Pottstown, PA Bankruptcy Lawyer
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Pottstown, PA Bankruptcy Lawyer
Struggling with debt in Pottstown, PA?
Our conveniently located office in Montgomery County is just a hop, skip, and a jump away. We’ve helped hundreds of Pottstown residents get their lives back after creditors tried to take it away from them.
When is it time to file for bankruptcy?
Most people take way too long to file for bankruptcy.
You know it’s time if creditors are calling you night and day. If you can’t seem to get any money into savings. If you’re using credit cards for basic expenses, like utilities, and groceries.
You definitely know it’s time if you’re in danger of foreclosure, repossession, or lawsuits.
We can still help if you wait too long, but you’ll probably be a lot happier if you don’t.
How much does it cost to file for bankruptcy?
It costs way less than losing your home, losing your car, or failing to secure housing because of the foreclosure on your credit report. It costs way less than the emotional strains of being deeply in debt.
One of the first things we do is sit down and work out a payment plan. Paying us will be far less burdensome than paying dozens of monthly payments that don’t help you put an end to your debt.
Which Chapter do I choose?
Choosing the right Chapter is one of the first and most important decisions you’ll make.
Chapter 7 requires a means test. It discharges all your debts without forcing you to make monthly payments. However, all non-exempt property would be sold to cover your debts. Unless you don’t have any non-exempt property, it’s not always the best choice.
Chapter 13 lets you hold on to your assets. It’s a reorganization, a three-to-five year payment plan. You pay a lump sum to a trustee who distributes the funds to your creditors. When the plan is paid the bankruptcy is discharged. Typically the creditors get paid less than they would have if you’d continued trying to pay them yourself.
For one thing, they aren’t allowed to charge interest on the debt anymore. Your payments actually get somewhere, for a change.
I’m not sure I’m comfortable filing bankruptcy
Many people are embarrassed about bankruptcy or feel they shouldn’t file due to a moral obligation. Picture this. You took out a debt for $2200. Maybe you used it to make a major home repair.
You’ve paid back $2100 already. As in, you have literally written $2100 worth of checks to the credit card company. You’ve got just $100 left to pay off the original debt entirely. The credit card company has nearly recouped the value of the original loan.
But thanks to high interest rates, you still owe $2600. Nobody expects lenders not to make any interest at all. But do you really feel morally obligated to pay more than twice the value of that loan? This happens all the time.
Or think about this. If your credit card issuer couldn’t pay its bills tomorrow, what do you think it would do? Would it continue to throw good money after bad? No. It would file bankruptcy. Because it’s a legal remedy, and because the people who run corporations don’t (as a rule) sit around asking themselves whether they’ve got a moral obligation to pay every balance as written.
If Pottsville itself couldn’t pay its bills, it would file bankruptcy too. Don’t deny yourself a remedy major organizations who control more money than you may ever see in your lifetime would happily embrace. This isn’t morality. This isn’t about shame. It’s strictly business.
Will I ever be able to get another credit card, house, or car?
In fact, the great irony of bankruptcy is your credit score tends to go up after your discharge. You’ll marvel at how short a memory creditors seem to have when you’ve got 17 credit card offers and car loan offers in your mailbox a week or two after the case completes.
Not that you should necessarily leap to take any of those offers, but you can rest assured you’ll be able to get what you need if you need it.
Bankruptcy is complex. Don’t try to do it alone
Did you know we’re one of the oldest and most reputable bankruptcy firms in Montgomery County? Don’t jeopardize your case by trying to file bankruptcy by yourself. Take advantage of our expertise, free consultations, and payment plans. Call us to set up an appointment today.