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The Facts About Bankruptcy in Philadelphia

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The Facts About Bankruptcy in Philadelphia

The word bankruptcy once carried with it a stigma that discouraged Philadelphia citizens from considering it as a debt relief solution.  In the 1980s, bankruptcy in America was a rarely needed court procedure. In fact, the current cases of bankruptcy occur almost four times as frequently as they did thirty years ago. Over two million cases of bankruptcy were filled in 2005. Since then, the number of court filings has decreased; however, many individuals continue to struggle with their finances. To manage your debt, consult with a bankruptcy attorney in Philadelphia trusts to guide you towards the appropriate bankruptcy filling. Let's being with the bankruptcy basics.

How can a bankruptcy attorney in Philadelphia and the surrounding neighborhoods recognize assist with my debt needs?

All bankruptcies must be filled in federal court. However, each state has specific requirements regarding income levels and circumstances that determine which type of bankruptcy is appropriate. Pennsylvania's guidelines regarding exemptions may differ from the state exemptions in surrounding states. Homestead, wages, and personal property, as well as income, influence which type of bankruptcy can be filed.

The results don't lie: a bankruptcy lawyer in Philadelphia and its neighbors turn to in times of financial crisis can help you with your debt consolidation.

Types of Bankruptcy

Although there are six types of bankruptcy, Pennsylvania only allow for two types of bankruptcy.

    Chapter Seven: This type of bankruptcy is for unsecured debt. When an individual's personal income cannot cover the debt derived from credit cards, personal loans, medical bills or payday loans, a bankruptcy attorney in Philadelphia will recommend Chapter 7. Upon discharge, the personal debt has been satisfied. However, Chapter Seven bankruptcy will remain on the individual's credit report for ten years. It should be noted: Chapter Seven bankruptcy is the most common type of bankruptcy. Typically, the filer must have $15,000 of unsecured debt to be eligible for this type of bankruptcy.
    Chapter Thirteen: For individuals who own real property (multiple homes) or cars, tools used for professional reasons, then debt consolidation is right for you. Chapter Thirteen bankruptcy reorganizes an individuals debt to be repaid over three to five years.

Do you need a Philadelphia bankruptcy attorney

Although simple cases of Chapter Seven bankruptcy can be filled "pro se," in which the debtor represents himself, it is complicated to do so. There tends to be little leniency in allowing for errors during the bankruptcy. Besides paperwork and deadlines, there are filing fees and court meetings which must adhere to the prescribed schedule. Consult with a bankruptcy attorney for your debt relief needs.