situation.
When you file for Chapter 7 bankruptcy, the goal is to have your unsecured debts discharged without having to pay the creditors back. To qualify for Chapter 7 bankruptcy, your income has to be within the guidelines. At your meeting, Michael Schwartz will review your income and provide feedback as to whether or not you will qualify for Chapter 7 bankruptcy. Chapter 7 bankruptcy is also a liquidation process. Assets that are too valuable to protect through exemptions are at risk to be sold. Your non-exempt assets can potentially be liquidated to pay off your creditors—usually at a greatly reduced balance from what you currently owe. The good news is that many key assets, including your primary residence and your car, may be exempt, meaning you can’t be forced to sell them as part of your Chapter 7 bankruptcy filing. When you meet with bankruptcy lawyer Michael S. Schwarz, he will carefully review your assets and determine whether any may be at risk for liquidation as part of your Chapter 7 filing.
In Chapter 13 bankruptcy, the goal is to force the creditors into a repayment plan that you can afford. You will work with the bankruptcy court, your creditors, and your bankruptcy attorney to devise a repayment plan that all parties will find mutually satisfactory. The terms of your repayment plan are determined in large part by the value of your non-exempt assets and your disposable income, and any eligible remaining debts will be discharged when you have completed your repayment plan. Among other things, Chapter 13 is used to repay debt without the risk of liquidation – you can stop foreclosure or repossession and keep the house and car.
Contact Us Today For A Free Consultation
You don’t have to take on your creditors alone. Put an end to the harassing phone calls and the threats of foreclosure. Call The Law Offices of Michael S. Schwartz at (215) 259-3685, and let us know how we can help. We are ready to put our experience to work for you, as we have with countless other Northeast Philadelphia residents.