Northwest Philadelphia Bankruptcy and Foreclosure Lawyer

Individual Approach to Your Bankruptcy in Northwest Philadelphia

Northwest Philadelphia’s geography consists of Stenton Avenue to the North, Schuylkill River to the Southwest, Northwestern Avenue to the Northwest, Roosevelt Boulevard to the South and Wister Street to the East. Northwest Philadelphia consists of neighborhoods such as Germantown, Mt. Airy, Chestnut Hill, Roxborough, Wissahickon, East Falls and Manayunk. Northwest Philadelphia is within a 10-minute commute to our Downtown Philadelphia office or our Northeast Philadelphia branch office.

Northwest Philadelphia, in particular Chestnut Hill is among the highest concentration of household income in Philadelphia along with Center City Philadelphia residents. Northwest’s Philadelphia’s history of prosperity is evident in the grand Victorian homes that are most common in Chestnut Hill and Mt. Airy.

Like any large metropolitan area, Northwest Philadelphia has a wide range of household income levels. Further the recession of the late 2000’s and the recent Pandemic has entrenched in our practice that financial distress can affect all income levels. Currently, we are seeing the end of the mortgage forbearance period and many residents of Northwest Philadelphia are pondering the fate of their residences.

One of our main practice areas is Bankruptcy. I realize that nobody likes the word Bankruptcy, and it is often times a last resort after debt consolidation and mortgage modification attempts. However, where Bankruptcy has proved to be a most valuable tool is in home retention and debt reorganization through what is known as a Chapter 13 Bankruptcy. One of the main benefits of a Chapter 13 Bankruptcy is the imputation of the automatic stay upon filing. 

The automatic stay is one of the most powerful tools in all of law and operates as a mechanism to stop all collection proceedings against the bankruptcy filer and their property. Meaning, any collection efforts, judgment execution, tax collection and foreclosure actions are automatically stopped. Then, through the Chapter 13 Plan a debt reorganization is accomplished. 

The purpose of the Chapter 13 Plan is to devise a strategy for one to keep their prized assets, such as their home and vehicles and repay any delinquency on such assets and simultaneously allocate less money towards unsecured debts such as credit cards and personal loans of which monthly payments may be exhausting a disproportionate amount of monthly household income.

Through Chapter 13 Bankruptcy, Sadek Bankruptcy Law Offices has helped thousands of Philadelphia residents keep their homes by lowering their monthly expenditures to unsecured debts. A Chapter 13 can be filed to save a home from Mortgage Foreclosure, Reverse Mortgage Foreclosure and Real Estate tax foreclosure as well. Real estate tax foreclosure is most common in Northwest Philadelphia due to the increased value of its residences.