Michael Schwartz is a bankruptcy lawyer in Bucks County PA who helps people file for Chapter 7 and Chapter 13 bankruptcy.
Facing a mountain of debt can be stressful when you don't see an end in sight. While it's easy to get overwhelmed by bills, a Bucks County bankruptcy lawyer can ease your worries and help you get control of your financial future. The Law Office of Michael Schwartz handles bankruptcy law cases in the Philadelphia area with convenient offices located near Bucks, Montgomery, Philadelphia and Delaware counties. Michael Schwartz, Bucks County bankruptcy lawyer, Havertown bankruptcy lawyer, and Perkasie bankruptcy lawyer, will show you the light at the end of the tunnel when it comes to your finances. Make Michael Schwartz your bankruptcy lawyer near me! Call us today to schedule a free bankruptcy evaluation any of our three locations, Southampton, Perkasie or Havertown.
"He was excellent from beginning to end. Responded every time immediately and answered all of my questions in a manner which I could understand. I absolutely would recommend him."
"Michael walked me through a scary situation for me with a very professional and caring approach. Every question I had was answered promptly. I highly recommend Michael."
"I was pleased with how honest and efficient Mike was. It took him one week to do what another attorney couldn't do in four months. He is highly thought of and I am grateful for all of the work he did..."
For individuals overwhelmed with credit card debt, personal loans, medical bill, mortgages, car loans, IRS debt, student loans or any other kind of debt, there are typically two types of bankruptcy that may be appropriate, depending on your situation: Chapter 7 Bankruptcy or Chapter 13 Bankruptcy.
CHAPTER 7 is a type of bankruptcy that will discharge unsecured debt so that you are no longer responsible for ongoing payments. Qualification for Chapter 7 bankruptcy is income based. Generally, the income in the household must be less than the Pennsylvania median income for the household size. You also must need all income in the household for your living expenses - there can be nothing left over to make payments to creditors to qualify for Chapter 7. Chapter 7 is also a liquidation process. The bankruptcy Trustee will look for assets that can help repay the creditors. Any unprotected assets can be sold by the Trustee with the proceeds used to pay creditors. It is critically important that you discuss your risks of losing assets in a chapter 7 bankruptcy with attorney Michael Schwartz so that you can make the right decision.
CHAPTER 13 bankruptcy is an alternative to Chapter 7. If you do not qualify for Chapter 7, most likely Chapter 13 bankruptcy will be appropriate for you. A Chapter 13 bankruptcy will force creditors into a monthly payment plan. Like a chapter 7 bankruptcy, once the bankruptcy is filed collection must stop, including mortgage foreclosure actions. Very often, a Chapter 13 bankruptcy is used to stop a foreclosure or sheriff sale and force the mortgage company into a payment plan on what is owed. Chapter 13 bankruptcy works very will with IRS debt too. In Chapter 13, all interest and penalties stop during repayment. Sometimes, older IRS liability can be eliminated or repaid at a reduced rate. The amount of debt that will need to be repaid in a Chapter 13 depends upon income, expenses, assets, and debt.
Michael Schwartz will provide a free evaluation and let you know your best alternatives.