An individual, husband and wife, or a self employed business owner with regular income may file a Chapter 13 bankruptcy in Pennsylvania provided you owe less than $383,175 of unsecured debts and $1,149,525 in secured debts. This chapter under the Bankruptcy Code, gives you the opportunity to reorganize your financial situation which may allow you to: reduce certain secured debt, reduce or eliminate your unsecured debt, surrender certain assets, reject or assume certain leases, remove judicial liens, require utility companies to restore your service, stop wage garnishment (including IRS), reduce certain taxes, stop certain law suits, and stop foreclosures and sheriff sales.
The filing of a Chapter 13, allows you to retain, in most situations, your home, car, bank account, retirement account and other personal property. To develop a Plan of reorganization, you need the assistance of an experienced attorney. Michael A. Latzes, has been representing consumers for over 30 years. Let his experience work for you. For assistance, Call The Law Offices of Michael A. Latzes at 215-545-0200, to schedule a free consultation.
Other advantages of Chapter 13 in Philadelphia is the possibility to modify or totally eliminate wholly unsecured second and third mortgages on your principle residence. This could save you over hundreds of thousands of dollars in mortgage payments! This valuable protection is not always disclosed by Bankruptcy Counsel due to oversight or simply not having the appropriate knowledge. You can also attempt to lower the principle balance of a first, second,or third mortgages or modify its terms (interest rate, duration, etc.) for real estate that is not your principle residence. In certain situations you may be able to reduce the principle balance of your car payments, as well as the monthly payments.
Once you have completed payments under your Chapter 13 Plan the Court will enter a discharge order which will allow you a fresh start with your future creditors.This eliminates your dischargeable debts, requiring your creditors to remove the debts from your credit report, discontinue pending law suits and dispose of your debts as ongoing obligations. A partial list of debts that are not dischargeable in Chapter 13 are set forth below :
1.All domestic support obligations
2.Educational Loans (unless debtor proves undue hardship)
3.Injury or death caused by debtors operation of a vehicle,vessel or aircraft if debtor was intoxicated or impaired from use of alcohol,drugs or other substance.
4.Certain criminal fines and restitution
5.Certain taxes
6.Debts incurred by fraud
7.Restitution or damages awarded in a civil action as a result of willful or malicious injury that caused personal injury or death to an individual
To take advantage of the relief provided by the United States Congress, call the Law Offices of Michael A. Latzes at 215-545-0200, to schedule a free consultation. We will help you decide if filing a Chapter 13 bankruptcy is the best alternative for you. Let our 30 years of experience work for you.
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