Wassel Law Office

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Under the Federal Bankruptcy Code, Pennsylvania residents can be eligible for debt relief under either Chapter 7 or Chapter 13 of the Bankruptcy Code. A bankruptcy case is started by the filing of a petition under one of these code sections, each of which offers specific financial benefits for the filing party.

Chapter 7 filing features:

  • Usually can be closed within six months of filing
  • Permission to file under Chapter 7 may be denied due to substantial income
  • Debts are discharged and filer emerges mostly debt free
  • Non dischargeable debts include student loans, child support payments and certain taxes
  • Usually there is no loss of property unless the property is deemed to be non exempt
  • Retention of mortgage and auto loan payments is common
  • Discharged debts include credit cards and medical bills
  • Most filers keep most of their household possessions
  • Typically requires credit counseling
  • Filing fee is $335

Chapter 13 filing features:

  • A proposal is presented to the bankruptcy trustee for debt repayment
  • Your home can be kept by repaying any past due arrearages
  • Typical repayment timeframe is 3 to five years
  • Unsecured creditors will, unlike Chapter 7, receive some cash distributions
  • Requires credit counseling
  • Usually filed when foreclosure action against a residence or a repossession action against a vehicle has been pursued by a creditor
  • Filing fee is $310

The decision of whether to file for Bankruptcy can be a stressful one. The facts and circumstances of your specific case will dictate whether bankruptcy is the right, or the wrong, decision for you. Let our office guide you and help you decide what's best for you and your financial future.

Wassel Law Office is a debt relief agency. We help people file for bankruptcy relief under the United States Bankruptcy Code.