The Difficulty of Declaring Chapter 7 Bankruptcy without the Help of a Bankruptcy Lawyer in Philadelphia

Imagine teetering on the brink of financial ruin, not knowing how to pay off your debt or not understanding other options available to you. Well, it could happen to you or your loved ones at the least expected time.
Did you know that approximately 37% of all Americans have overdue loans? It is important to know your options when filing for bankruptcy, William D. Schroeder Jr., a bankruptcy lawyer in Philadelphia, can help local clients with Chapter 7, 11, and 13 filings.

What is involved in Declaring a Chapter 7?

What you may not realize is that filing for bankruptcy does not have to mean losing all your money and everything you own. Chapter 7 bankruptcy allows you to eliminate your bills including medical, credit card debt, certain taxes, and other debts. A Chapter 7 filing can only be declared once every 8 years and an experienced bankruptcy attorney can determine whether this is the ideal option for you.

A difficulty in filing Chapter 7 involves making sure all appropriate information and document are provided. On your own, this is a confusing and stressful endeavor. The Chapter 7 bankruptcy process typically goes as follows:

  1. Perform a Mandatory Credit Counseling Course (Online or by Phone)
  2. Providing the proper and appropriate Financial Information from the Past 2 Years
  3. Retrieve a Recent Income Tax Returns and provide same to your Bankruptcy Trustee
  4. Attend a Creditors` Meeting 30 Days After Filing
  5. Attend a Budget Counseling Meeting (Online or by Phone)
  6. The determination as to whether the Court will Discharge Your Debts

Going bankrupt does not have to be a traumatizing experience –an experienced attorney can help navigate through complex paperwork and will deal with the creditors. If you are looking for more information on Chapter 7, 11, or 13 filings contact William D. Schroeder Jr., a bankruptcy lawyer in Philadelphia, today by visiting his firm`s website at It is important to remember that bankruptcy declaration and procedure can differ significantly from state to state. In Pennsylvania William D. Schroeder has you covered.

William D. Schroeder, Jr. Attorney at Law
262A Bethlehem Pike, Suite 102
Colmar, PA, 18915
Ph. 215.822.2728