Bankruptcy Attorney Philadelphia
Our firm strives to provide the best form of representation for clients in need of individual bankruptcies. We spearhead our clients’ representation by providing full-service case management from petition to decree to ensure our clients’ interests are always protected. Our practice is in chapter seven and chapter thirteen bankruptcy.
How can bankruptcy help me?
Bankruptcy can be an option for a person suffering from overwhelming debt. Debt can at times get out of hand, and that often happens with medical debt and credit card debt. Debtors should understand that the type of bankruptcy that fits them is put together based off of both the category of debt and the rapport they have with their creditors. The underlying question which needs to be answered is whether a possibility of repaying the debt exists. If so, the general approach of the parties (which is composed of the debtor, creditors, and the court) will be to create a repayment plan and not dissolve the debt (liquidation). Repayment plan bankruptcy is found in chapter 13 of the bankruptcy code.
Chapter seven bankruptcy is known as “liquidation” bankruptcy. This option exists for individuals who have amassed a burdensome amount of debt with no feasible way to get out of it. The crux of this chapter is that debtors will be able to “dissolve” their debt through a process called “liquidation”.