One of the most important things to think about when you’re considering bankruptcy is how you can use Philadelphia federal bankruptcy exemptions to keep what is yours. Many people buy into the myth that bankruptcy is going to take everything you own and leave you with nothing. Sure, you’ll have no debt, but you also won’t have any possessions and your credit score will be wrecked.

As Philadelphia bankruptcy exemption lawyers will tell you, this is absolutely a myth. There are plenty of exemptions, and state bankruptcy lawyers in Philadelphia PA will show you how they can help you keep:

  • All of Your possessions
  • Your car
  • Your home
  • The tools of the trade
  • Items with sentimental value
  • And much more

While it is sometimes possible you may have to give up certain assets, over 98% of people filing lose nothing at all, especially when declaring Chapter 7 bankruptcy. Chapter 7 liquidates much of what you own to pay your creditors. But you never, ever want to think you lose everythingl, and you will be pleasantly surprised by how much you can keep with Philadelphia federal bankruptcy exemptions.

The Reason for Federal Bankruptcy Exemptions in Philadelphia PA

The reason that exemptions exist is simple: The government wants to give you a fair shot. They’re not trying to help out the creditors by stripping you of all that you own. They’re trying to give you a second chance, an opportunity to get past prior financial mistakes or misfortunes and start over. The exemptions are the way to make sure that you can live a happy, healthy life after bankruptcy. They make it possible for you to get things in order and still be productive, working to improve your life. Everything that Philadelphia bankruptcy exemption lawyers do will be to protect your future for you and your family. And guess what, in some cases the Pennsylvania State Bankruptcy Exemptions are even better than the Federal Bankruptcy Exemptions in Philadelphia PA!

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Do you have questions for bankruptcy exemption lawyers in Philadelphia PA who have over 20 years of experience? If so, we’re honest and transparent, we put our clients first, and we would love to meet with you for a free consultation to tell you more about Philadelphia federal bankruptcy exemptions. To get started, please contact us now.