How to File Bankruptcy in Philadelphia

  • David M. Offen,
  •   Bankruptcy
  •   Comments Off on How to File Bankruptcy in Philadelphia

file bankruptcy in philadephiaFiling for bankruptcy in Philadelphia is something you may be considering, however, you cannot move forward with this important financial decision until you know exactly what you are doing.

Some people think that bankruptcy is the easy way out. They believe this is the quickest way to solve all their financial problems. While this is a definite benefit to some, it is not always the right answer.

Before you file for bankruptcy in Philadelphia, consider other options such as:

  • Credit counseling
  • Debt consolidation
  • Load modification or refinancing

If you have exercised all your options and are sure that bankruptcy is the right way to move forward, the next step is simple: learn as much as you can about this process, including the finer details of Chapter 7 and Chapter 13.

When you file for bankruptcy, the immediate result is an “automatic stay.” In short, this prevents creditors from attempting to seize your assets or collect any money.

Two Filing Options

Once you learn more about Chapter 7 and Chapter 13 bankruptcy, you can decide which one is right for you. At that point, you have two options for filing:

  • Do it yourself bankruptcy filing
  • Hire an experienced bankruptcy attorney

The primary benefit of filing for bankruptcy without an attorney is the cost savings. You will not be required to pay attorney fees, which will definitely save you money.

On the other side of the equation, it is unlikely that you have any experience or knowledge of how to file bankruptcy in Philadelphia. Subsequently, you will be faced with many challenges as well as plenty of moments of indecisiveness.

When you file for bankruptcy with the assistance of an attorney, you are following the lead of an experienced professional who has worked on many of these cases in the past. All you have to do is follow your attorney’s lead, guaranteeing that the entire process will move forward in a smooth and efficient manner.

Although there is a lot of paperwork associated with filing for bankruptcy, the most important part of the process is your court hearing. Once again, it is much easier to make your way through this when you have an attorney on your side.

At your meeting, you will answer questions about your assets and debt. It is important to note that creditors are allowed to attend your court hearing and ask questions.

Your bankruptcy case will typically be completed within four to six months of the initial filing.

If all this sounds confusing, consulting with a Philadelphia bankruptcy attorney will clear the air and help you move forward in the appropriate manner.

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