Before you can file for chapter 13 bankruptcy in Pennsylvania, you need to meet certain requirements first. Unlike chapter 7 bankruptcy, which involves the liquidation of all the debtor’s assets, this option allows you to retain ownership of your property and to repay your creditors according to a court approved repayment plan. The plan typically provides a time frame of 3 to 5 years for repayment. Given those conditions, it’s crucial that you have resources in place before you can file for this one.
Hiring a lawyer
Before you move forward, you need the help of a reliable and experienced bankruptcy lawyer to help you out. The Law Offices of David M. Offen offer you legal help and services you need to get you started with your case. If you want a firm you can trust, this one with extensive experience and a trained team of lawyers makes for a sound option.
Commit to the plan
Before you file for this type of bankruptcy, make sure you’re ready for the commitment it takes. If you work with a chapter 7 bankruptcy attorney, you’ll only have to commit to the legal proceedings for several months at most. With a chapter 13 bankruptcy, though, you will need to set aside 3 to 5 years. If you think you aren’t ready for that commitment, you might need to reconsider your approach.
Send in requirements
Once you decide to opt for a chapter 13 bankruptcy, though, you can start by preparing the requirements needed by the court, The Balance says. This will include legal documents that state the condition of your finances, along with other legal paperwork. Your lawyer can help you sort through all that, as well as review your documents to ensure your submission is complete. That will prevent any mistakes in the paperwork from delaying the case so things could move along as soon as possible.
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