Addressing misconceptions about bankruptcy in Erie
But while you are dealing with frustration and stress, you should evaluate your situation and find help as soon as you can. Regardless of the intensity of the situation, you should take action and file for bankruptcy before things get out of hand.
If you are ready to find a way, Bay City Bankruptcy Solutions in Pennsylvania can help you connect to the right bankruptcy lawyer who can handle your case professionally. We make sure that we review your case thoroughly and connect you with professionals who are always ready to deal with your problems.
The good thing is that the consultants in our legal center are just a phone call away. Our team ensures that they schedule your appointment with the best Erie bankruptcy lawyers, without any hassle-free procedures. Besides, we help create a connection between you and your bankruptcy lawyers in Erie Pennsylvania and take updates throughout the legal process.
What is bankruptcy?
Defined as a common legal proceeding, bankruptcy involves a business or a person who has failed to pay their debt. This process begins when a debtor files a petition, which results in the evaluation of their asset. In some cases, the assets may also be used to pay off some amount of debt.
This legal process gives businesses and individuals a chance to restart. It allows them to forgive debt that they are unable to pay and simultaneously, give creditors an opportunity to obtain some payment based on any assets, ready for liquidation.
Interestingly, a bankruptcy case benefits the economy. For instance, it gives debtors a chance to start again and feel relieved from their debt obligations. On the other hand, creditors get a certain portion of debt payment that helps them grow, and continue with their dealings.
In the United States, almost all bankruptcy cases are dealt with in federal Erie bankruptcy courts. A professional bankruptcy judge takes all the decisions, such as the eligibility of the debtors to file a case and whether a debtor should be discharged from their debts or not.
Different bankruptcy filings
The nature of a bankruptcy filing falls under one of the many chapters of a Bankruptcy Code. These chapters are Chapter 7, Chapter 11 and Chapter 13. Each chapter of the code deals with a certain bankruptcy plan, and so also affects the total cost and complexity of a case. Below we have discussed all these chapters in detail:
Chapter 7 bankruptcy
Individuals and a few businesses too, often file for Chapter 7 bankruptcy. This legal proceeding usually suits those that have no or very few assets. This category of bankruptcy allows debtors to dispose of all their unsecured assets, such as medical bills and credit card balances. Some nonexempt assets, for instance, second homes, family heirlooms and stocks must also be liquidated to pay off any unsecured debt. Simply put, if you plan to file Chapter 7 Bankruptcy, you will have to sell all your assets to pay any debts. However, if you don’t have assets and only own things such as clothing, tools or vehicles, you might get an exemption from paying any unsecured debt.
Chapter 13 bankruptcy
Also known as the “wage earner’s plan”, Chapter 13 Bankruptcy is for people and businesses who have made a lot of money to be eligible for a Chapter 7 Bankruptcy. If you are an individual or runs a business with consistent income, then Chapter 13 Bankruptcy can allow you to create repayment plans that are workable. These plans are installment-based and extend for a period of three to five years. If you are successful in paying off your creditors, the courts give you the liberty to keep all your nonexempt assets and property with you.
Chapter 11 bankruptcy
This bankruptcy is often filed by businesses, and gives them a chance to reorganize themselves and start earning profits. When a business files a Chapter 11 Bankruptcy, it gets an opportunity to curate profitability plans, find different chances to increase their revenue and reduce costs, where required. After filing this particular bankruptcy, the preferred stockholders might continue receiving payments, but the common stockholders do not get anything. So for instance, if you own a cleaning service business, after filing the Chapter 11 Bankruptcy, you can increase the rates of your services and earn more profits gradually. This bankruptcy category allows an entity to continue its business activity but at the same time, demands them to curate a debt repayment plan based on the court’s requirements. Also, in some rare cases, an individual rather than a company, may also be allowed to file a Chapter 11 Bankruptcy case.
Benefits of filing for bankruptcy in Erie
Regardless of which bankruptcy you file for, there are some common benefits that you as a debtor might reap.
- Chapter 7 Bankruptcy gives you a much-needed fresh start. It gives you relief from a certain amount of debts, which encourages you to start a new journey. Alternatively, if you want to continue with your existing business, as it gives you a consistent income, Chapter 13 Bankruptcy allows you to create a workable plan for your repayments.
- Bankruptcy helps cancel all the liabilities that are at least three year old.your existing business, as it gives you a consistent income, Chapter 13 Bankruptcy allows you to create a workable plan for your repayments.
- This proceeding is a much more convenient way to escape from lawsuits, defaults and any missed repayments.
- Even bankruptcy can’t save from any debt related to student loans, but it does prevent lenders from any aggressive or uncalled collection action.
