Why Philadelphia Chapter 13 Bankruptcy Could Be Better than chapter 7

“There is no denying the fact that some people are better off with Chapter 7 bankruptcy. However, there are many times

when Chapter 13 is the right choice.”

WHY PHILADELPHIA

CHAPTER 13

BANKRUPTCY COULD

BE BETTER THAN

CHAPTER 7

DAVID M. OFFEN PHILADELPHIA BANKRUPTCY ATTORNEY

http://www.getfreeofbills.com/

Why Chapter 13 Bankruptcy Could Be Better Than Chapter 7 www.getfreeofbills.com 3

When a person begins to consider bankruptcy, many questions come to

mind. Is this the right decision? How long will it take for the process to be

finalized? How will it help my finances moving forward? Will I lose any

property?

You have the right to ask and answer all these questions. In fact, you

should immediately address any question that comes up.

Here is one of the biggest and most important: what type of bankruptcy is

right for you?


Most people who are thinking about bankruptcy want to file for Chapter 7.

They understand that Chapter 13 is an option, but would rather file for

Chapter 7 for one reason: most or all of their debt will be discharged. As if

that is not enough, they don’t have to a repayment plan.

Even with all that in mind, there is a problem: not everybody qualifies for

Chapter 7 bankruptcy. If you find yourself in this position, Chapter 13 may

be your only option. In addition, Chapter 13 may be much better for you

in a number of different situations.

There are many reasons why Chapter 13 is preferable to Chapter 7. Once

you become familiar with the benefits, you may find yourself moving down

this path soon enough.


1. You have fallen behind on a mortgage or car payment. With

Chapter 7 bankruptcy, you are not given the option to make up missed

payments through a repayment plan. With Chapter 13, you can use the

repayment plan to

your advantage. Over

the course of three to

five years, you can

get your finances back

on track by slowly

paying back whatever

mortgage payments

you missed. Once

your plan comes to an

end, as long as you

have made payments

in full, you will be in a

much better position.

2. The option to

repay your debt.

There are people who

have no problem

discharging as much debt as possible through Chapter 7 bankruptcy. And

then there are people who don’t want to go down this path. They

borrowed money and they feel bad about having it discharged. With


Chapter 13 bankruptcy, these people have the option to repay some or all

of their debt based on what they can afford to pay. In the end, this makes

them feel better about their situation.

There are also some people who have too much income and who are

required to make some payments on their debts. An experienced

bankruptcy lawyer can advise if this applies to you.

3. You want to protect nonexempt property. With Chapter 7

bankruptcy, you are able to keep all exempt property. However, this is not

true of nonexempt property. If you want to avoid confusion in this area,

Chapter 13 is the better of the two options. With this type of filing, you

don’t have to concern yourself with losing any nonexempt property.


DO YOU HAVE QUESTIONS?

There is a good chance you will have questions regarding the finer details

of Chapter 7 and Chapter 13 bankruptcy. This is only natural. You know

there are pros and cons of both filings. You also know that you want to

make the right decision without delay.


There is no denying the fact that some people are better off with Chapter 7

bankruptcy. However,

there are many times

when Chapter 13 is the

right choice.Now that

you have reviewed the

three details above, you

have a better

understanding of why

Chapter 13 bankruptcy

may be preferential.

If bankruptcy is on your mind, it is hard to make a final decision as to what

you should do next. Even so, once you formulate a plan you are in position

to move forward full steam ahead.

There are times when Chapter 13 bankruptcy is better than Chapter 7. If

you are ready to get started, keep a clear mind as you compare both

options.


About the Author

David M. Offen

A native to the Philadelphia area, Mr. Offen attended Temple University College and Law

School. Mr. Offen is licensed to practice in the States of Pennsylvania and New Jersey. He is a

member of the Eastern District of Pennsylvania Bankruptcy Conference and the National

Association of Consumer Bankruptcy Attorneys.

David M. Offen has over 20 years of experience and has helped over 8,500 individuals and

families go through the Bankruptcy process. These filings have included stopping foreclosure on

a home, stopping repossession of a car or vehicle, stopping IRS tax levies and frozen bank

accounts and putting a stop to; lawsuits, credit card bills, personal loans, bills, utility shutoffs

and other types of debt.

With Mr. Offen’s help, these families have saved countless millions of dollars of debt.

David enjoys getting to know his clients and will be happy to answer any and all questions you

may have. You are treated as a person and not a number.

Remember – there is no such thing as a silly question. Don’t be afraid to ask any questions you

may have. David M. Offen has found that people looking to file Bankruptcy are not trying to

avoid their responsibilities but rather to make a difficult situation easier. David enjoys getting

people to stop worrying and making their financial lives much better and helping people stop

feeling overwhelmed.

In some cases, Bankruptcy is not the best move and he can review your situation with you and

tell you the right move for you to make. Get a completely free evaluation of your situation. For

the past 20 years, the Law Offices of David M. Offen has been among the top filers of

bankruptcy in the Eastern District of Pennsylvania.

The Law Offices of David M. Offen

215-625-9600

www.getfreeofbills.com

The Curtis Center

601 Walnut Street, Suite 160 West – 1st Floor

Philadelphia, PA 19106

http://www.getfreeofbills.com/

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Why Philadelphia Chapter 13 Bankruptcy Could Be Better than chapter 7