Media, Pennsylvania Chapter 7 Bankruptcy
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Media, Pennsylvania Chapter 7 Bankruptcy
Ideally, various forms are available for individuals and business entities when it comes to bankruptcy. From the long list of available options, the most popular is the chapter 7 bankruptcy. At the most basic level, chapter 7, bankruptcy works by liquidating non-exempt assets using them to pay off creditors. In most cases, if not all the time, the creditors discharge leftover debts, which means you are not under any legal obligation to pay them off.
If you feel frightened at the thought of filing for a chapter 7 bankruptcy, know that you are not alone. Many people, who have been here before or are, planning on filing one, have to deal with thoughts that may include losing their homes, cars, and the incapacity to take care of their families. Bankruptcy of any form is a plan that allows you to get a fresh financial start when facing debt challenges. In short, filing for bankruptcy will see you have a better financial situation than before.
While this process may sound simple and easy, many at times, it gets to be complicated and diverse in its demands. Therefore, if you are thinking about filing for a chapter 7 bankruptcy, you only have one thing to do. Hiring a reputable and experienced Media, Pennsylvania chapter 7-bankruptcy lawyer is the best step you should make. Since the options of where to head to are many, Siddons Law is here to make your life easier by promising to help you in all means possible regarding your bankruptcy needs.
Hiring a Bankruptcy Lawyer
Regardless of bankruptcy, you are considering, and lawyers are the ultimate answers to the best outcome. Besides, every form of bankruptcy differs, with chapter 7 being closely associated with chapter 13. An experienced lawyer who understands all the ins and outs of each of them will help you come with an informed decision to help you decide on what suits your condition.
One of the distinctive roles of these two is that they work to eliminate different types of debts. The debts chapter 7 stops is not applicable in chapter 13 and consulting from lawyers can help you understand better. This plus some of the following reasons are the top reasons why hiring a lawyer is necessary for you Media, Pennsylvania chapter 7 bankruptcy.
Advocate for You
Usually, if not all the times, not every bankruptcy case goes smoothly; if the creditors are not objecting to a discharge, the court may issue how the exemptions are claimed. Should any of these situations occur to you, a lawyer is the one you will rely on to advocate for your position and fight for you? By doing this, the lawyer ensures that you get the best possible solution for your bankruptcy case in the end. Compared to when you go this process by yourself, with possibilities of giving up the fight, a lawyer will ensure you win and win big.
Expert Guidance
Let us all agree that everyone has a field or an aspect of life he/she is good at. When it comes to law and litigation, only lawyers are best fit to handle them, and if not, we are talking about different issues. In essence, just because you are having trouble paying your bills does not fathom the need to file for bankruptcy. You should know that bankruptcy comes with a two-way possibility: to better your financial life or make it worse. You can never know where your case can head to, and that is why hiring a lawyer can save you the hassles of having to worry over that.
Lawyers Know The Work
As opposed to the expertise, you might have garnered while handling bankruptcy cases, matching the knowledge lawyers have in these situations is impossible. For example, you may not know that not everyone is eligible for chapter 7 bankruptcy, a requirement that lawyers in any given capacity understand without a doubt. The means test is what weighs your monthly income against your expenses to see whether you can pay your debts or not. If you do not pass the test, you can never file. Lawyers also are there to evaluate your situation, collect the necessary documentation, fill and file the papers correctly, and appear on your behalf in a court of law.
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Benefits of filing for Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the option that can help you overcome financial challenges. In addition to this, below are the benefits of filing for Media, Pennsylvania, chapter 7 bankruptcy promises to solve.
Debt Forgiveness
Through Chapter 7 bankruptcy, you can pay off creditors quickly or discharge much of your debt. Most Chapter 7 bankruptcy cases take less than six months to complete. When you file for Chapter 7 bankruptcy, there is no obligation that you repay qualifying debts. Those debts are wiped thoroughly clean. You can get rid of debts like credit card balances, personal loans, and other forms of unsecured debt.
Relief from Creditor Harassment
When you file for bankruptcy, the judge will implement an automatic stay on creditors, which forces them to stop contacting you or repossessing your property. If the creditors call you day and night, Chapter 7 bankruptcy can put an immediate end to their harassment.
Rebuild Credit Score
Although Chapter 7 bankruptcy does damage your credit score, you can slowly rebuild it over time.
Home and Personal Property Exemptions
Filing for Chapter 7 bankruptcy does not mean selling all of your possessions. There are exemptions in the law that allow you to keep the things that matter to you the most. You may be able to save your home, vehicle, household goods, and items you need for personal care because of a disability.
Help With Your Home Mortgage
If you are behind in your home mortgage payments, you can buy yourself some time to live in your home by filing for Chapter 7 bankruptcy. Ultimately, a Chapter 7 bankruptcy does not erase your mortgage debt, but it can give you some extra time to restructure your finances if you are looking at foreclosure.
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The decision to file for bankruptcy is an important one and should not be made without a careful consideration of all of the relevant facts. While bankruptcy can certainly provide a fresh financial start and eliminate debts, it is not advisable in every case. For this reason, if you are considering filing for bankruptcy, you should hire an attorney to file chapter 7 as soon as possible. Michael Alan Siddons is a skilled bankruptcy attorney who understands how to take full advantage of the bankruptcy code to ensure his clients keep as much of their property as possible while obtaining a discharge of their debts. To schedule a free consultation with Mike, call our office today at 610-255-7500. If you would prefer to send an email, please fill out and submit our online contact form. Our firm is based throughout Media, PA; Rising Sun, MD & Staten Island, NY.