Consumer Bankruptcy Attorneys in Pennsylvania
Are you in debt? Have you heard a lot about bankruptcy? The odds are good that the information you have heard hasn't come directly from a lawyer who handles these matters. Deciding whether to file for bankruptcy is not easy; there are advantages and disadvantages that you must carefully consider. At MPL Law Firm we can provide the facts you need to make your decision. Our York, Pennsylvania bankruptcy lawyers can help you find solutions to overcome your debt.
We start the process by gathering information about you and your specific situation. We learn about your income and your debt. We get the details necessary to help you make the decision that is right for you.
Many people have heard that the changes in bankruptcy law from several years ago made personal bankruptcy harder to access. This is not necessarily the case. Bankruptcy protection and a fresh start are still available to many people with overwhelming debt.
What Is Chapter 7 Bankruptcy?
Chapter 7 is the simplest form of bankruptcy. Essentially, it involves the liquidation of assets and the elimination of debt. A common misunderstanding is that people lose all of their property when they go through Chapter 7 bankruptcy. That is not the case. There are exemptions that can protect your property and equity.
In order to be eligible for Chapter 7 bankruptcy, you must pass the Chapter 7 "means test," which takes into account your income and certain expenses. Contact us to determine if you are eligible for Chapter 7 bankruptcy.
What Is Chapter 13 Bankruptcy?
Chapter 13 is a form of bankruptcy that allows for the reorganization of your debt. Debtors form a payment plan for repayment of their debts, often reducing the total amount of debt. The repayment period is three to five years. After the repayment period, the bankruptcy court will discharge any remaining nonexempt debts.
Chapter 13 bankruptcy is a good option for individuals who are not eligible for Chapter 7 bankruptcy. It is also a very effective tool to stop foreclosure.
Contact Our Adams, York and Lancaster County, Pennsylvania Chapter 7 and 13 Debt Relief Lawyers
Contact MPL Law Firm to speak with a York, Pennsylvania bankruptcy lawyer.