- Bankruptcy puts an end to things such as, repossessions, threats from creditors and even lawsuits.
- Bankruptcy allows many exemptions, so it does help you to keep some things when paying off a debt.
Other less common bankruptcy types
While the above three proceedings are quite common, there are a few more bankruptcy types that are rare but available for different debtors.
Chapter 7 bankruptcy
This type is usually available for municipalities that are financially distressed. For instance, towns, cities and even some school districts can file Chapter 9 Bankruptcy. Under this proceeding, municipalities are not asked to liquidate their assets. However, they are obliged to curate a repayment plan to pay off all the debt over some years.
Chapter 12 bankruptcy
This bankruptcy works as a relief for fisheries and family farms. It allows them to keep their assets but orders them to design a plan to pay off their debts.
Chapter 15 bankruptcy
This bankruptcy deals with mostly cross-border cases and is often filed in the home country of the debtor.
Why do you need a bankruptcy lawyer in Erie, Pennsylvania?
Now you may wonder, “Why do I need a bankruptcy lawyer Erie, Pennsylvania to file for bankruptcy? Can’t I deal with this case myself?”
Well, the answer is, no. If your case is simple and straightforward, you might choose to deal with this hassle yourself. However, if it involves valuable assets, a lawyer is the best individual to get you out of this trap.
While hiring bankruptcy lawyers in Erie, Pennsylvania, may seem quite costly and daunting, it is the best way to deal with this legal proceeding.
Here are some ways in which a Erie bankruptcy attorney can help you.
Bankruptcy lawyers in Erie, Pennsylvania can easily recognize all the hiccups that may arise during the planning stage. For instance, sometimes bankruptcy is not the final solution, and so a lawyer can help you guide on other alternatives that might work for you. This suggestion may save you lots of time and money.
Additionally, Erie bankruptcy attorneys help you choose the type of bankruptcy in Erie, Pennsylvania that may work for you. Since each type serves a different purpose, a lawyer is educated enough to guide you in the right direction.
What’s more, bankruptcy planning may sound daunting if you are doing it for the first time. In that case, an attorney with years of experience can guide you on every stage and then help you curate a successful plan within a short time.
A bankruptcy lawyer in Erie, Pennsylvania will conduct the means test for you. This is a formula-based test that helps measure your expenses and income to determine your qualification for Chapter 7 or Chapter 13 Bankruptcy.
In addition, a lawyer is qualified enough to give a realistic value to your assets and allow you to disclose them honestly.
Besides, since every state comes with its own exemption system, your hired attorney will be the best person to understand the rules and apply them in your favor.
Unfortunately, there are a few debts in bankruptcy that hardly get discharged.
On the other hand, you will have to meet certain conditions to discharge some debts. In that case, you might not be aware enough to know what goes and what not, so an attorney’s presence may help guide you throughout the process.
After you have filed for bankruptcy, you will be asked to do paperwork and complete your schedules. You will have to disclose all your financial data, including debts, assets, or any current financial transactions.
In that case, you may require bankruptcy attorney Erie, Pennsylvania that can value the assets, evaluate your income, and can also measure the necessary and reasonable expenses.
Moreover, bankruptcy lawyers in Erie are necessary individuals who can prepare your mind for the challenges that you might face throughout a bankruptcy case. He can guide you on the steps you can take to qualify for certain eliminations and may also warn you about the actions of your creditors.
Before you file for bankruptcy, you may be asked to sign some paperwork, confirming certain information. In that case, bankruptcy lawyers Erie ensure that the testimony you have signed is complete and correct.
Another benefit of hiring bankruptcy lawyers Erie Pennsylvania is that they are the best person to handle creditors. In some cases, creditors do not stop collection even after a case has been filed. This leads to the violation of automatic stay.
In such situations, a lawyer may demand compliance. Moreover, in worse cases, he may also request the Erie bankruptcy court to contempt the creditor.
A bankruptcy attorney in Erie, Pennsylvania may also help you with some negotiations. For instance, if you have filed for Chapter 7 Bankruptcy, your Erie, Pennsylvania bankruptcy lawyer may seek a smart reaffirmation agreement with your creditor and help you keep your car or house.
Additionally, during a Chapter 13 Bankruptcy case, the best Erie, Pennsylvania bankruptcy attorneys may negotiate with creditors regarding payments terms, collateral value and reduced interest rates for an affordable repayment plan.
In a nutshell, bankruptcy lawyers ensure that your case proceeds smoothly, and that no one takes advantage of your situation. Pretty rare, but an attorney may also help you resolve any post-bankruptcy violations.
In addition to that, many Erie bankruptcy attorneys also guide you in rebuilding your credit reputation. With the help of their handy tips, you may get new offers after your bankruptcy Erie, Pennsylvania case is entirely closed.
