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Radnor, PA Bankruptcy Lawyer

Bankruptcy does not have to be an intimidating process for debtors when they rely on our lawyers for help preparing and overseeing their cases in Radnor.

Debtors file specific chapters of bankruptcy based on their ability to repay creditors. After deciding if you should file Chapter 7 or 13, our attorneys can prepare a list of creditors and a full breakdown of your debts and assets. We will make sure your bankruptcy petition is complete and accurate before filing with the court in Radnor. Depending on the case, we might negotiate alternative agreements with creditors to make repayment more feasible. If your bankruptcy case involves a repayment plan, our lawyers can write and submit one to the court for approval soon after filing your case.

Call Young, Marr, Mallis & Associates at (215) 701-6519 for help with your case from our bankruptcy lawyers.

What Goes into a Bankruptcy Case in Radnor, PA

Bankruptcy cases in Radnor require significant time and effort, and our lawyers are prepared to relieve debtors’ burdens by identifying the right bankruptcy chapter, creating a list of all creditors and debts, disclosing assets, gathering the necessary documents, and negotiating with creditors, among other complicated and time-consuming aspects of a case.

Identifying the Right Chapter

First, our lawyers will identify the proper bankruptcy chapter for you to file. Consumers can file Chapters 7 or 13, depending on their incomes. We can put you through the means test, which the bankruptcy court will also use to confirm your chapter, which will assess your income and basic living expenses. The means test’s results will indicate if you should file Chapter 7, which might be the case if your income is relatively low. If your income is relatively high and you could repay creditors over time while also being able to afford the cost of living, you could file Chapter 13.

The chapters debtors file dictate how they will repay creditors and how quickly their cases will conclude in Radnor. Once we know which chapter you should file, we can continue preparing your case.

Listing All Creditors and Debts

Debtors must submit a complete list of creditors to the court when filing for bankruptcy. This list should identify all creditors and their mailing addresses. This creditor mailing list is important for several reasons, one being that the court will refer to it to inform creditors of the case and any upcoming notices. For example, the court will notify creditors of the automatic stay put in effect during your case based on the information our bankruptcy lawyers provide in the creditor mailing list. This automatic stay prevents creditors from contacting you outside of the case for repayment.

In addition to listing creditors, debtors must also identify all debts and the creditors to which those debts are owed. By reviewing recent credit reports, financial account statements, letters from creditors, and other records and information, our attorneys can pinpoint the exact amounts you owe each creditor and determine if they are secured or unsecured debts.

Disclosing Assets

Debtors have to include summaries of assets and liabilities in their bankruptcy cases, and failure to do so could result in a wide range of issues, including criminal consequences. Assets are one of the factors assessed during means tests, and not disclosing them could influence which chapter you file for. Furthermore, failure to disclose assets might be considered bankruptcy fraud, which could lead to fines or jail time. Moreover, not listing all assets, including real estate, vehicles, and investment accounts, among others, could make you ineligible for a debt discharge during bankruptcy in Radnor.

Getting Credit Counseling

According to 11 U.S.C. § 109(h), debtors cannot file for bankruptcy in Radnor unless they complete credit counseling courses from approved sources. You must complete the course within the 180 days directly preceding your bankruptcy filing date. So, if you do credit counseling, finish the course, and get a certificate, you must submit your petition to the court relatively soon afterward. If you wait too long, the certificate will become void, and you might have to retake the course. Our lawyers can help debtors identify approved credit counseling courses and prepare their cases while they learn valuable tools, such as how to manage their finances better and rebuild their credit scores after bankruptcy.

Gathering the Necessary Documents

Debtors must compile many documents and a lot of information for their bankruptcy cases, which our lawyers can assist with. Some forms and documents needed in bankruptcy cases include tax returns, property appraisal records, credit counseling certificates, and bank account statements. If you have other specific expenses, like monthly alimony or child support payments, our lawyers can help you gather records of those expenses to include in your petition.

Negotiating with Creditors

When creditors are open to negotiations, our lawyers may be able to reach a suitable agreement with them that lowers how much you owe or otherwise makes repayment easier. For example, if a debtor defaults on their mortgage, our attorneys can negotiate with the lender to see if they would extend the mortgage timeframe for lower monthly payments. Bankruptcy cases are also time-consuming for creditors, and they may be amenable to negotiations to settle a case as quickly as possible.

Designing and Submitting Repayment Plans

With Chapter 13 bankruptcy specifically, debtors follow repayment plans to settle debts. These plans last for a period of three to five years, depending on the case. When designing a repayment plan, our lawyers will consider your income, living expenses, and the size of your total debt. We can identify priority debts and submit the repayment plan to the court for approval, either along with the petition or within about two weeks of submitting the petition. If creditors contest the repayment plan for any reason, we can explain our reasoning to the court, using your income, expenses, and debts as support.