Although bankruptcy can be psychologically difficult for even the strongest people, individuals living in Philadelphia can rest easier knowing that there are options available to them that will prevent their losing everything. In fact, bankruptcy filing can even be beneficial to an individual’s life issues including his state of mind. Without having to worry about bills, collection and debt settlement, a person can concentrate on their health and well being.
Bankruptcy attorney, William D. Schroeder Jr., has years of experience helping clients who are in debt file for chapter 7, chapter 11, and chapter 13 bankruptcy. William D. Schroeder Jr. understands that during times of financial stress, many clients have difficulty paying for the services of a lawyer; he offers flexible payment options to accommodate all budgets.
Each chapter filing is intended for a different financial situation that a person or business may find themselves in. For example, chapter 7 filing is perfect for clients who want to eliminate a large amount of debt quickly without losing any property.
3 major benefits of filing for chapter 7 bankruptcy include:
1. Immediate Relief
Chapter 7 bankruptcy filing is perfect for individuals who do not have much hope of paying their debt off in monthly installments and would rather eliminate this debt all at once. A majority of all chapter 7 cases do not require the necessity of appearing in court on multiple occasions.
2. Keep Property
The clients of William D. Schroeder, Jr. who file chapter 7 retain all of their assets; the bankruptcy law is employed to keep their homes, their vehicles personal assets and retirement funds. Assets that would not be protected would be discussed and a different bankruptcy would be filed.
3. No More Communication with Creditors
Furthermore, filing for chapter 7 bankruptcy also makes it illegal for creditors to continue calling individuals or harassing them in any other way. Elimination of the insistent reminder, that there are bills that still need to be paid is a good way to provide peace of mind.
Before a client can file for chapter 7, they need to show to the court that they pass the Means Test. The Means Test evaluates an individual’s average income and compares it to the median income of the state. If the individual cannot pay their creditors back in any possible way, then they can qualify for chapter 7. Individuals who are looking for a bankruptcy attorney in Philadelphia can trust William D. Schroeder Jr. to help navigate them through the complexity of the means test and bankruptcy filing and advise them on the right steps that need to be taken.
To learn more about the full legal services offered at William D. Schroeder, Jr. Attorney at Law, explore the website at https://www.jrlaw.org/ or contact:
William D. Schroeder, Jr. Attorney at Law
262A Bethlehem Pike, Suite 102
Colmar, PA, 18915