A lawyer is a helping hand that you require in your weakest point. But how can you find an attorney that lives up to his promises and doesn’t leave you in the middle of this crisis? Moreover, what attributes should a bankruptcy attorney have to help you choose the best qualified attorney for your bankruptcy case?
Looking for a reliable & dedicated Erie bankruptcy attorney?
If you want to make your bankruptcy journey smooth and quick, you need to ensure that your Erie bankruptcy attorneys are capable of providing you with all the facilities and expertise required. While our network will help you connect with a suitable lawyer, you should also be aware of the qualities and knowledge that your lawyer should have.
A bankruptcy attorney in Erie, Pennsylvania will work as an advocate for you and will guide you in your confusing times. There are many features that a lawyer should have, but expertise, and fair price with strong communication skills are a must.
Here are all the details on the qualities that every good and competent bankruptcy attorney in Erie, Pennsylvania should have:
The best bankruptcy attorneys in Erie, Pennsylvania need to have a deep knowledge in bankruptcy and all the areas it covers. Without an expert, you may find yourself trapped with someone who won’t benefit you in any way.
But how can a legal center measure the knowledge of a lawyer? For starters, every specialized attorney has certificates that represent their educational background. A lawyer with certificates related to bankruptcy or similar areas are ideal for this job.
Some lawyers also have an affiliation with the prestigious NACBA, which means that they are committed to provide assistance to people dealing with bankruptcy.
It is always wise to trust a lawyer that a legal center connects you with, but you should also do some research on your own and ask the lawyer the number of bankruptcies they have handled and the results they achieved.
These questions or queries may sound basic, but their answers can help you get the confidence that your chosen lawyer is worth all the time and energy.
Interestingly, a lawyer dealing with a Chapter 13 Bankruptcy may charge you more than the one handling a Chapter 7 Bankruptcy case for you. However, the fees of every lawyer depends on the case and the state they are working in for you. Moreover, their expertise and knowledge also play a role in their final fee.
When our network connects you with a right lawyer, make sure to ask them about their fee structure and evaluate it with their services. Obviously, the lawyer will ask you to explain your case first, because without that knowledge, they won’t be able to accurately determine a feasible fee plan for you.
It all comes down to the amount of debt you owe and the kind of creditors you deal with. For instance, if you do not have many assets at stake, a lawyer with a little experience and reasonable fee may prove adequate for you.
However, if you are dealing with strong parties and owe a huge amount of money, you may need an attorney who is not only an expert in such cases, but knows how to deal with powerful opponents.
When connected with an attorney, your first thing to analyze should be the communication level between you two. Are you satisfied with the way the lawyer understands your part of the story? Is it easy for you to converse with him and share your financial position, without any hesitance?
Your communication with a lawyer should give you comfort and must also allow you to be open about anything you want.
A lawyer that listens is a blessing. In some bankruptcy cases, people usually want someone to hear them and give them suggestions that might help them feel less bad about themselves.
Problems when finding bankruptcy attorneys in Erie yourself
Many people prefer looking for an attorney themselves instead of contacting legal centers that might get the job done for them. By doing so they experience many challenges that make the whole process of filing a bankruptcy case tiring and cumbersome.
Here are some major problems that you may also face:
Lots of research and time
If you haven’t dealt with a bankruptcy case before and do not have people around you who can guide you, you might find it very hard to get a good attorney on board. There are many experienced lawyers who might flaunt their experiences and persuade you to book them. But you can’t trust every professional who simply sounds perfect for this job. You will have to perform lots of research on your own to stay away from people who might trap you and provide nothing in return. Finding a compatible attorney on your own may take most of your time. And it might take too long that you may lose control over your debt situation. According to experts, it is wise to file a bankruptcy case as soon as you feel that things are getting out of control. Any delay might harm your financial and emotional condition.
Making wrong decisions
It is so easy to make wrong decisions when selecting an attorney yourself. They may trick you into choosing them and you might regret only that after losing your bankruptcy battle. It is very common for unaccomplished and less popular attorneys to attract clients through fake certificates and testimonials. With a zero know-how of this industry, you may consider their certifications legitimate and might choose them for your case. Moreover, many fake attorneys woo new clients with low fees. Sometimes that’s a good thing if that attorney is accomplished, honest and has a strong background. However, in cases where an attorney has no certificates or degrees to show, a low fee structure does sound more fishy than attractive. So while you may want to hire a lawyer that charges less, it is also imperative to evaluate their performance and background to conclude whether a low fee is reasonable or not.
