Chapter 7 Bankruptcy FAQ's
Top Bankruptcy Attorneys and Home Foreclosure Defense Attorneys.
Over 750 ★★★★★ Google Reviews
Contact Our Attorneys Today
EVALUATION
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.
AVAILABLE
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.
AND NJ
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.
What Is The Difference Between Chapter 7 and Chapter 13 Bankruptcy?
Who Can File For Chapter 7 In Pennsylvania?
The Bankruptcy Means Test determines your eligibility for Chapter 7. In simple terms, when comparing your current monthly income against the median income for a household of your size in Pennsylvania, if it is equal to or less than the median, you are eligible for Chapter 7. If you have higher income, under circumstances like recent job loss or reduction in pay, you may be able to file under Chapter 7.
What Is The Process Of Chapter 7 Bankruptcy?
You are required to undergo credit counseling before filing for bankruptcy. Next, collect all financial paperwork that will help your attorney determine your eligibility for Chapter 7 and proceed with a petition. Once it is filed, the court will place an automatic stay that stops payment collection, housing foreclosure, or eviction. A court-appointed trustee will call a Section 341 Meeting of Creditors. Following the meeting, the trustee will liquidate nonexempt property and distribute the proceeds to creditors.
