BANKRUPTCY LAWYERS IN PHILADELPHIA, PA
Bankruptcy Lawyers in PA
No one wants to file for bankruptcy. However, life sometimes deals you a bad hand. For example, sustaining an injury while on a high deductible insurance – it’s out of your control, but you lose your job.
You’re not alone. In fact, there were 773,418 business and nonbusiness bankruptcies filed in 2018 alone. Those people fell behind on their debt payments and required a clean slate to start over.
If you believe filing for bankruptcy may help you, contact Morgan & Morgan. Our Philadelphia, PA bankruptcy attorneys will assess your individual financial situation and identify if bankruptcy is the best course of action. Then, we’ll navigate every step of the complex process, fighting for your best interests along the way. Filing for bankruptcy is serious – choosing the right law firm can make all the difference.
Chapter 7 Bankruptcy
Individuals and businesses alike can file for Chapter 7, which is a liquidation bankruptcy. Under this form of bankruptcy, filers must sell, or liquidate, all nonexempt property to pay off creditors. Possessions such as your primary residence are exempt, as well as items such as an older vehicle you don’t owe money on. Expensive assets like jewelry, antiques, investments, and newer model vehicles are considered nonexempt and must be sold.
Generally, business assets are nonexempt. Individuals and businesses must have a low disposable income to qualify for Chapter 7. Moreover, they cannot catch up on missed payments to avoid foreclosure or repossession.
Chapter 13 Bankruptcy
With Chapter 13 bankruptcy, available only to individuals and sole proprietors, you reorganize your debt instead of liquidating your assets. After setting up a payment plan specific to your finances, you discharge your debt within three to five years, rather than all at once.
This type of bankruptcy impacts your credit for less time than a Chapter 7 bankruptcy and carries other benefits. These include a secured debt reduction and the ability to make back payments on secured debt to avoid foreclosure.
Chapter 11 Bankruptcy
Chapter 11 is a reorganization bankruptcy available to businesses. Like Chapter 13, it allows business owners to retain their assets and satisfy creditors through a repayment plan, discharging their debt over several years.
Morgan & Morgan Is Here to Help
If you’re a Pennsylvania resident or business owner thinking about bankruptcy, it’s important to contact Morgan & Morgan. Choosing the right law firm can make all the difference in your case. With more than 400 attorneys nationwide, we have the resources to ensure you get the best service possible. Although we’re large, Morgan & Morgan is a family law firm at heart and treat every client as such. Our bankruptcy attorneys understand how difficult this decision is and want to be by your side during these trying times. You and your family deserve a clean slate to start over. Join the Morgan & Morgan family – fill out a no-cost case evaluation form to discover what we can do for you.