Reading, PA Bankruptcy and Foreclosure Lawyers
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Experienced Bankruptcy Attorneys and Foreclosure Defense Lawyers in Reading, Pennsylvania
Experiencing a financial crisis can be overwhelming, but with the help of experienced Reading, PA bankruptcy and foreclosure lawyers, the process can be made easier. Our team at Sadek Bankruptcy Law Offices understands the toll a bankruptcy or foreclosure can have on your well-being.
Whether you are facing bankruptcy, foreclosure, repossession, creditor harassment, or other collection efforts, our NJ & PA bankruptcy lawyers can help. With decades of combined experience, you can trust our team to provide you with the help you need, every step of the way.
Contact a Reading bankruptcy attorney at our office to discuss your case and options by calling (215) 545-0008 or by completing our online contact form. We have multiple offices in Philadelphia and serve a wide range of areas in Eastern Pennsylvania.
Foreclosure Defense in Reading, PA
Falling behind on payments for your home or property is not something anyone expects to happen. But when financial difficulties begin, having options matters. Our bankruptcy attorneys at Sadek Bankruptcy Law Offices can offer you a strategic defense against foreclosure in Reading.
What is Foreclosure Defense?
Foreclosure defense refers to a range of legal actions one can take in order to protect their home from foreclosure. These include proving the lender has no right to foreclose, identifying other legal errors made by the lender, and even finding alternative solutions to the property owner’s debt.
One of the most common and effective forms of foreclosure defense is bankruptcy. At Sadek Law, we can utilize bankruptcy as a way to halt foreclosure proceedings. Bankruptcy can even stop foreclosure through a Chapter 13 filing.
Types of Foreclosure We Handle
Our team has the experience to handle a wide range of foreclosure types. A PA foreclosure attorney on our team can guide you through the process of fighting lenders who want to take your property due to nonpayment.
Mortgage Foreclosure
These proceedings typically begin if you have fallen several months behind on your mortgage payments and have not communicated with your lender. You may have received a notice from your lender stating that you are in delinquency and that they intend to initiate foreclosure proceedings. This notice should provide a timeframe and options to bring the account current to avoid default.
If a homeowner does not address the missed payments or notice, the lender can proceed with the foreclosure and sell the home at auction. Even if you are facing foreclosure, there are options, such as bankruptcy, that can help you get a fresh start and keep your home. A Reading, PA mortgage foreclosure attorney can help you determine the best course of action in your case.
Tax Foreclosure
Homeowners can face a different kind of foreclosure even if they are current on their payments. If a homeowner falls behind on their property tax responsibilities, their home can be foreclosed upon and sold to pay off the debt. In this situation, the government or local municipality takes legal action against property owners who haven’t paid their taxes.
From there, your property can be sold at a public auction to cover the past-due property taxes. If you are at risk of tax foreclosure, speak to a Pennsylvania tax foreclosure lawyer at Sadek Law. We can help evaluate your situation and develop custom solutions.
When Are You at Risk of Foreclosure?
In Pennsylvania, you are at risk of foreclosure when you become delinquent or fall behind on your mortgage and property tax duties. In general, a creditor cannot initiate foreclosure proceedings in PA until you are at least 120 days delinquent on your payments.
Bankruptcy Lawyers in Reading, PA
At Sadek Bankruptcy Law Offices, we are proud to help the residents of Reading, PA, through every step of the bankruptcy process. Our attorneys have experience in both consumer bankruptcy law and business bankruptcy law, and handle each case with care, compassion, and professionalism.
Types of Bankruptcy We Handle
There are multiple types of bankruptcy, also known as chapters, that can help bring debt relief. Our law firm can handle both Chapter 7, for individuals and businesses, as well as Chapter 13 bankruptcy for individuals.
Each chapter has different income and documentation requirements for filing a bankruptcy petition. Our debt relief lawyers can help you determine which type of bankruptcy is best suited to your particular situation.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy, sometimes referred to as the “wage earner’s plan,” differs from Chapter 7 bankruptcy. This chapter requires a consumer to develop and adhere to a structured repayment plan, which lasts 3 to 5 years.
This type of bankruptcy is similar to debt consolidation in that your debts are combined into one monthly payment. However, Chapter 13 bankruptcy provides you protection through the automatic stay. This halts foreclosure and repossession, protects you from lawsuits, and stops creditors from contacting you. Other forms of debt relief, such as debt settlement or consolidation, do not provide you with this kind of protection.
