PROVIDING BANKRUPTCY BASICS FOR MEDIA, PA; RISING SUN, MD & STATEN ISLAND, NY SURROUNDING AREA
Bankruptcy law is a legal status for people or entities that cannot repay their debts. Filed in federal courts under rules outlined in the U.S. Bankruptcy Code, bankruptcy is commonly known by the chapter of the code it references, like Chapter 7 and Chapter 13.
When creditors are threatening to take away assets (like homes, cars, jewelry, or money from a bank account or tax return), or if creditors are simply in the process of doing so, individuals may avail themselves of bankruptcy protections. These protections can help stop collections and all asset recoveries, and may even allow for the return of some of those assets. Please call a knowledgeable bankruptcy attorney at the The Law Offices of Michael Alan Siddons, Esquire to assess your particular situation and determine if bankruptcy is right for you, and if so, discuss the proper timing. Our law firm handles bankruptcy cases throughout the Media, PA; Rising Sun, MD & Staten Island, NY and surrounding areas.
Intent of the Law
LEARN HOW BANKRUPTCY IS ON YOUR SIDE
Individual, Family or Business - We Are Here to Help Your Debt
LEARN MORE ON THE DIFFERENT TYPES OF BANKRUPTCY
BANKRUPTCY FOR INDIVIDUALS:
- Chapter 7 -Also called “fresh start bankruptcy,” allows you to discharge your debts, but you must liquidate non-exempt property to pay your creditors.
- Chapter 13 – Known as the “wage earner plan,” Chapter 13 is called a reorganization, and allows you to keep valuable property if you are able to make the necessary payments.
BANKRUPTCY FOR BUSINESSES:
- Chapter 7 – This form of bankruptcy can be used by businesses to liquidate your assets.
- Chapter 11 – Used to reorganize the structure of your business.
OTHER FORMS OF BANKRUPTCY:
- Chapter 9 – Used by municipalities, including cities, towns, taxing districts, school districts, etc., to reorganize.
- Chapter 12 – This form is for family farmers and fishermen to provide debt relief.
- Chapter 15 – If parties are involved from more than one country, this form of filing is required.
- Other Options – This list is by no means definitive. Please contact the Law Office of Michael Alan Siddons, Esquire, to review other possible options that pertain to your particular needs.
OTHER OPTIONS TO BANKRUPTCY
Bankruptcy should be and is the option of “last resort.” Often times, you may have other options, like mortgage loan modifications. In some cases, like if you have no non-exempt property or wages, you may not even need to file bankruptcy at all, because there is nothing that creditors can take away from you, despite all their threats. Nor can you be threatened with jail time for civil debts (other than court ordered fines.) Seeking a good bankruptcy attorney can make sure you are aware of all your rights and options.
Call the Law Office of Michael Alan Siddons, Esquire at (610) 255-7500 in Media, PA, (609) 285-3999 in Staten Island, NY or (410) 705-0970 in Rising Sun, MD to discuss your options and rights during bankruptcy
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COUNTIES WE SERVICE
Maryland – Caroline, Cecil, Dorchester, Hartford, Kent, Queen Anne’s, Somerset, Talbot, Wicomico, Worcester.
New Jersey – Burlington, Camden, Gloucester, Mercer, Salem.
New York – Brooklyn, Richmond, Staten Island.
Pennsylvania – Berks, Bucks, Chester, Delaware, Lancaster, Lehigh, Montgomery, Northhampton, Philadelphia, York