Risk of poor compatibility and communication
Finding an attorney who not only communicates well but also listens to every word coming out of your mouth, is pretty tough. You might get attracted to attorneys being over friendly with you on your first appointment. But how can you judge whether this behavior is honest or just a facade? Many people have experienced lawyers who are compatible at first, but eventually start losing interest in your case after attaining their fee. Additionally, attorneys that fail to provide you with solid support after the case is over are also not worth your time. If you haven’t dealt with a professional before, you may feel attracted to attorneys that promise to give you all the attention you deserve. But the risk of choosing a lawyer that only pretends to support you is also quite high. Considering the problems above, the only wise thing to do is to choose an attorney through Bay City Bankruptcy Solutions. You will not only feel safe but will also get a lawyer who will give their best to get you out of your debts.
Why choose us?
Choosing a bankruptcy attorney in our network is the best decision you can make today. Why? For starters, we believe in connecting you with an attorney who can help you get out of your poor financial situation and also assist you in making a fresh start.
Bankruptcy itself can strain your mind and body in many ways, and without a helping hand, you might feel lost during this journey.
Here are some other reasons why you should choose our network:
We choose the best lawyers for you
Do you want to spare yourself from the horrors of choosing a wrong lawyer who becomes more of a burden than a support? If yes, you need to consult our team, so we can help you select a competent bankruptcy court Erie, Pennsylvania attorney that matches both your case and budget. As soon as you call us, we take some information regarding your case and then choose a licensed attorney that proves beneficial for you. There is no research required from your side. We will find a compatible professional for you, so you can start your filing right away.
Our customer service is beyond professional
Lucky for you, our team is beyond professional and caring. Our customer care department understands your situation and is educated and trained enough to help you take your first step. Many of you might feel hesitant to file for bankruptcy, and that’s okay. But by communicating with our bankruptcy attorneys’ staff, you will get the confidence and all the facts that might help you move forward. The good thing is that we don’t push you to file for bankruptcy, if you can follow other bankruptcy alternatives. We evaluate your situation with a compatible lawyer and guide you honestly on the path that might suit you the best.
Our services are always available
You don’t have to wait for a certain date or time to contact us. Thankfully, the consultants and other staff working in our team are present for you whenever you need them. If you require additional support, after your case is over, our experts will accommodate you in every way they can.
We give you every right
Unfortunately, there are many legal centers that don’t give their customers the right to select an attorney or even voice their opinion in their own case. Moreover, they don’t even permit their clients to evaluate the performance of an attorney or give impactful feedback. However, we are very different. Our network of bankruptcy attorneys goal is to give our clients all the freedom they want in this filing process. While our team helps you select an attorney, you have the right to reject our choice and request us to find someone else. Obviously, proper reasoning from your side will help us to understand why you require another professional. Additionally, our team won’t book an attorney for you until you have communicated with our selected lawyer and are comfortable with their dealings with you. We consider communication as key and if both of you are not on the same page, there is no point in taking this collaboration any further. Besides, if an attorney fails to respect you during your case or loses interest, you simply have to tell us so we can sort that issue for you. Our network doesn’t deal with attorneys who don’t take their jobs seriously, and so we either replace them or give them warnings to improve their behavior.
We do our homework for you
If you choose us, you don’t have to make the hassle of checking the authenticity of the degrees or certificates of an attorney. We do that work for you so you can focus on your case and paperwork. Our team makes sure that every lawyer we connect you with is educated enough to deal with bankruptcy. Moreover, we do a thorough check on their previous dealings and also connect with their old clients, if required. What’s more, our team also evaluates their professionalism and offer them additional training to make them excel in their field. When we say that our connected attorneys won’t disappoint you, we entirely mean it.
Our fees are affordable
Unlike many other centers like us, you will be amazed to know our fee structure. Regardless of the quality of our service and attention to every detail, we ensure that our fee is affordable for masses. There are no hidden charges involved and we offer a fair price for our service. Moreover, we also connect you with an attorney who is honest with their dealings as well. You won’t find our referred Erie bankruptcy lawyers overpriced at all. If you do, you can always share your budget and we can make efforts to connect you with an attorney who has all the great skills and meets all your case’s financial requirements. Moreover, we are also available for any negotiations as long as it gives you comfort. Our network of bankruptcy attorneys considers our clients above everything. For our team, your emotional and financial situation is more important than our profitability. So, if you are suffering with debt right now, there is no point in delaying help when you have us. Without any hesitation, call us on our helpline today, and connect with a customer representative. Share your details with us and within a few days we will call you for a meeting with a licensed attorney to help you escape from your financial struggles. We are here to connect you with the best bankruptcy attorney that Erie, Pennsylvania has to offer. So, go ahead and get the financial peace that you deserve.