Filing for bankruptcy can be very intimidating, but it doesn't have to be. The Law Offices of Michael S. Schwartz will skillfully guide you through every step of the bankruptcy filing process.
To schedule a free consultation with a Southampton attorney to discuss the bankruptcy process, call 215-396-7900 or contact us online. We are dedicated to helping clients restore financial health.
A crucial aspect of the bankruptcy filing process is preparation of the necessary paperwork, including a bankruptcy petition. To facilitate preparation of these documents, you will be asked to bring important information to our first appointment, including your latest statements from creditors, proof of income and a breakdown of living expenses.
Approximately three months after filing for bankruptcy, the Chapter 7 or Chapter 13 bankruptcy trustee assigned to your case will hold a meeting of your creditors, referred to as a "341" meeting, where the trustee will ask you several questions about your financial situation.
If you have filed for Chapter 7 bankruptcy, your eligible assets may be liquidated to pay secured creditors, in an order of priority determined by the trustee, according to bankruptcy law principles. It is important to note that in most Chapter 7 bankruptcy cases, individuals are able to protect their assets from liquidation. Mr. Schwartz can analyze your assets and advise you as to whether or not any of your assets are in jeopardy of liquidation. Any debt with unsecured creditors, i.e., debt that isn't backed by collateral, will be discharged within four to five months of filing for bankruptcy, meaning you no longer owe the debt.
If you have filed for Chapter 13 bankruptcy, you will be required to start making payments to your mortgage company with the next payment that comes due after filing to keep your mortgage current. Additionally, within 30 days of filing, you will be required to make payments to your trustee to "cure" your mortgage, which means to pay off any accrued unpaid balance, over the course of three to five years. These payments are due even if you do not receive a statement from your creditors.
For help with filing for bankruptcy, contact our Havertown lawyer today to schedule a consultation.
We are pleased to offer our service to people and businesses throughout Bucks County, Delaware County, Philadelphia County and the surrounding areas. We have offices in Havertown, Perkasie and Southampton, Pennsylvania.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.