Find a Bankruptcy Lawyer in Haverford, Pennsylvania

Find the right Bankruptcy attorney in Haverford, PA

In Haverford, Pennsylvania, bankruptcy is a judicial process in which the debts of a person or business can be absolved 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 proficient than requiring the debtor to pay off everything they owe. Of course, one should never view bankruptcy as a "get out of debt free" card, allowing someone to be relieved of their obligation to pay their debts just because they don't want to. It is meant to serve as a lifeline, preventing unmanageable debt from resulting in complete financial ruin. Accordingly, it is best treated as an option of last resort, because it can carry with it significant negative consequences, which must be weighed against the possible benefits. For example, filing for bankruptcy can severely damage a person's credit rating.

Therefore, it is prudent to consult with an experienced Haverford, Pennsylvania bankruptcy attorney, who can advise you of the costs and benefits of bankruptcy. Because the decision to file for bankruptcy depends very heavily on the facts of each individual case, the advice of a Haverford bankruptcy attorney cannot be substituted.

Types of Bankruptcy in Haverford, Pennsylvania

In Haverford, Pennsylvania, there are three basic bankruptcy schemes that are most commonly used. They are known as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in Haverford, Pennsylvania will be very similar to those in any other part of the United States. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her property, and use the proceeds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the eligible property is sold, and the proceeds given to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will usually be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.

The other recognized bankruptcy scheme used by consumers in Haverford is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the agreements that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is approved, creditors are not allowed to attempt to collect payment under the original agreements. Though available to individuals, Chapter 11 bankruptcy is mostly used by businesses. Like Chapter 13, Chapter 11 requires the restructuring of debts. Under this system, the debtor must come up with a plan to reduce debt, cut costs, and improve operations. Once this plan is proposed, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.

A main advantage of Chapter 11 bankruptcy is that businesses can continue their operations while going through the process. Also, they can continue to buy and sell their stock.

How Can a Haverford Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Haverford 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 Haverford bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Haverford

Haverford is an unincorporated area located in Delaware County, Pennsylvania. It is situated partially in Haverford Township and also in Lower Merion Township. The town derives its name from the town of Haverfordwest in the country of Wales. Its name has also been translated to mean "goat crossing", which is a Welsh term.

Haverford is noted for being the site of excellent educational facilities, namely Haverford College. Also, the city is famous for being home to the Merion Cricket Club, which is one of the oldest country clubs in the entire U.S.

Residents enjoy ample opportunities for recreation and entertainment in the town of Haverford. Also, those wishing to visit nearby cities can do so with relative ease, as the Paoli/Northwest commuter rail system connects Haverford directly to Philadelphia. Famous residents of Haverford have included author Catherine Drinker Bowen and John C. (Jack) Bogle, a popular financial guru.

Lawyers in Haverford serve the community through outstanding legal service and representation. Haverford, Pennsylvania lawyers are an essential part of the social and professional integrity that marks the community.

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