CHERRY HILL
856-254-2196
PHILADELPHIA
215-647-9891
MAPLE SHADE
856-254-2196
WILLINGBORO
856-254-2196
SICKLERVILLE
856-254-2196
TOLL FREE
800-759-0767
CHERRY HILL
856-254-2196
PHILADELPHIA
215-647-9891
MAPLE SHADE
856-254-2196
WILLINGBORO
856-254-2196
SICKLERVILLE
856-254-2196
TOLL FREE
800-759-0767
Bankruptcy is not just for those with limited assets or income. There are different types of bankruptcy that can help people in a variety of different circumstances. Chapter 13 bankruptcy is accessible to even successful professionals
Thankfully, people can protect most or all of their property from sale during even Chapter 7 proceedings.
However, the typical adult considering bankruptcy is an otherwise responsible individual whose finances have shifted. Successful professionals who earn competitive salaries are among those with the highest levels of revolving credit card debt in the United States and, therefore, are among those most likely to file for bankruptcy.
While they seem beneficial on paper, consolidation loans can often do more harm than good.
Two main factors come into play in determining how much the payments will be. The Debtor’s disposable income and the nonexempt equity in the Debtor’s property.
The length of that waiting period depends on the type of bankruptcy they filed before and the type of bankruptcy they want to file this time.
If you find yourself facing overwhelming debt and you’re considering using bankruptcy to get out of it, are you the one who put yourself in this position? Probably not.
While filing a bankruptcy generally requires that you provide your attorney a lot of infomation regarding assets, liabilities, income and expenses along with doscuments like paystubs, bank statements and tax returns, and that you complete a credit counseling course that takes approximately one hour, it is still possible to file a Chapter 13 to stop the sheriff sale by filing an emergency (skeleton) petition and schedules.
Although it may feel extreme, filing for bankruptcy is often the best solution when your debt has reached truly unmanageable levels. Learning more about the basics of bankruptcy and the problems with different credit card debt solutions can help you make better financial choices.
Some people will file for Chapter 13 bankruptcy because their income is too high to qualify for Chapter 7 proceedings or because they have valuable property that they don’t want to risk losing in the bankruptcy process. Chapter 13 Bankruptcy does not require the liquidation of your personal property but will instead necessitate a repayment plan.
