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Chapter 7 remains the most common type of individual bankruptcy. In this “liquidation” bankruptcy, your non-essential assets are used to pay off part of your debt, while the rest is discharged. Chapter 7 bankruptcy enables you to wipe your debt slate clean while still retaining ownership of your home, car, and other important possessions. Of course, every case is different, and only a skilled Philadelphia bankruptcy attorney can help you know whether Chapter 7 is the right option for you. Chapter 7 is also available for businesses – and this route can be an attractive alternative, in situations where the business’ own assets can be leveraged for repayment. When your small business is going under, we can help you minimize the damage to your own personal finances.

Chapter 13 is another common bankruptcy option. Unlike Chapter 7, in a Chapter 13 bankruptcy, the debtor is given a 3-to-5-year structured repayment plan, allowing time to pay off most or all of the debts over time. These repayments are supervised by the courts through a bankruptcy trustee, allowing the debtor to potentially retain ownership of all their original assets.

Chapter 13 is rarely available for businesses, except in circumstances involving a self-employed owner of a small business.

When you are owed money by an individual or business that is filing for bankruptcy, you need smart and efficient legal representation to ensure your rights are fully represented. You must be involved in the process from start to finish, with diligent representatives capable of tracking down assets and ensuring the debtor remains fully-compliant within the law.

The team at Alfred Abel Law Offices is highly experienced at overseeing such cases, staying on top of debtors, and ensuring your rights are protected.

For an Experienced Philadelphia Bankruptcy Attorney, Call Alfred Abel Law Office



To discuss your specific legal and bankruptcy needs with an experienced Philadelphia bankruptcy attorney, call 215.517.8300 or 610.940.1635.