Montgomery County, Pa Bankruptcy Attorney
If you are struggling to make ends meet, and are at risk for foreclosure or repossession of your car, it may feel like there's no way out of the financial situation you are currently in. While the economy recovers, many Montgomery County residents are still finding it hard to pay their monthly bill payments, mortgage payments, and other debts, and home foreclosures continue to be commonplace throughout the country.
Filing for personal bankruptcy may be your key to putting a stop to foreclosure and getting your finances back under control. At the Law Offices of Michael S. Schwartz, we help clients throughout Montgomery County, Pennsylvania find relief from their debts and end foreclosure through personal bankruptcy. We offer flexible appointment scheduling options and free initial consultations, so you have nothing to lose by speaking with a seasoned Pennsylvania bankruptcy lawyer about your situation.
Personal bankruptcy in Pennsylvania
In most cases, a Pennsylvania resident filing for personal bankruptcy will either file for Chapter 13 or Chapter 7 bankruptcy. Your bankruptcy lawyer can help you determine which you qualify for and which will work best for your situation.
When you file for Chapter 7 bankruptcy, upon discharge, you will no longer be responsible for repaying your unsecured creditors. There is no payment plan; rather, because you qualify due to your income, you are no longer obligated to repay the debt. Because Chapter 7 is a liquidation process, it is important that you disclose all assets so that we can assure you that your assets are protected. Many key assets, such as your primary residence, may be exempt from liquidation, meaning you can't be forced to sell them as part of a Chapter 7 bankruptcy filing in Pennsylvania.
In Chapter 13 bankruptcy, you'll work with your attorney to develop a debt repayment plan that will work with your financial situation and will satisfy the Pennsylvania bankruptcy courts. When you have successfully completed your Chapter 13 repayment plan, any remaining eligible debts you have will be discharged. Chapter 13 bankruptcy is not a liquidation process – the assets you own are part of the equation to determine how much the unsecured creditors need to be paid; however, the Trustee will not sell your assets in a Chapter 13 bankruptcy.
The Pennsylvania automatic stay
Whether you file for Chapter 13 or Chapter 7 bankruptcy, the Pennsylvania bankruptcy courts will issue what is called an automatic stay. The automatic stay prohibits your creditors from taking any collection actions against you. This includes phone calls, letters, wage garnishments, and even foreclosure, buying you valuable time to devise a plan to keep your home with the help of your bankruptcy attorney.
Contact us today for a free consultation
At the Law Offices of Michael S. Schwartz, we work every day with Montgomery County residents who are experiencing financial difficulties. Let us put our experience to work for you. Call us today at 215-259-3685.
We represent clients throughout Montgomery County, Pennsylvania, including Norristown, Horsham, Cheltenham, Rockledge, Conshoshocken, Hatboro, Ambler, Green Lane, Hatfield, Jenkintown, Lansdale, Pottstown, Red Hill, Souderton, Telford, Upper Dublin and more.