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“There is no denying the fact that some people are better off
with Chapter 7 bankruptcy. However, there are many times
whe...
Why Chapter 13 Bankruptcy Could Be Better Than Chapter 7 www.getfreeofbills.com
3
When a person begins to consider bankrup...
Why Chapter 13 Bankruptcy Could Be Better Than Chapter 7 www.getfreeofbills.com
4
Most people who are thinking about bankr...
Why Chapter 13 Bankruptcy Could Be Better Than Chapter 7 www.getfreeofbills.com
5
1. You have fallen behind on a mortgage ...
Why Chapter 13 Bankruptcy Could Be Better Than Chapter 7 www.getfreeofbills.com
6
Chapter 13 bankruptcy, these people have...
Why Chapter 13 Bankruptcy Could Be Better Than Chapter 7 www.getfreeofbills.com
7
DO YOU HAVE QUESTIONS?
There is a good c...
Why Chapter 13 Bankruptcy Could Be Better Than Chapter 7 www.getfreeofbills.com
8
There is no denying the fact that some p...
Why Chapter 13 Bankruptcy Could Be Better Than Chapter 7 www.getfreeofbills.com
9
About the Author
David M. Offen
A native...
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Why Philadelphia Chapter 13 Bankruptcy Could Be Better than chapter 7

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Why Philadelphia Chapter 13 Bankruptcy Could Be Better than chapter 7

  1. 1. “There is no denying the fact that some people are better off with Chapter 7 bankruptcy. However, there are many times when Chapter 13 is the right choice.” WHY PHILADELPHIA CHAPTER 13 BANKRUPTCY COULD BE BETTER THAN CHAPTER 7 DAVID M. OFFEN PHILADELPHIA BANKRUPTCY ATTORNEY
  2. 2. Why Chapter 13 Bankruptcy Could Be Better Than Chapter 7 www.getfreeofbills.com 3 When a person begins to consider bankruptcy, many questions come to mind. Is this the right decision? How long will it take for the process to be finalized? How will it help my finances moving forward? Will I lose any property? You have the right to ask and answer all these questions. In fact, you should immediately address any question that comes up. Here is one of the biggest and most important: what type of bankruptcy is right for you?
  3. 3. Why Chapter 13 Bankruptcy Could Be Better Than Chapter 7 www.getfreeofbills.com 4 Most people who are thinking about bankruptcy want to file for Chapter 7. They understand that Chapter 13 is an option, but would rather file for Chapter 7 for one reason: most or all of their debt will be discharged. As if that is not enough, they don’t have to a repayment plan. Even with all that in mind, there is a problem: not everybody qualifies for Chapter 7 bankruptcy. If you find yourself in this position, Chapter 13 may be your only option. In addition, Chapter 13 may be much better for you in a number of different situations. There are many reasons why Chapter 13 is preferable to Chapter 7. Once you become familiar with the benefits, you may find yourself moving down this path soon enough.
  4. 4. Why Chapter 13 Bankruptcy Could Be Better Than Chapter 7 www.getfreeofbills.com 5 1. You have fallen behind on a mortgage or car payment. With Chapter 7 bankruptcy, you are not given the option to make up missed payments through a repayment plan. With Chapter 13, you can use the repayment plan to your advantage. Over the course of three to five years, you can get your finances back on track by slowly paying back whatever mortgage payments you missed. Once your plan comes to an end, as long as you have made payments in full, you will be in a much better position. 2. The option to repay your debt. There are people who have no problem discharging as much debt as possible through Chapter 7 bankruptcy. And then there are people who don’t want to go down this path. They borrowed money and they feel bad about having it discharged. With
  5. 5. Why Chapter 13 Bankruptcy Could Be Better Than Chapter 7 www.getfreeofbills.com 6 Chapter 13 bankruptcy, these people have the option to repay some or all of their debt based on what they can afford to pay. In the end, this makes them feel better about their situation. There are also some people who have too much income and who are required to make some payments on their debts. An experienced bankruptcy lawyer can advise if this applies to you. 3. You want to protect nonexempt property. With Chapter 7 bankruptcy, you are able to keep all exempt property. However, this is not true of nonexempt property. If you want to avoid confusion in this area, Chapter 13 is the better of the two options. With this type of filing, you don’t have to concern yourself with losing any nonexempt property.
  6. 6. Why Chapter 13 Bankruptcy Could Be Better Than Chapter 7 www.getfreeofbills.com 7 DO YOU HAVE QUESTIONS? There is a good chance you will have questions regarding the finer details of Chapter 7 and Chapter 13 bankruptcy. This is only natural. You know there are pros and cons of both filings. You also know that you want to make the right decision without delay.
  7. 7. Why Chapter 13 Bankruptcy Could Be Better Than Chapter 7 www.getfreeofbills.com 8 There is no denying the fact that some people are better off with Chapter 7 bankruptcy. However, there are many times when Chapter 13 is the right choice.Now that you have reviewed the three details above, you have a better understanding of why Chapter 13 bankruptcy may be preferential. If bankruptcy is on your mind, it is hard to make a final decision as to what you should do next. Even so, once you formulate a plan you are in position to move forward full steam ahead. There are times when Chapter 13 bankruptcy is better than Chapter 7. If you are ready to get started, keep a clear mind as you compare both options.
  8. 8. Why Chapter 13 Bankruptcy Could Be Better Than Chapter 7 www.getfreeofbills.com 9 About the Author David M. Offen A native to the Philadelphia area, Mr. Offen attended Temple University College and Law School. Mr. Offen is licensed to practice in the States of Pennsylvania and New Jersey. He is a member of the Eastern District of Pennsylvania Bankruptcy Conference and the National Association of Consumer Bankruptcy Attorneys. David M. Offen has over 20 years of experience and has helped over 8,500 individuals and families go through the Bankruptcy process. These filings have included stopping foreclosure on a home, stopping repossession of a car or vehicle, stopping IRS tax levies and frozen bank accounts and putting a stop to; lawsuits, credit card bills, personal loans, bills, utility shutoffs and other types of debt. With Mr. Offen’s help, these families have saved countless millions of dollars of debt. David enjoys getting to know his clients and will be happy to answer any and all questions you may have. You are treated as a person and not a number. Remember – there is no such thing as a silly question. Don’t be afraid to ask any questions you may have. David M. Offen has found that people looking to file Bankruptcy are not trying to avoid their responsibilities but rather to make a difficult situation easier. David enjoys getting people to stop worrying and making their financial lives much better and helping people stop feeling overwhelmed. In some cases, Bankruptcy is not the best move and he can review your situation with you and tell you the right move for you to make. Get a completely free evaluation of your situation. For the past 20 years, the Law Offices of David M. Offen has been among the top filers of bankruptcy in the Eastern District of Pennsylvania. The Law Offices of David M. Offen 215-625-9600 www.getfreeofbills.com The Curtis Center 601 Walnut Street, Suite 160 West – 1st Floor Philadelphia, PA 19106

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