Philadelphia County Bankruptcy Attorney
Are you struggling to make ends meet? Are you finding it hard to pay your monthly bills on time? Has the bank threatened to repossess your car or foreclose on your home? Are you tired of harassing phone calls and letter from your creditors?
If you answered yes to any of the above, filing for personal bankruptcy may be your key to getting a fresh start on your finances. The Law Offices of Michael S. Schwartz offers comprehensive legal counsel regarding bankruptcy, and can act as your representative to your creditors and the Pennsylvania bankruptcy courts. We offer flexible scheduling options and free initial consultations, so it costs you nothing to speak to a seasoned Philadelphia County bankruptcy lawyer about your situation.
Chapter 7 or Chapter 13?
Two of the most common forms of personal bankruptcy filed in Philadelphia County are Chapter 7 and Chapter 13 bankruptcy. While both forms offer debt relief and can put a stop to foreclosure, there are key differences between the two. Your bankruptcy lawyer can help you determine which you qualify for and which will be most beneficial given your financial situation.
In Chapter 7 bankruptcy, unsecured debts like credit cards, medical bills and personal loans are discharged so you no longer are required to repay these debts. Chapter 7 bankruptcy is an income based qualification. So long as your income is low enough, you can qualify for a Chapter 7 discharge. With Chapter 7 though, certain assets may be at risk for liquidation. At your free consultation, Michael Schwartz will review your assets and determine whether or not any of your assets will be at risk.
When you file for Chapter 13 bankruptcy, you will work with your bankruptcy attorney to establish a repayment plan that will satisfy your creditors and the bankruptcy courts, and will work with your budget. When you complete your repayment plan, any remaining eligible debts will be discharged. In Chapter 13, your assets cannot be liquidated; the assets you have are part of the equation to determine how much must be paid to creditors during the repayment plan. At your free consultation, Michael Schwartz will discuss these issues with you and provide an estimate for repaying your debt.
Stopping foreclosure through bankruptcy
Whether you file for Chapter 13 or Chapter 7 bankruptcy, the Pennsylvania bankruptcy court will issue what is called an automatic stay. The automatic stay prohibits your creditors from taking any collection actions against you, including collection calls and letters, repossession of your car, and home foreclosure. This buys you valuable time to work with your bankruptcy attorney on a plan to keep your home.
Contact us today for a free consultation
Serving clients in Northeast Philadelphia, Bustleton, Olney, Academy, Byberry, Huntingdon Valley, Torresdale, Parkwood, Krewstown, Pennypack, Somerton, Castor Gardens, Fox Chase, Frankford, Mayfair, Oxford Circle, and throughout Philadelphia County, PA, the Law Offices of Michael S. Schwartz are ready to act as your representatives and advocates throughout the bankruptcy process.
Call us today at 215-259-3685.