Chapter 7 Bankruptcy
Our firm is dedicated to providing quality and cost effective legal guidance to clients who are faced with the difficult decision of declaring bankruptcy. We understand how stressful it can be to be overburdened by debt and hounded by creditors. We work closely with our clients to make sure that bankruptcy is the best option for them and we have as much, if not more, experience as any firm in the area filing bankruptcy petitions for clients in Philadelphia and the surrounding areas, including Delaware, Montgomery, Bucks, and Chester counties.
Chapter 7 is a federal bankruptcy law enacted by Congress to give single and married individuals (including some owners of sole proprietorships) in financial difficulty a fresh start. Chapter 7 allows individual debtors to discharge (and not pay) most unsecured debts. Unsecured debts include many but not all purchases made on credit cards. Filing under Chapter 7 normally allows you to keep your assets and then start over.
Chapter 7 generally does not discharge student loans, certain IRS debts, support obligations, or certain criminal obligations. If you decide to file Chapter 7, you will need to work with your attorney to create schedules showing your creditors, assets, income and expenses. These schedules are signed by you and filed with the Court along with a voluntary petition for bankruptcy. Once these documents are filed the automatic stay of the Federal Bankruptcy Code immediately goes into effect. The bankruptcy clerk's office will notify your creditors of your filing and the harassment will immediately stop. It generally takes approximately three and one-half to five months before the Bankruptcy Judge signs the discharge order and you are relieved of all dischargeable debt. Chapter 7 will usually allow you to keep your house and vehicles provided you keep making your normal monthly payments to the mortgage or finance company.
For more information on bankruptcy, you may wish to consult our online Bankruptcy Information Center.
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We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code.
We are able to meet the needs of the Vietnamese and Spanish-speaking communities.