Chapter 7 or
Chapter 13?
For individuals overwhelmed with credit card debt, personal loans, medical bills, 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
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.
CHAPTER 13
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.
The Law Office of Michael Schwartz
Michael Schwartz, a seasoned bankruptcy attorney based in Bucks County, PA, guides individuals through Chapter 7 and Chapter 13 bankruptcy filings. With over 30 years in the legal profession and more than two decades focusing on bankruptcy law, he brings a wealth of legal skill to his practice. Since 2001, Michael has been dedicated exclusively to bankruptcy law, serving clients across the Philadelphia area, including Bucks, Delaware, and Montgomery counties.
Graduating with a bachelor’s degree in Chemical Engineering from Rutgers University in 1989, Michael Schwartz later earned his Juris Doctor from Widener University School of Law in Wilmington, DE, in 1992. He is admitted to practice in both Pennsylvania and New Jersey since 1992.
Key Differences Between Chapter 7 and Chapter 13
Chapter 7 Bankruptcy
- Discharges unsecured debts entirely
- Qualification based on low income and no leftover money
- Involves liquidation of unprotected assets
- Stops collection actions once filed
- May risk losing property not protected by exemptions
- No repayment plan required (if qualified)
Chapter 13 Bankruptcy
- Creates a repayment plan for debts
- Suitable if you don’t qualify for Chapter 7
- Allows you to keep assets while repaying debts
- Also stops collections and foreclosures once filed
- Often used to stop foreclosure or sheriff sale
- Requires monthly payments based on income and debt
Services
Bucks County
Bankruptcy - Practice Areas
Bucks County Bankruptcy And Foreclosure Lawyer
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 of choice! Call us today to schedule a free bankruptcy evaluation at any of our three locations, Southampton, Perkasie or Havertown.
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Office Locations
The Law Office of Michael Schwartz proudly serves clients across our 3 convenient office locations, making trusted legal support accessible to you.