When you find yourself unable to pay your debts and feel as if you have no way out, your best answer may lie in filing for bankruptcy. Though many people are hesitant about taking this step, a Chapter 7 bankruptcy can provide you with a fresh start in your financial life, and rescue you from the feeling that you have nowhere to turn. For information about what filing a Chapter 7 bankruptcy can do for you, contact the Philadelphia attorneys at Reinherz Law. We have assisted many clients in applying for bankruptcy protection, and can help guide you through the process.

Though many people imagine that filing for Chapter 7 bankruptcy is a long and involved ordeal, the truth is that with the help of a Philadelphia attorney the entire thing can be accomplished with relative ease and be taken care of within a few months time. There are a few eligibility requirements that need to be met. You can’t have filed for Chapter 7 in the previous six to eight years, and must pass a means test in order to establish that your income and expenses fall below a certain standard. If your earnings are too high to qualify for Chapter 7, you are not without recourse: but you may need to file for Chapter 13 bankruptcy instead. This would mean reorganizing your debts and paying the off over time with disposable income instead of them being eliminated entirely. Those who file for Chapter 7 bankruptcy are also required to undergo mandatory credit counseling and be taught how to budget.

A Philadelphia lawyer can help you to determine whether you qualify for Chapter 7 bankruptcy. They can also help you prepare all of the documentation needed to file an official petition. This paperwork includes a Statement of Financial Affairs, which needs to include information about:

  • Your debts, including a full list of all creditors, the amount that is owed and the type of debt
  • Your income, including all sources and how frequently you are paid
  • All property
  • All of your monthly living expenses

Once this paperwork is filed with the bankruptcy court and your case is assigned to a trustee, an automatic stay is placed on your debts. This means that your creditors are no longer permitted to pursue you for payment or file new lawsuits against you, though they may ask for the stay to be lifted in specific situations. Having a Philadelphia bankruptcy attorney represent your interests in these matters will help protect you from having to sell specific property and to claim it as exempt whenever possible. Exempt property can include your home, your professional equipment or books, certain benefits such as social security or disability benefits, and unmatured life insurance contracts.

Filing for Chapter 7 bankruptcy will have a long-term impact on your credit rating, your ability to purchase a home, and many other aspects of your life, so it is important that you understand all of the ramifications of filing before doing so. Contact the experienced Philadelphia attorney at Reinherz Law and set up an appointment to discuss your options and what they will mean to you.

Learn more about Chapter 7 Bankruptcy in Philadelphia here – https://reinherzlaw.com/pa-bankruptcy-lawyer/chapter-7-bankruptcy-attorney/

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