In addition to being a longer process, a Chapter 13 bankruptcy differs from Chapter 7 in the way it deals with your unsecured debt. If you want to keep your home or are facing foreclosure, a repayment bankruptcy solution might be the right option for you.
Also, unlike with Chapter 7 bankruptcy, there are no income limits to disqualify you from filing Chapter 13. Your monthly income will determine the repayment plan for your unsecured debt.
Chapter 13 bankruptcy filings can be complex, and you’ll need a bankruptcy lawyer who is familiar with the system to help you through the restructuring of your debt. Call a PA Chapter 13 bankruptcy lawyer at Sadek Law to discuss your options.
Chapter 7 Bankruptcy
With Chapter 7 bankruptcy, we help our clients gain a fresh financial start by selling off their assets or real estate to pay their creditors, with certain exceptions. Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” results in the immediate discharge, or “wiping out,” of certain types of individual debts. This occurs after a person’s non-exempt assets are sold, or liquidated, in order to pay off other, non-dischargeable debts.
In order to qualify for Chapter 7 bankruptcy, you must pass a means test. This basically tells the bankruptcy court that you don’t have the income, or means, to pay back your creditors. This allows you to discharge and erase a number of unsecured debts, which may include credit card debt, medical bills, some personal loans, and more.
If you believe Chapter 7 bankruptcy may be right for you, contact the lawyers at Sadek Bankruptcy Law Offices. Our Reading, PA Chapter 7 bankruptcy attorneys can determine your eligibility and help you throughout the process.
Chapter 7 Business Bankruptcy
If your Pennsylvania business or corporation is facing financial stress, you may be able to file a Chapter 7 business bankruptcy. This process essentially winds down business operations, removes liability from the business, and imposes an automatic stay. This keeps owners from dipping into their own personal funds to cover business expenses, and protects the business from adverse legal actions and collection efforts.
Corporations, LLCs, and sole proprietorships are eligible to file for Chapter 7 bankruptcy in Pennsylvania if they cannot fulfill their financial obligations. If you are a Reading business owner, consult with an experienced PA Chapter 7 business bankruptcy attorney to ensure your case is handled properly.
Benefits of Filing for Bankruptcy
There are benefits to filing bankruptcy in Pennsylvania, which include pausing phone calls from creditors, establishing affordable payment plans, and providing a path to financial freedom. After filing for bankruptcy, an individual’s debts will be discharged, and they can begin rebuilding their financial life.
Although a bankruptcy can remain on your credit report for anywhere from 7 to 10 years, over time, its effects begin to wear off. Our clients often see their credit score increase within 12 to 18 months of filing. However, they must maintain a good financial path following discharge.
With the help of a Pennsylvania bankruptcy attorney, clients can gain a new beginning in their finances. In some cases, individuals are even able to purchase cars or homes following a discharge and credit repair.
When Should You Hire a Bankruptcy Lawyer?
You may want to hire a bankruptcy lawyer if your financial situation is preventing you from achieving your long-term financial goals or planning your future. Bankruptcy attorneys know the law, understand debt problems, and can help you feel relief from debt collectors.
Additionally, if your company is struggling to meet its monthly financial obligations or generate revenue, bankruptcy may become a viable consideration. The bankruptcy attorneys with Sadek Bankruptcy Law Offices can help companies and individuals facing difficult financial situations get back on track.
How Our Reading Bankruptcy and Foreclosure Lawyers Can Help
Our Reading bankruptcy lawyers can guide you through your bankruptcy options, assess your legal needs, and help you achieve a financial fresh start. We are knowledgeable in the legal field of debt problems and can help you get relief from your creditors.
In Need of Effective Debt Solutions? Contact the Reading, PA Lawyers at Sadek Bankruptcy Law Offices Today
Are you experiencing a financial hardship and tired of receiving harassing phone calls from debt collectors? A Reading bankruptcy attorney with Sadek Bankruptcy Law Offices can offer you high-quality legal services. Our team provides a free consultation to discuss your needs, evaluate your case, and help you determine the right path to take.
At our law firm, we understand what it means to be in financial distress, facing the prospect of losing your home, or struggling with overwhelming debt. Our Philadelphia area bankruptcy lawyers can help you understand your foreclosure defense and bankruptcy options. Our primary law office is located in Philadelphia, but we have multiple office locations in the area. We also serve the residents of Philadelphia, Bucks, Montgomery, Lehigh, Chester, and Delaware counties. If you are looking for bankruptcy help in Eastern Pennsylvania or Southern New Jersey, our attorneys can work for you.
If you are ready to gain financial stability, call our bankruptcy lawyers at (215) 545-0008 or complete our online contact form.