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Understanding the Role of a Chapter 13 Bankruptcy Attorney in Philadelphia
Filing for bankruptcy is a significant decision, and having the right legal guidance is crucial. A Chapter 13 bankruptcy attorney in Philadelphia can help navigate this complex process. This guide explores the essential aspects of working with a bankruptcy attorney and what to expect during the process.
Why Choose a Chapter 13 Bankruptcy Attorney?
Chapter 13 bankruptcy allows individuals with regular income to develop a plan to repay all or part of their debts. Here's why hiring an attorney is beneficial:
- Expert Guidance: An attorney provides expertise in local laws and procedures.
- Customized Solutions: They can tailor a repayment plan to fit your financial situation.
- Protection from Creditors: Lawyers help protect you from aggressive creditor actions.
Experience and Credentials
It's essential to select an attorney with the right experience. Look for:
- Years of practice in bankruptcy law.
- Strong client testimonials and bankruptcy attorney reviews.
- Certifications or specializations in bankruptcy law.
The Chapter 13 Bankruptcy Process
The process involves several key steps where an attorney can assist:
Filing the Petition
The attorney helps prepare and file the necessary paperwork, ensuring accuracy and compliance.
Developing a Repayment Plan
Your lawyer will work with you to create a feasible plan to repay creditors over three to five years.
Court Hearings
An attorney represents you in court, advocating for your proposed repayment plan and addressing any challenges.
For those outside Philadelphia, consider looking for a bankruptcy attorney gilbert to get localized assistance.
Common Questions about Chapter 13 Bankruptcy
Here are some frequently asked questions:
What is the difference between Chapter 7 and Chapter 13 bankruptcy?
Chapter 7 involves liquidating assets to pay off debts, while Chapter 13 involves a repayment plan. A Chapter 13 bankruptcy attorney in Philadelphia can help determine which is suitable for your situation.
How does filing for Chapter 13 affect my credit score?
While bankruptcy can initially lower your credit score, successful completion of a Chapter 13 plan can help improve it over time by demonstrating a commitment to repaying debts.
Can I keep my home in Chapter 13 bankruptcy?
Yes, Chapter 13 can help prevent foreclosure and allow you to catch up on mortgage payments through the repayment plan.
Conclusion
Hiring a Chapter 13 bankruptcy attorney in Philadelphia provides invaluable assistance in navigating the complexities of bankruptcy. Their expertise ensures that you receive the best possible outcome while protecting your rights and assets.
Chapter 13 Bankruptcy is a repayment plan and is commonly used to stop foreclosure or lower overall monthly expenses.
Top rated Bankruptcy lawyers in Philadelphia, PA - Click to view profile of Michael Cibik, a top rated Bankruptcy attorney in Philadelphia,.
Philadelphia Bankruptcy Lawyer Paul Young has 30+ years of experience and over 10k Chapter 7 and Chapter 13 filings. Get a free consultation.
