for Bucks County, Philadelphia County, and Montgomery County
If you are struggling with debt you are unable to pay, and dealing with constant creditor phone calls, letters, and legal threats, our firm can help. Federal bankruptcy law provides people in this tough position with a process for a fresh financial start. Depending upon your situation, filing Chapter 7 or Chapter 13 bankruptcy may the answer.
Our bankruptcy lawyers at Velter, Yurovsky & Zoftis, LLC are committed to assisting people throughout Bucks County, Philadelphia County and Montgomery County to seek debt relief. Bankruptcy is not the only option available to resolve debt problems, but has many benefits.
One of the most significant benefits of filing for Chapter 7 bankruptcy is the discharge of debt. Unsecured consumer debts, such as credit cards, medical bills, personal loans and similar debt are discharged – gone forever. Secured debt, such as a financed vehicle, can be left in place, or the terms of the loan renegotiated. As soon as you file for bankruptcy, an "automatic stay" is issued by the bankruptcy court. Once issued, all creditor actions come to a complete stop. No more letters, calls or any other action can be taken against you.
The type of bankruptcy you file will be based upon your income, and the type of debt problems you are experiencing.
- Chapter 7 – Also called a "straight" or "liquidation" bankruptcy, Chapter 7 is designed to allow a person to retain property up to a certain value. Most people who file Chapter 7 lose nothing – other than debt.
- Chapter 13 - If you are in mortgage trouble, Chapter 13 may be the solution. This form of bankruptcy can make it possible to keep your property. It involves presenting a structured payment plan to address back payments. Chapter 13 is appropriate for wage earners and property owners who have in serious financial trouble.
After filing for bankruptcy, you can begin the process of rebuilding your credit. The bankruptcy will affect your credit rating. Many people filing for bankruptcy already have badly compromised credit by the time they file. After your bankruptcy is finalized and debt discharged, those debts will no longer be yours, which is a positive benefit for your credit. Initially, you will only be able to get secured credit cards. If you continue to make all payments on time, your credit rating will begin to improve. Eventually, you will become eligible for other loans, particularly if you have no late payments going forward.
If you are considering a bankruptcy, call the law offices of Velter, Yurovsky & Zoftis, LLC at (215) 969-3004 for help.
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