Philadelphia Chapter 13 Bankruptcy Attorney

Are you thinking about claiming chapter 13 bankruptcy but have an asset that is not covered by an exemption that you wish to maintain possession, have high income, or too much back mortgage arrears? If so, claiming Chapter 13 Bankruptcy in Philadelphia may be the option for you and our bankruptcy attorney can assist you with this case.

 What Type of Bankruptcy is Right for You?


Chapter 13 bankruptcy is often referred to as “reorganization” because it is designed for debtors who wish to keep certain assets, such as a home, through committing to a payment plan that systematically repays creditors. With Chapter 13, overdue debts for non-exempt items are repaid over a three to five year period. To qualify, claimants must prove to have a steady source of income.

Filing For Chapter 13 Bankruptcy in Philadelphia

To enter Chapter 13 Bankruptcy the court must consent to the plan at the confirmation hearing after they verify the plan adheres to the requirements outlined in the bankruptcy Code. Once approved, debtors hand over a portion of their earnings as agreed upon in their plan. The bankruptcy trustee then allocates the funds to the appropriate creditors. Non-exempt property is also factored into the equation when drafting a repayment Plan.

Payment amounts made to the trustee are determined in the plan, which a Philadelphia Chapter 13 bankruptcy attorney will assist with. The payment amount is determined based on factors such as monthly living expenses, income, and debt. If you are curious about whether you may retain all possessions and property, you may do so. That is, as long as your Chapter 13 plan meets all of the requirements for being approved (or “confirmed”) by the court For this plan to be approved, claimants must agree to pay back an amount that is, at the very least, equivalent to what the creditors would have received had the claimants property been “liquidated.”

Duration of Bankruptcy

Chapter 13 bankruptcy plans last anywhere between 36 and 60 months, during which the majority of creditors are banned from contacting you. Once a claimant has filed for bankruptcy protection in Philadelphia, the court will notify creditors listed within the schedules via mail. Once letters are received, which takes about a week or two, debt collection efforts are to be stopped and all debtors will be relieved of any harassment from creditors.

Hiring a Bankruptcy Attorney

With all the logistics required to carry out a successful bankruptcy, it is important to hire a highly skilled and experienced lawyer to handle your case. At Reinherz and Reinherz Law Offices, we have over thirty years of experience helping honest, hard-working people successfully get out of debt. Contact us today for a free consultation and information on how Chapter 13 bankruptcy can help you obtain that fresh start required to reestablish your financial reputation.

Considering a fresh start? Call our law offices today and become another one of our success stories.