Philadelphia Area Means Test Lawyer
Deciding whether to file for bankruptcy is difficult. You worked hard so that you would never be in this position, and now that you are facing a financial nightmare, it may feel like your world is falling apart. Yet, there is hope. Chapter 7 bankruptcy is often called fresh start bankruptcy because it allows consumers to discharge many of their debts and start anew.
The Montgomery and Bucks County, Pennsylvania, Chapter 7 bankruptcy lawyers at the Law Offices of Maribeth Blessing, LLC, have helped many clients through the bankruptcy process and toward a better future.
Do You Meet the Chapter 7 Means Test?
Chapter 7 bankruptcy is not available to everyone. In order to file Chapter 7, you must be financially eligible.
Generally, if your income is less than Pennsylvania's median income, you are eligible for Chapter 7 bankruptcy. If your income is more than the median income, there are specific financial guidelines — the "means test" — that you must meet in order to apply for Chapter 7. Our Philadelphia means test attorneys can review your financial situation to help you determine whether Chapter 7 is an option for you. If you are not eligible for Chapter 7 bankruptcy, you may be able to file for Chapter 13 bankruptcy.
Will You Lose Your Property?
Chapter 7 bankruptcy is also called debt "liquidation" bankruptcy because debtors must relinquish some of their assets in order to pay back creditors. However, there are many exemptions to this rule. For example, you will likely be able to keep a car, your home, living necessities (such as household appliances, clothes, etc.) and your retirement pensions. In fact, many people who are eligible for Chapter 7 bankruptcy have very little nonexempt property and can keep most of their belongings.
Contact a Pennsylvania Area Chapter 7 Bankruptcy Attorney
Learn how our law firm can help with any bankruptcy matter. Contact the Law Offices of Maribeth Blessing, LLC, in Rockledge, Montgomery County, Pennsylvania. Call us at 215-392-0849 to schedule an initial consultation.
