If you have found yourself on the receiving end of phone calls from creditors, or sitting up late at night with your bills in one hand and your check book in the other, knowing there is no way to reconcile the two, then it may be time for you to consider a Chapter 7 bankruptcy filing. Though bankruptcy carries a stigma, it offers those who have gotten themselves into serious financial difficulties the opportunity to start over again. At the Philadelphia bankruptcy law firm of Reinherz Law, we know how easy it is to let your debt get the best of you. We are here to help you start fresh.

When you file for Chapter 7 bankruptcy, almost all of your debts are cancelled by the bankruptcy trustee who is in charge of your case. At the same time, almost all of your assets will be liquidated and used to pay off those to whom you owe  money.  The whole process generally takes about four to six months when all of the paperwork and documentation are filled out correctly and you have complied with all of the steps required by law. This includes paying filing and administrative fees and completing a credit counseling and debtor education course with an agency that has been approved by the trustee.

The forms that need to be filled out in a Chapter 7 bankruptcy will ask you to provide detailed information about yourself, your property, and your debt. You will be asked to provide information about the amount of money that you are currently earning and what your monthly living expenses are, what purchases you have made during the previous two yeas and what you may have sold or given away during that same period of time. All of this is meant to provide the trustee with an accurate picture of your financial condition. You will also be asked whether you have previously had your debts discharged under a Chapter 7 bankruptcy; if you have within the last several years, your Chapter 7 bankruptcy filing will be denied, though you may be able to file for a Chapter 13 repayment plan.

Once you have completed the forms for a Philadelphia Chapter 7 bankruptcy, your creditors will no longer be able to pursue you for the monies that you have previously owed them. You will no longer be living under the threat of having your property taken, your wages garnished, or your utilities cut off. However, you have placed your property and debts into the hands of the bankruptcy court, whose job it is to see that your creditors are made as whole as possible. They will sell or liquidate what they can in order to distribute money to those you owe, but an experienced bankruptcy lawyer can help you to protect the assets that are most important to you. For information on what you can expect from a Philadelphia Chapter 7 bankruptcy filing in your specific situation, call the attorneys at Reinherz Law. We have years of experience in helping those who have gotten themselves into debt.

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