Find a Bankruptcy Lawyer in Bensalem, Pennsylvania

Find the right Bankruptcy attorney in Bensalem, PA

In Bensalem, 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 minimal 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 Bensalem, 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 hard to predict the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in Bensalem could prove invaluable.

Types of Bankruptcy in Bensalem, Pennsylvania

There are three basic bankruptcy schemes that are most commonly used in Bensalem: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Bensalem, 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 fulfilled, 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 often used in Bensalem is Chapter 13. It allows a person to pay off their debt over a prolonged 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 usually used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - basically telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be approved by the participating creditors through a simple majority vote.

During the Chapter 11 process, a business can normally continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.

How Can a Bensalem Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Bensalem is a huge decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a good Bensalem bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Bensalem

Bensalem Township is one of the oldest municipalities in the state of Pennsylvania. It was founded in 1692, and is nearly as old as the state of Pennsylvania, which was founded in 1682. It currently has a population of 58,000 and is rich in American historical facts. Benjamin Franklin is reported to have made his historic electricity kite experiment in Bensalem. Currently Bensalem draws numerous residents and visitors with its many attractions. Some of these include the Philadelphia Park Racetrack, which houses horse races, and the Neshaminy Mall. Several companies such as Rita's Franchise Company and Charming Shoppes have their headquarters in the township. Television shows and movies are frequently filmed in the town. The township is reputed to be a "community of firsts", as it is the site of the many "first" buildings and institutions in Pennsylvania. Historians dispute over the origin of the town's name. Some claim it means "peaceful hill" or "mount of peace", while others state that it means "son of peace". Practicing lawyers in Bensalem can file their cases at the Bucks County District Court or the Court of Common Pleas. Bensalem, Pennsylvania lawyers typically handle a wide variety of civil and criminal legal claims.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY

Gotham Light