A Chapter 13 Bankruptcy Attorney in Bucks Can Help Lower Your Monthly Payments

chapter 13 bankruptcy attorney bucksChapter 13 bankruptcy is one of the most common kinds filed by private individuals. In this bankruptcy plan, the debtor is obligated to pay back some of their debts over the course of 3-5 years, based on a structured payment plan approved by a bankruptcy court.
Exemptions are extremely important to the Chapter 13 process, because your total worth is a major factor in how much money you are required to pay each month.  The more non-exempt assets you own, the more you have to pay into the Chapter 13 bankruptcy account and the higher those monthly payments will be.
If you are considering a Chapter 13 bankruptcy in Bucks, you should definitely consult with a qualified bankruptcy attorney.  Your attorney will guide you to make sure you get the best result possible for your situation. Below are some of the most common exemptions allowed under Federal law.

Frequently-Used Chapter 13 Bankruptcy Exemptions in Pennsylvania 
Double Exemptions for Spouses with Co-Ownership

Double exemptions are perhaps the most potentially impactful exemption.  Spouses who legally co-own property can both claim full exemptions on that property when filing for joint bankruptcy.  However, they must both be owners on paper and could be ineligible for the exemption if the property is only in one spouse’s name.


A Chapter 13 debtor’s pension and retirement funds whether an IRA or 401(k) or 403(b) are exempt.  Both public, government and private pensions are exempt.

Public Benefits

Some other public funding is also exempted.  Specifically, worker’s compensation and unemployment benefits, veteran’s benefits, and crime victim compensation.

Business Property

In most cases, business property owned as part of a partnership can be exempted, being seen as owned by the corporation/partnership rather than by the individual.

Personal Property

A few types of personal property also receive exemptions:  Clothing, school books, Bibles, uniforms, and sewing machines.  These will likely be small, but every little bit helps in reducing the amount you must pay, and therefore, the monthly payments.

Get Advice Before Making Any Legal Decisions!

William D. Schroeder, Jr., Attorney at Law, has decades of experience helping residents of Bucks, Berks, Chester, Montgomery, and Philadelphia counties get back on firm financial ground through bankruptcy. Contact our office today to get the advice you need.