What to Expect From a Chapter 13 Bankruptcy: How a Bankruptcy Attorney in Philadelphia Can Help

Filing a Chapter 13 bankruptcy can be confusing and many people are unsure what to expect.  William D Schroeder, Jr., a Chapter 13 bankruptcy attorney in Philadelphia answers the top questions about bankruptcy.

When should I think about hiring a bankruptcy attorney?

When bills start piling up and it gets harder to know what to do next, it is time to look for guidance.  Chapter 13 Bankruptcy may be the right answer for your situation.  Consulting with a Chapter 13 bankruptcy attorney in Philadelphia will help you see clearly what the best course of action is. If bankruptcy is the best choice, your attorney will guide you through the paperwork, the rules and the entire process.  The rules must be adhered to if the case is to be successful.
A person without guidance could miss some important initial steps in the bankruptcy.

What will my creditors do when I file bankruptcy?

They will immediately stop harassing you. Creditors are prohibited from calling you once the Chapter 13 bankruptcy paperwork is filed. Being freed from talking with them will be a great relief to you. Even when payments have begun, the transactions are handled through trustees.

Can I handle my case on my own?

Everyone has a right to represent themselves.  That is not a good idea however. Rules for Chapter 13 bankruptcy can be found on the internet but Chapter 13 cases are more than just rules. A Chapter 13 bankruptcy attorney in Philadelphia will know the ins and outs of the process.  In addition, he will be familiar with how cases work in the local area; he will have established rapport with the common agents (judges, attorneys, even creditors) and can help you obtain the best outcome possible.  That peace of mind can be worth a lot.

Will I still owe money after the bankruptcy?

Chapter 13 bankruptcy is structured so that you will pay a set amount for 3-5 years, depending on the type and amount of debt and the disposable income you have. It is possible the unsecured debt (like credit cards) will not have to be paid..  Secured and priority debt, like mortgages, or tax debts, will all be paid off when the allotted number of years have passed. However, your Chapter 13 bankruptcy attorney in Philadelphia will negotiate better terms and lower payments so that you will be able to handle your monthly debt-load.

How will the bankruptcy affect my credit?

Your filing will be listed on your credit report for 10 years; this is governed by the Fair Credit Reporting Act.  The negative effect it has on your credit score is likely to only be for 2 or 3 years. A bankruptcy attorney can advise you about whether filing is the right move for you and what your options are. Late payments and foreclosure are more damaging to your credit than a bankruptcy.
Chapter 13 bankruptcy could be the right solution for your financial problems. The key is good guidance from someone who knows all the laws and options available. A good Chapter 13 bankruptcy attorney in Philadelphia, like William D. Schroeder, Jr. will answer all of your questions and help you decide the right course of action. Call 215-822-2728 today for a $50 consultation if you are considering bankruptcy.
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