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Considering Filing Consumer Bankruptcy?

Case & DiGiamberardino, P.C., offers a variety of consumer bankruptcy services designed to help you take control of your financial life, including Chapter 7 and Chapter 13. Your individual circumstances will determine which method of debt relief is most appropriate for you and your family, and Case & DiGiamberardino, P.C., is ready to work with you to determine which approach is best for your particular situation. Here, we have provided a few of the most important facts that you should know about filing bankruptcy as a consumer.

Quick Facts About Chapter 7 Bankruptcy

If you cannot pay your debts, filing a petition for Chapter 7 might be your best option. Chapter 7 bankruptcy will:

  • Liquidate debts rather than arrange a repayment plan; any assets not designated “exempt” are sold to pay the creditor
  • Most people retain all of their assets, including a home or car because exemption rules specifically protect those assets from liquidation in appropriate circumstances
  • Immediately stop your creditors from attempting to collect
  • Take roughly four to six months to complete
  • Remain on your credit report for 10 years after the bankruptcy is granted
  • be available to consumers who satisfy the “means test” based on their household income

Quick Facts About Chapter 13 Bankruptcy

If you can pay a portion of your debts, then you might want to consider filing for Chapter 13. Chapter 13 bankruptcy will:

  • Consolidate your debts and put you on a repayment plan. You will be given an allowance for basic living expenses and the rest of your income will be used to pay off debts
  • Stay on your credit report for the length of the repayment period, plus seven years
  • Take between 36 to 60 months to complete the payment plan
  • Make it easier for you to keep your assets, such as a home or car
  • Save you from dealing directly with your creditors

Contact A Bankruptcy Attorney Today

Put our bankruptcy experience on your side. Contact our Lancaster bankruptcy law firm today to discuss your case. We have three office locations in Lancaster, Wyomissing and Malvern. You can send us an email or schedule a consultation at any location when you call 610-936-6650.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.