Bankruptcy Lawyers in Media, PA
Bankruptcy is an option sometimes considered by people or entities that are unable to pay their debts. Filed in federal courts under rules outlined in the U.S. Bankruptcy Code, bankruptcy is typically referred to by the “Chapter” of the code it references, such as Chapter 7 and Chapter 13.
When creditors are threatening to take away assets (homes, cars, jewelry, money from a bank account or even tax refunds), or if creditors are simply in the process of doing so, individuals may avail themselves of bankruptcy protections. These protections can help stop collections and all asset recoveries, and might even allow for the return of certain assets.
Our knowledgeable bankruptcy attorneys in Media, PA offer bankruptcy solutions for businesses and individuals. Contact us today to learn more about your options.
Bankruptcy For Individuals:
- Chapter 7 – also called “fresh start bankruptcy,” this bankruptcy type allows individuals to discharge their debts, but requires them to liquidate non-exempt property to pay their creditors.
- Chapter 13 – known as the “wage earner plan,” Chapter 13 is described as a reorganization, and allows filers to keep valuable property if they’re able to make the necessary payments.
Bankruptcy For Businesses:
- Chapter 7 – used by businesses to liquidate assets.
- Chapter 11 – includes reorganizing the structure of the business.
Other Forms of Bankruptcy:
- Chapter 9 – used by municipalities, including cities, towns, taxing districts, school districts, etc., to reorganize.
- Chapter 12 – provides debt relief for family farmers and fishermen.
- Chapter 15 – If parties are involved from more than one country, this form of filing is required.