Can Chapter 7 Bankruptcy Eliminate My Credit Card Debt?

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At Sadek Bankruptcy Law Offices, we realize that every situation is different. Our debt relief lawyers will take the time to learn about your situation and your goals. Our objective is to explain your legal options and offer the best debt relief strategy for you in the most compassionate and friendly manner possible. Call 24/7 to schedule your meeting with a lawyer.


Our office understands the financial stress our clients endure. Therefore, in addition to reasonable legal fees, we offer a payment plan to all of our valued clients to make quality legal services most affordable.


In addition to our primary law office in Center City, Philadelphia, we also have law offices throughout the Greater Philadelphia, Pennsylvania Area and in New Jersey. Our branch offices have contributed to making us the #1 Bankruptcy Filer and debt relief firm in the Greater Philadelphia area. Our goal is to have a convenient location within 20 minutes of where our clients work or reside.

Can Chapter 7 Bankruptcy Eliminate My Credit Card Debt?

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Credit cards are an essential financial tool for most people in today’s world. To start, credit cards provide significant convenience since people can use the card to purchase goods without having to carry cash. Furthermore, a credit card permits a person to buy products and services on credit. For many people, this aspect of a credit card provides necessary liquidity and flexibility. Furthermore, using and paying off a credit card is one of the most common ways to build credit. As such, many people effectively leverage these aspects of a credit card without running into trouble.

Unfortunately, any individual who uses credit cards can run into trouble. While it is common to think that only people who lack self-control get into trouble with credit card debt, our practice experience has shown that even the most responsible individuals can fall behind. The loss of a job, serious medical issue, or a personal injury are all common reasons why people incur significant amounts credit card debt.

If you are facing significant credit card debts, are having trouble making minimum payments, or seem to sink deeper into debt each month Chapter 7 bankruptcy may provide a solution to your debt problems. The Philadelphia bankruptcy attorneys of Sadek Bankruptcy Law Offices can help you determine whether Chapter 7 is right for your situation. To schedule a free and confidential consultation call us at 215-545-0008 today.

Chapter 7 Bankruptcy Can Eliminate Unsecured Debts while Protecting Your Property in Pennsylvania or New Jersey

Chapter 7 bankruptcy is the form of bankruptcy that is probably more familiar to most people. A Chapter 7 bankruptcy proceeding is also sometimes referred to as a liquidation. In a liquidation, a bankruptcy trustee may sell any property that is not exempt to satisfy debts to creditors. Typically, a Chapter 7 bankruptcy discharge will eliminate all unsecured debts at a significant discount compared to if the individual attempted to pay them off.

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While there is the potential for some property to be sold in a Chapter 7 proceeding, this does not mean that you will lose all of your property and savings. When you declare Chapter 7 bankruptcy in Pennsylvania, you have the option to select either the state-based exemptions or the federal exemptions. Since exemptions are the property you keep, many people make use of exemptions for:

  • A Home
  • Pensions
  • Insurance benefits
  • Business property
  • Personal property

The Pennsylvania exemptions also allow a person a “wildcard” exemption permitting bankruptcy filers to protect even greater amounts of property. This means that when filing for a Chapter 7 bankruptcy in Pennsylvania, there is a high likelihood that state exemptions, federal exemptions, or either set of exemptions will permit you to keep significant amounts, if not all, of your property.

Chapter 7 Bankruptcy Is Often the Fastest Way to Eliminate Debt

One of the other main benefits of a Chapter 7 bankruptcy filing is the fact that these proceedings are significantly less lengthy than a Chapter 11 or Chapter 13 bankruptcy filing. That is, a Chapter 13 wage earner’s plan will last for three to five years. By contrast, in favorable circumstances an individual can complete the entire Chapter 7 bankruptcy process – from filing to discharge – in less than six months.

This is a significant benefit to many Pennsylvanians and bankruptcy filers because most people simply want to get through the process so that they can have a fresh start. Most people would prefer to complete the bankruptcy process in as little time as possible so that they can begin rebuilding their credit. Furthermore, many people do not want to have their finances controlled by a Chapter 13 plan for years.

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Contact a Philadelphia Bankruptcy Lawyer If You Think Chapter 7 Bankruptcy Is the Right Choice for Your Situation

When considering any legal action, it is important to assess all facts and circumstances relevant to the matter. When considering a potential bankruptcy a lawyer should always first learn about your debts, financial information, and your goals for the bankruptcy.  Only after an individualized consultation can a bankruptcy attorney assess whether Chapter 7 bankruptcy is likely to achieve your legal and financial goals.

To schedule a confidential, no-commitment with strategic Philadelphia bankruptcy lawyers call Sadek Bankruptcy Law Offices today at 215-545-0008. We have law offices conveniently located in Center City Philadelphia, northeast Philadelphia, Bucks County, Delaware County, and in southern New Jersey.

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