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Bankruptcy Attorneys Serving Elkins Park PA

There is no question that financial difficulties can be stressful. Collection calls and letters harass you each day and you may already be facing wage or bank account garnishments. In some cases, the difficulties may have been through no fault of your own, like a job loss or medical bills. When you are facing collection calls and garnishments, it may be time to consider bankruptcy.

Chapter 7 Bankruptcy Attorneys Serving Elkins Park PA

Chapter 7 bankruptcy is also known as liquidation bankruptcy. In order to pay your creditors, your assets are liquidated. If you don’t have many assets and don’t have a steady income, Chapter 7 bankruptcy is probably the best choice to help you down the path to financial freedom. Under the statute, some of your assets may be protected as exempt, which means they cannot be seized to pay your creditors. This could include your vehicle, your home or the tools you use for work. When the bankruptcy is filed, an automatic stay is issued so creditors are no longer allowed to contact you and all garnishments must stop. Chapter 7 can eliminate most of your unsecured debt, like personal loans and credit card, but it cannot eliminate secured debt, like mortgages, or some tax debt. It can also not eliminate student loan debt in most cases.

Chapter 13 Bankruptcy Attorneys Serving Elkins Park PA

If you have a steady income and assets that may not be exempt, you may want to file for Chapter 13 bankruptcy. Chapter 13 bankruptcy reorganizes your debt so that you pay your creditors over a period of time, usually between three and five years. Creditors reduce the amount you owe by waiving late fees, lowering interest and sometimes reducing principal to make the payments low enough for you to afford. Just like Chapter 7, an automatic stay is issued so you can stop the collection activity on your accounts.

Loan Modification Attorneys Serving Elkins Park PA

If you are facing foreclosure because your mortgage payments are behind, you may qualify for a loan modification. A mortgage loan modification reduces your payments to a more affordable level by lowering your interest rate, reducing your principal or extending the terms of your loan. It may be possible for your lender to increase your loan from a 30-year mortgage to a 40-year in an effort to reduce the payment amount.

Real Estate Attorneys Serving Elkins Park PA

Real estate transactions of any type can be complicated, even if they seem simple on the surface. Changes in real estate law have added requirements that most people outside the industry cannot understand. For this reason, you need our real estate attorneys to represent you in any real estate transaction. An attorney will keep your best interests at heart and make sure there are no surprises at settlement or later down the road.

If you are facing financial difficulties or are in need of real estate advice, contact us to see how we can help. You can complete the simple query form or contact them by phone to arrange an initial consultation.