Chapter 7 Bankruptcy Attorney in Springfield PA
Chapter 7 Bankruptcy Attorney in springfield pa
When the financial burden of credit card debt, medical debt, and other major debts has you at the end of your rope, it may be time to file for bankruptcy. Chapter 7 bankruptcy can help stop the collection calls and offer you a path to debt relief and financial freedom. Our team at The Law Offices of Michael A. Siddons can help you with the legal process of filing a petition in bankruptcy court.
Our law office has experience with bankruptcy cases, frequently helping clients throughout Springfield, PA, navigate Pennsylvania bankruptcy laws to rid themselves of credit card debt and get back on track while working toward a healthy financial future.
Chapter 7 Bankruptcy in PA
In a Chapter 7 bankruptcy case, you file a petition asking the court to discharge your debts. This process involves offering up your property—minus exempt property, which the law lets you keep—in exchange for wiping out your debt. In many cases, most of your property is legally exempt, with the rest sold with the money distributed to creditors.
Bankruptcy Exemptions
When choosing property exemptions in a bankruptcy case, you can take Pennsylvania exemptions or federal exemptions. Choosing federal exemptions is usually the better option, as they allow you to keep:
- $25,150 in equity in your primary residence
- $4,000 equity in your vehicle
- $625 per item in any individual item, up to a total of $13,400
- $2,525 for tools of the trade, including books
- $1,700 in jewelry
- $1,325 in any property
- Up to $12,575 as a wildcard exemption to any property you own
- Health aides
- Benefits such as social security, unemployment, veterans benefits, and pensions.
The amount for each exemption doubles when filing for bankruptcy as a married couple.
How Much Does Filing For Bankruptcy Cost?
The current filing fee for Chapter 7 bankruptcy is $335, whether you are filing as an individual or married couple. If you cannot afford to pay the price all at once, the court may allow you to pay installment fees. The court can waive the filing fee if your income falls within 150% of the poverty line.
What Debts Will Chapter 7 Bankruptcy Discharge?
Filing for Chapter 7 bankruptcy offers a quick path to debt relief, discharging all your debts except for the following:
- Debts not listed in your bankruptcy petition
- Debts resulting from fraudulent activity, such as lying on a loan application
- Child support, alimony, fines, criminal restitution, and other similar debts
- Student loans from a school or government body
- Debts incurred as a result of driving while intoxicated
- Debts resulting from “willful and malicious” harm
Filing for Chapter 13 bankruptcy instead of Chapter 7 bankruptcy can wipe out some of these debts.
How Does Bankruptcy Affect My Credit?
Bankruptcy usually stays on your credit report for up to ten years, making it harder for you to apply for loans, purchase property, and obtain credit cards. The good news is that with your new financial freedom, you can rebuild your credit quickly, enjoying a fresh start and a healthy financial future. Bankruptcy often helps those who file get their credit score back on track after long periods of late or missed debt payments.
Other Chapter 7 Considerations
When filing for bankruptcy, it is essential to know that public utilities cannot refuse you service or cut off your current service. However, they can require you to pay a deposit for future service. It is illegal for employers and government agencies to discriminate against you if you have filed for bankruptcy. Co-signers on any loans you have may need to pay your debt if you file for bankruptcy.
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What Filing For Chapter 7 Bankruptcy Can Do For Me
Bankruptcy can be a scary concept for some people. Still, in many cases of financial hardship, it can help people get ahead financially. Chapter 7 bankruptcy can eliminate the following debts and more:
- Credit cards
- Medical expenses
- Auto loans
- Utility bills
- Some tax debts
- Personal loans
- Collections
- Rent
Our experienced bankruptcy attorney in Springfield can help you determine if filing for Chapter 7 bankruptcy is the correct course of action for you. We can navigate bankruptcy laws to figure out which of your debts bankruptcy can wipe out and how much of your property is exempt.
Many see filing for bankruptcy as the end, but in reality, it is the beginning of a new financial future. With debt relief comes the opportunity to rebuild your credit and take control of your finances once again.
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Zero-Down Chapter 7 Bankruptcy with Springfield's Premier Bankruptcy Attorney
If you find yourself buried in credit card debt and other unpaid bills with no way out, our law firm may be able to help you file for Chapter 7 bankruptcy. At The Law Offices of Michael A. Siddons, we handle bankruptcy cases in and around Springfield, PA, assisting clients in filing petitions to bankruptcy court and discharge their debts.
We offer zero-down Chapter 7 bankruptcy services to let you file for bankruptcy without going further into debt. As long as you have a job, make at least $25,000 a year, and pass the MEANS test, we can help you without any upfront fees.
Start filing your bankruptcy petition today without paying out attorney’s fees upfront. Within thirty days of filing, set up a monthly payment plan with us without worrying about interest or finance fees.
Give us a call today at The Law Offices of Michael A. Siddons serving Springfield, PA, for a free consultation at (610) 255-7500.