Find a Bankruptcy Lawyer in Bethlehem, Pennsylvania
In Bethlehem, Pennsylvania, bankruptcy is a judicial process in which the debts of a person or business can be eliminated or restructured. This allows the debtor to climb out of a financial hole, and move on with a clean slate, which is sometimes more economically efficient than requiring the debtor to pay off everything they owe. However, bankruptcy is not a free ride, allowing someone who simply doesn't feel like paying their debts to get out of that legal obligation. It is designed to prevent debt which has little chance of ever being paid back from ruining the life and finances of the debtor. It also carries significant long-term consequences, which must be carefully weighed against the potential benefits. For example, bankruptcy makes it very difficult for the debtor to obtain credit in the near future.
Accordingly, it might be a good idea to consult with a Bethlehem, Pennsylvania bankruptcy attorney. Your lawyer will be able to counsel you about your options, including alternatives to bankruptcy, if such alternatives exist in your case. Whatever the result, it is often difficult to foresee the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in Bethlehem could prove invaluable.
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Types of Bankruptcy in Bethlehem, Pennsylvania
There are three basic bankruptcy schemes that are most commonly used in Bethlehem: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Bethlehem, Pennsylvania will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy, or "liquidation," requires the debtor to sell some of his or her property to the highest bidder, and using the proceeds from the sale to pay down as much debt as possible. Once the sale is complete, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the entire amount owed. You should note that some property (usually the types of property deemed essential) is fully or partially exempt from liquidation, meaning that the debtor gets to keep it. This includes houses, cars, and retirement accounts, among others. Some types of debts, however, cannot be discharged in bankruptcy, including taxes, child support, and student loans.
The other form of bankruptcy most commonly used in Bethlehem is Chapter 13. It allows a person to pay off their debt over a longer period of time, often consolidating it into one periodic payment. In this system, the amount of money the debtor owes is not actually reduced, but the payment of the debt is made far more manageable. This gives the debtor some breathing room, allowing him to continue to earn a living while gradually paying down his debts, and gives some security to creditors that they will eventually collect all or most of what they're owed. Chapter 11 bankruptcy is almost exclusively used by businesses, but there is nothing that legally prevents it from being used by individuals, and its use by individuals is very rare. Chapter 11 bankruptcy requires the debtor to come up with a restructuring plan - telling the court how they propose to cut costs, improve their operations, and pay down their debts. The plan has to be approved by a majority vote of participating creditors.
One advantage of Chapter 11 bankrutpcy is that it allows a business going through it to continue operations, and to trade its stock.
How Can a Bethlehem Bankruptcy Lawyer Help?
Filing for bankrtuptcy in Bethlehem is a major decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a good Bethlehem bankruptcy attorney.
There are 61 Bankruptcy, Banking and Credit cases posted in Bethlehem
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest PA Cities
Life in Bethlehem
Bethlehem is a part of Lehigh and Northhampton Counties in Pennsylvania. It is a decently sized city with around 75,000 people.Major employers that have a presence in Bethlehem include the Pennsylvania Gaming Control Board, Bethlehem Steel, Sands Casino Resort Bethlehem, and St. Luke's Hospital.
Along with these employers, lawyers also have a presence in the city. Many attorneys practice in law offices or firms in Bethlehem, and focus on providing personalized services to their clients.
Attractions include the Stefko Boulevard Shopping Center, the SouthSide Film Festival, NEARFest, the Banana Factory, Zoellner Arts Center, Sands Casino Resort, and the Lehigh Canal.
Interestingly, many celebrities have called Bethlehem home at some point in their life. These celebrities include John Andretti, Chuck Bednarik, Jonathan Frakes, Mel Harris, Dwayne Johnson, Gary Lavelle, Billy Packer, John Spagnola, and Jonathan Taylor Thomas.
