Philadelphia Bankruptcy Petition

Philadelphia Bankruptcy Petition

Philadelphia Bankruptcy Petition

Making the decision to file for personal bankruptcy with Philadelphia bankruptcy attorneys can be a difficult one. Most people file bankruptcy because of overwhelming debts, often caused by personal financial hardships such as unemployment, lack of adequate insurance, catastrophic medical expenses, marital problems, overextended credit or, in some cases, out of control spending. If you are considering filing personal bankruptcy you should understand you don't have to go through this process alone. Philadelphia bankruptcy attorneys are there to serve your needs with years of experience and knowledge in personal bankruptcy. One of the first steps in filing personal bankruptcy is gathering all of your personal financial information. This includes a list of all your unsecured debts and secured debts, tax returns for the last two years, deeds to any real estate you own, car titles, and any other loan documents you may have in your possession. You and your attorney will also decide whether filing Chapter 7 or Chapter 13 personal bankruptcy is right for your particular situation. Philadelphia bankruptcy attorneys have years of experience in helping clients make this decision. Philadelphia bankruptcy attorneys will complete all the personal bankruptcy forms. These forms ask you to describe your current financial status and recent financial transactions usually within the last two years. After the personal bankruptcy petition is completed, your Philadelphia bankruptcy attorneys will file the petition with the local United States bankruptcy court. After your attorney files your petition with the bankruptcy court an automatic stay goes into effect. This prevents creditors from making direct contact with you or staking a claim to any of your property from the date of filing. This means you can finally breathe easy as the phone stops ringing and the harassing calls from creditors come to an end. Filing for personal bankruptcy is not an easy decision to make. But by carefully choosing Philadelphia bankruptcy attorneys, you can expect to save money and assets and have a better quality of life post-bankruptcy.

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