Chapter 13 Bankruptcy: Knowing the Basics

As an entrepreneur, one of the things that strikes terror in your heart is the thought of your business falling on hard times. However, by filing for a chapter 13 bankruptcy in Pennsylvania, you could pay off those debts and find a way to get yourself and your company back on solid ground.

Benefits

One of the most significant benefits it offers is that it allows you to protect your home from foreclosure. You will need to make good on your mortgage payments though. But at least, you won’t lose your home and any equity you’ve already built up over the years even if your company falls into bankruptcy. The Law Offices of David M. Offen can provide you with a more detailed explanation of the benefits you can look forward to.

Eligibility

Not all entrepreneurs are eligible to file for a chapter 13 bankruptcy in Pennsylvania, though. Since it involves a repayment plan, you’ll need to have enough financial resources left to put that plan into action. According to the Office of the U.S. Courts, If you had any bankruptcy petitions filed and dismissed within the last 180 days you won’t be eligible for a Chapter 13 Bankruptcy.

How it works

Know what to expect by consulting with an experienced bankruptcy lawyer. From filing for a petition to knowing what the court fees are, your attorney can help you navigate through every stage of the process. That way, you have someone to ensure the paperwork is in order, that you’ve paid all the necessary fees and that you’ve submitted the correct forms at the appropriate times.

The discharge

Completing all the payments entitles you to a discharge of all your debt. To make sure you successfully reach that point, go online and seek out a ‘bankruptcy attorney near me’ or a ‘bankruptcy lawyer close to me.’

Free Consultation

The Law Offices of David M. Offen will provide you with a no obligation free consultation to go over your options.  Put our 20 plus years of experience to work for you today by calling  (215) 625-9600 today for your free consultation!

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