Best Bankruptcy Lawyers in Philadelphia

About Bankruptcy Law in Philadelphia, United States

Bankruptcy law in Philadelphia, like in the rest of the United States, provides individuals and businesses who are struggling with overwhelming debt the opportunity to seek relief and a fresh financial start. Bankruptcy proceedings are governed by federal law, but there are local laws and procedures that may vary from state to state, including in Philadelphia.

Why You May Need a Lawyer

There are several situations where hiring a bankruptcy lawyer in Philadelphia may be beneficial, including:

• If you are unsure of which type of bankruptcy to file
• If you have complex financial issues or assets that need protection
• If you are facing litigation from creditors
• If you need help navigating the bankruptcy process and paperwork

Local Laws Overview

In Philadelphia, bankruptcy cases are typically filed in the United States Bankruptcy Court for the Eastern District of Pennsylvania. Some key aspects of local bankruptcy laws in Philadelphia include exemptions, which determine what property you can keep in a bankruptcy, and specific procedures for filing bankruptcy paperwork in Philadelphia.

Frequently Asked Questions

1. What are the different types of bankruptcy I can file in Philadelphia?

In Philadelphia, individuals typically file for either Chapter 7 or Chapter 13 bankruptcy, depending on their financial situation and goals.

2. Will I lose all of my assets if I file for bankruptcy in Philadelphia?

Not necessarily. Bankruptcy exemptions in Philadelphia allow you to keep certain property, such as your home, car, and personal belongings, up to a certain value.

3. How long does the bankruptcy process take in Philadelphia?

The timeline for a bankruptcy case in Philadelphia varies depending on the type of bankruptcy filed and the complexity of the case. In general, Chapter 7 bankruptcies can be completed in a few months, while Chapter 13 bankruptcies typically last three to five years.

4. Can I file for bankruptcy without a lawyer in Philadelphia?

While it is possible to file for bankruptcy pro se (without a lawyer), it is generally not recommended due to the complexity of the bankruptcy process and the potential consequences of mistakes.

5. Will filing for bankruptcy stop creditor harassment in Philadelphia?

Yes, filing for bankruptcy triggers an automatic stay that halts most collection actions, including creditor harassment, lawsuits, and wage garnishments.

6. What debts can be discharged in bankruptcy in Philadelphia?

Most unsecured debts, such as credit card debt, medical bills, and personal loans, can be discharged in bankruptcy. However, certain types of debts, such as student loans and child support, are typically non-dischargeable.

7. Will bankruptcy affect my credit score in Philadelphia?

Filing for bankruptcy will negatively impact your credit score in the short term, but it is possible to rebuild your credit over time by practicing responsible financial habits.

8. Can I keep my home if I file for bankruptcy in Philadelphia?

Whether you can keep your home in bankruptcy depends on various factors, including the equity in your home, applicable exemptions, and your ability to continue making mortgage payments.

9. What is the means test, and do I have to take it in Philadelphia?

The means test is used to determine if you qualify for Chapter 7 bankruptcy based on your income and expenses. In Philadelphia, you must pass the means test to file for Chapter 7 bankruptcy.

10. How much does it cost to file for bankruptcy in Philadelphia?

The filing fee for Chapter 7 bankruptcy in Philadelphia is currently $338, and for Chapter 13 bankruptcy, it is $313. Additionally, you may incur attorney fees if you hire a bankruptcy lawyer.

Additional Resources

If you are considering filing for bankruptcy in Philadelphia or need legal assistance, you may find the following resources helpful:

• United States Bankruptcy Court for the Eastern District of Pennsylvania
• Philadelphia Bar Association - Bankruptcy Section
• Pennsylvania Legal Aid Network

Next Steps

If you are facing overwhelming debt and considering bankruptcy in Philadelphia, it is advisable to consult with a knowledgeable bankruptcy lawyer who can assess your situation, explain your options, and guide you through the bankruptcy process. Contact a bankruptcy attorney in Philadelphia today to discuss your case and determine the best course of action for your financial future. Remember, seeking legal advice early can help you make informed decisions and achieve a fresh start free from debt.