Bankruptcy Attorneys in Philadelphia
Helping People in Pennsylvania & New Jersey Get Out of Debt
Whether you acquired debt as a business owner or individual consumer, you’re probably looking at your current situation and wondering how you’ll ever pay off what you owe. Not only is it hard to make your regular payments, but now you have to deal with late fees, interest, and other financial mechanisms created to keep you in debt. If you’re thinking it’ll be like this forever, it doesn’t have to be – Weisberg Law can help.
Our bankruptcy attorneys in Philadelphia are experienced debt relief legal matters that can help people like you whether you’ve got unpaid personal credit card bills, a now-unaffordable mortgage, and a business debt that just seem to keep racking up. Your solutions may lay in filing for Chapter 7, Chapter 11, or Chapter No one should have to suffer under a mountain of financial pressure when they’ve been hit with hard times – that’s why many turn to bankruptcy as the option to stop certain creditors in their tracks. People need an experienced bankruptcy lawyer to help them get the results they need, and that’s why many turn to Weisberg law for help.
If you need a bankruptcy attorney in Philadelphia who can help clients throughout Pennsylvania and New Jersey, reach out to us online or call (610) 550-8042 and request a free initial consultation to get started.
Reasons to Consider Filing for Bankruptcy
There are many reasons why an individual may consider filing for bankruptcy. The most common being losing a career or being in large medical bill debt. The following reasons may lead someone to file for bankruptcy:
- You are entering/in the process of a divorce
- You are being sued by creditors
- You are unable to make payments for your debt
- You can not afford essentials, and must use your credit card to pay for them
- You are paying a credit card debt with another credit card
- You want to withdraw from your 401(k) to pay your essential bills
There are many more reasons why an individual may consider going the bankruptcy route. Our Philadelphia bankruptcy attorney at Weisberg Law is here to make sure the process goes smoothly. We have your best interests in mind, always. Call us today.
Eliminate Most Debt with Chapter 7 Bankruptcy
When consumer debt from credit card bills to medical costs, personal loans, and even a mortgage become too much to bear, many people choose to file for Chapter 7 liquidation for debt relief. This is the most common type of bankruptcy filed in the United States, and it may even be the most straightforward.
When you file for Chapter 7 bankruptcy you can free yourself from certain unsecured and secured debts. An unsecured debt is something that isn’t tied to collateral, like your credit card or medical bills. These debts can be discharged through Chapter 7, but your bankruptcy trustee will probably seize and sell non-exempt property (liquidation) and distribute the proceeds to satisfy these creditors.
Your secured debt is tied to collateral, and the most common types of secured debt people own is a mortgage or auto loan. While it is possible for a bankruptcy attorney in Philadelphia to help you keep your car and home when you file Chapter 7, typically the items tied to secured debt will simply be reclaimed by the creditor to satisfy the debt.
Reorganize Business Debt through Chapter 11
Business owners who own a significant amount of unpayable debt may be able to seek relief through Chapter 11 bankruptcy. This allows them to reorganize their finances while continuing company operations and maintaining control over their businesses. Bargaining agreements can be rewritten during this process and financial obligations can be restructured in a way the company can better manage.
Unlike Chapter 7, Chapter 11 doesn’t free debtors of their obligations – it merely adjusts the terms of their loan agreements to make paying their debts more manageable. This doesn’t mean a company won’t also explore its options in Chapter 7 or undergo some form of liquidation. Doing so may help them achieve more favorable results during restructuring by securing cash to pay creditors or relieving financial obligations owed to other creditors, thus lessening a company’s overall financial burden.
Reorganize Personal Debt through Chapter 13
Chapter 13 bankruptcy works for individuals and their consumer debt in much the same way that Chapter 11 works for businesses. When you file for Chapter 13, you will submit a debt reorganization plane that can safeguard the things you own and your property from foreclosure while asking for forgiveness of other debts.
Chapter 13 works in most cases by consolidating your debt under a new loan that will then distribute your payments to your prior creditors. Although this is an even more serious type of debt relief than Chapter 7, a facet most might prefer is that no direct contact with your current creditors is necessary when you file Chapter 13.
Debt that No Type of Bankruptcy Will Solve
No type of bankruptcy will solve all of your problems if you own certain kinds of debt. This is especially true of the following:
- Tax debts
- Child or spousal support
- Fines or payments owed to the government
- Student loans
- Criminal restitution and fines
If you owe any of these debts, they cannot be discharged during bankruptcy. Although getting rid of your credit card debt or medical bills can help you to better afford these debt obligations, they will stick with you until fully paid or when a statute of limitations runs out.
Do You Need Help with Bankruptcy?
If you need a bankruptcy attorney in Philadelphia, reach out to Weisberg Law for help. Out debt relief services are available to people in Pennsylvania or New Jersey who need help consolidating or eliminating their debt. Whether you own a business with considerable debt, or your personal finances are in turmoil, we can help.
Contact Weiseberg Law online to reach a group of attorneys who can help you find the relief you need right now.