Benefits of Filing for Bankruptcy in Media, Pennsylvania
Learn about bankruptcy laws from a knowledgeable attorney
Scott F. Waterman, Esq. knows that filing for bankruptcy can give you peace of mind as you find your way out from under overwhelming debt.
Key benefits of filing for bankruptcy include:
- Eliminating or discharging your debt. Bankruptcy can eliminate or discharge your unsecured debt, including credit card debt, medical bills, personal loans and car payments. In Chapter 13 bankruptcy, you find a workable amount to pay. In Chapter 7 bankruptcy, your debts can be discharged within 90 days. In Chapter 13, you are discharged once the payment plan is completed.
- Stopping creditors from harassment. As soon as you and your bankruptcy lawyer file your bankruptcy petition, an automatic stay period begins. That means your creditors are not allowed to contact you. If they do, they can be penalized by the bankruptcy court.
- Keeping your home. Under most states' bankruptcy laws, the home you live in is exempt from liquidation in a Chapter 7 bankruptcy if your equity stake is within the designated amount. Under a Chapter 13 plan, you can catch up on missed or late mortgage payments. You may also get the time to negotiate a loan modification.
- Getting a fresh financial start. Once your debts are discharged, you have that fresh start. Youâ€™ll be able to apply for new loans and credit cards and rebuild your credit by proving that you are responsible.
- Relief from stress. Carrying large debt is a huge worry. Money problems can affect all your relationships. Once your debt is discharged, your self-esteem will improve along with your credit and relationships. There will be no more worrying about how you will pay your debt or having to fight about it with a significant other.
Get out from under overwhelming debt with a Media bankruptcy filing
If you need assistance in filing for bankruptcy in Media, call Scott F. Waterman, Esq. at 610-566-6177 or contact us online to set up a free 10-minute phone consultation.