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BANKRUPTCY

CHAPTER 7 BANKRUPTCY

Sometimes known as a “no-asset" or “straight” bankruptcy – Chapter 7 means that the person turns over all of their non-exempt assets or property, if any (vehicle, house, savings, for example) to a bankruptcy trustee who sells it and distributes the proceeds to the unsecured creditors, such as credit card companies, medical creditors, or loans.
People can usually keep most of their personal property (jewelry, tools and clothing, for example).

WERNER LAW GROUP will complete all of the complicated forms and paperwork for you, and an experienced attorney will stand beside you and speak on your behalf at creditor meetings, trustee hearings, and in court.

At the conclusion, the debtor is granted a “discharge” of the debt--the debt is cancelled and never again legally enforceable.  Some priority debts (spousal and child support, student loans, and some taxes) cannot be discharged in bankruptcy.
You may choose Chapter 7 if you have:
  • little or no property

  • a large amount of unsecured debt (payday loans, medical bills, credit card debt)

  • little or no income



A Chapter 7 bankruptcy stays on the person’s credit report for 10 years.

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The attorneys at WERNER LAW GROUP are experienced Bankruptcy professionals, admitted to the Bankruptcy Courts in the Middle District and Eastern District of Pennsylvania, and members of the Middle District Bankruptcy Bar Association.
Consult with one of our Bankruptcy attorneys to see if filing a Petition in Bankruptcy is right for you.  Our attorneys can guide you through the maze of Chapter 7 and Chapter 13 Bankruptcy.

CHAPTER 13 BANKRUPTCY

The Chapter 13 option may work better for people who have regular income.  A Chapter 13 filing immediately “stays” or stops any creditor action such as foreclosure, garnishment, repossession, seizure, and attempts at collection including phone calls and letters.

The key feature of a Chapter 13 filing is the "payment plan" which is filed with the bankruptcy court, whereby the debtor agrees to pay certain debts inside the bankruptcy plan, such as arrears on car loans, mortgages, and other debts through an affordable monthly payment plan over a three- to five-year period.  In return, the debtor can keep the property (home, vehicle, and other assets).  Chapter 13 can help save your home from foreclosure, pay off delinquent tax debts, and reduce high interest car loans.

WERNER LAW GROUP will help come up with an affordable payment plan and complete and file all of the complicated forms and paperwork.  An experienced attorney will stand beside you and speak on your behalf at creditor meetings,  trustee hearings, and any court proceedings.

You may choose Chapter 13 if you:
  • have income and want to keep your assets (and manage any arrears on those assets)

  • are behind on your mortgage and want to keep the home (or vehicle)

  • have a wage garnishment

  • are behind on your car payment or want to get back a recently repossessed vehicle

  • are behind on federal or state taxes




A Chapter 13 bankruptcy remains on the person’s credit report for seven years.