Filing for bankruptcy is a daunting process. Federal and Pennsylvania laws pertaining to bankruptcy are complex, and on top of the legal challenges, the prospect of filing often causes stress and anxiety. You shouldn’t have to struggle through dense and unfamiliar legal technicalities at a time when you’re already facing emotional turmoil.
At Young, Marr & Associates, we can help lift the burden of filing for consumer bankruptcy. Our attorneys have over 20 years of experience handling bankruptcy cases. With more than 5,000 cases filed, we’ve seen it all: no matter how hopeless or confusing you think your circumstances may be, our attorneys have been there before. We know the way.
Benefits of Bankruptcy
Filing for bankruptcy is like going to the dentist: while many people are nervous about filing for bankruptcy because of its fearsome reputation, for millions of people struggling with debt, bankruptcy is an excellent way to restore financial health and independence. Like a rotten tooth, overwhelming financial debt will not disappear by itself. Filing for bankruptcy, however, can eliminate debt, banish creditors, and ultimately even repair bad credit.
What are some of the chief benefits of filing for bankruptcy?
- Invoke the protection of the automatic stay. When a petitioner files for bankruptcy, they immediately come under the protection of something called the automatic stay. The automatic stay prevents creditors from initiating any further contact with debtors, puts delays on service shut-offs where utility bills have not been paid, and delays against foreclosure and eviction actions.
- Accommodate or completely eliminate otherwise unmanageable debt. In both major categories of consumer bankruptcy, most debts can be completely eliminated, or “discharged.” Debts which cannot be discharged and must be repaid can be accommodated in a financially feasible repayment plan over the course of months or years.
- Get back on the path to having good credit. Many people worry that filing for bankruptcy will permanently destroy their ability to maintain good credit, to make major purchases, and to take out loans. However, once a bankruptcy is discharged, regular and timely payments of credit card and utility bills can restore good credit over time.
- Give yourself the peace of mind that your finances are healthy and stable. There’s no question that the circumstances leading up to bankruptcy are stressful. The constant bombardment from creditors and the ever-accumulating bills can take their emotional toll. With the financial relief that bankruptcy provides, debtors can once again sleep easy knowing that they’re in control of their lives.
Why Having an Attorney is Important
It’s completely understandable that for clients considering filing for bankruptcy, budgeting is a concern. For this reason, some petitioners may forego hiring an attorney. However, filing for bankruptcy without an attorney is extremely inadvisable. The laws, court procedures, and paperwork pertaining to bankruptcy is ever-changing, and tends to be extremely dense with legal and financial language that is often unfamiliar to laypeople.
Making even a small error or omission in the course of filing for a bankruptcy can greatly reduce the exemptions that individuals are allowed to claim, and in the worst case scenario, the case could even be dismissed. The official website of the United States Courts cautions petitioners against filing without legal assistance, saying in emphasized bold typeface, “Bankruptcy has long-term financial and legal consequences — hiring a competent attorney is strongly recommended.”
Filing for bankruptcy is one of the biggest decisions you will ever have to make. Don’t leave your financial fate to chance. With the Philadelphia, PA bankruptcy attorneys at Young, Marr & Associates representing your case, you can feel confident that you’re in experienced hands. We’ve filed over 5,000 bankruptcy claims — now, let us file yours. To speak with an attorney about your financial options, call our law offices at (609) 755 3115 in New Jersey or (215) 701 6519 in Pennsylvania, or contact us online. Consultations are confidential, and the initial consultation comes at no cost to you.