Filing for bankruptcy is one of the most difficult life experiences that you may be forced to face. Fortunately, going bankrupt in Philadelphia does not mean that you will have to lose everything. In actuality, filing for Chapter 7, 11, or 13 bankruptcy will put your life back on track; give you a fresh start and help teach you how to better budget and save your money.
In particular, Chapter 7 filings are perfect for both individuals and businesses that are no longer financially stable. A knowledgeable and experienced lawyer like chapter 7 bankruptcy attorney, Philadelphia’s William D. Schroeder, Jr. does everything he can to make sure that your personal assets are protected during the entire bankruptcy process. It is very possible you will keep your business operating and many of your assets will be exempt under Chapter 7 bankruptcy.
The Chapter 7 liquidation process has 6 major parts:
- Online/phone credit counseling
- Filing financial information
- Sending income tax information to a bankruptcy trustee
- Attending a creditors’meeting
- Online/phone budget counseling
- Waiting for the court discharge
These 6 steps not only determine whether your business qualifies for Chapter 7 filing, but the counseling courses also teach you. This allows you to successfully re-launch or start a new business in the future. We understand that starting an entrepreneurial business is incredibly difficult, regardless of the product or service you are selling.
To find out more about all of the services available from Chapter 7 bankruptcy attorney, Philadelphia’s William D. Schroeder, Jr. including how you can help protect your business in the long run, visit his firm’s website today at https://www.jrlaw.org/. William Schroeder practices in all areas of bankruptcy and debt consolidation, including Chapter 7, 11, and 13 filings. Please remember that bankruptcy declaration and procedure can differ significantly from state to state and the information in this article is targeted towards businesses that are established across that state of Pennsylvania.
William D. Schroeder, Jr. Attorney at Law
262A Bethlehem Pike, Suite 102
Colmar, PA, 18915