Chapter 7 bankruptcy in Philadelphia is a court-supervised process designed to allow individuals to get debt relief from unmanageable and overwhelming debts and obligations. Chapter 7 bankruptcy can result in discharge of most or all of your debts. This means that you would no longer be responsible for paying those debts after you receive your discharge order from the court.
The application process can be complicated. This is especially true if you have a lot of assets or debts that are difficult to structure into your bankruptcy filing. You should not try to file for Chapter 7 bankruptcy in Philadelphia without first consulting with an experienced attorney who can guide you through the process and give you valuable information about your options.
To file for Chapter 7 bankruptcy in Philadelphia, you will need to meet the eligibility requirements set out under the federal Bankruptcy Code. You can usually only file a Chapter 7 bankruptcy in Philadelphia if your income is below a certain amount and you have no assets exempt from liquidation. However, the simple fact that your income meets these minimums does not mean that you will automatically be able to discharge your debts under the Chapter 7 bankruptcy in PA.
After filing for Chapter 7 bankruptcy, individuals have to go through a mandatory period of credit counseling with an approved organization. After completing this counseling requirement, the person receives their official notice of confirmation and further instructions on how to proceed with the filing process.
Chapter 7 bankruptcy proceedings begin with a meeting of creditors, which you must attend or be represented by an attorney at. You can bring a friend or family member to this hearing if you like, and they may ask questions on your behalf. Be prepared to answer specific questions about your assets, liabilities, and income. If any errors are found in your petition or schedules, they should be corrected at this stage.
The confirmation of the Chapter 7 bankruptcy is generally based on a review of your petition and other documents filed with the court. Your creditors must have received notice of the filing and been given an opportunity to object to it before it can be confirmed.
A Chapter 7 bankruptcy attorney can help you by making sure your petition and supporting documents have been prepared to comply with bankruptcy law. For example, if you have listed a debt that is not included in the Bankruptcy Code’s definition of dischargeable debts, it cannot be discharged through the Chapter 7 process. In this situation, you should either amend your filing or hire an attorney who can help you retain the services of a Chapter 7 bankruptcy trustee. The ability to choose between retaining and not retaining a trustee can be an important advantage to choosing Chapter 7 bankruptcy in Philadelphia.
You can find a lawyer by searching online for “bankruptcy attorney near me” and reviewing the result. Before you sign any paperwork, you should meet with the prospective attorney to discuss the cost and payment arrangements. Every attorney and law firm is free to structure its fees as they want. For this reason, you should do your homework before hiring an attorney to make sure that the fee you agree upon is affordable for your current situation.
You should expect your attorney to research your case thoroughly before filing, draft all necessary documents and attend the meeting of creditors hearing. Most attorneys who provide this service are paid by taking a percentage of the money that is discharged in your bankruptcy filing. Contact our experienced Chapter 7 bankruptcy lawyers to learn more about how we can help.