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1. In a Chapter 7 Bankruptcy you may still be able to keep your home and eliminate most or all of your other debts. If you are current on your mortgage and your equity in your home doesn't exceed the allowed limits you may keep your home and eliminate unsecured debts such as credit cards, loans and medical bills.
2. The Philadelphia bankruptcy attorney, Stephen Dunne relates, "If you have a home or car in Philadelphia that you don't wish to keep, you may be able to legally wipe out those debts in Chapter 7 Bankruptcy. If you qualify for a Chapter 7 Bankruptcy and own a house, condo, land or time share and don't wish to keep it, you can surrender your interest in these properties and not be responsible for the mortgage."
3. Chapter 13 Bankruptcy may allow you to eliminate much of your second mortgage or home equity loan. According to every informed Philadelphia bankruptcy attorney, in a Chapter 13 Bankruptcy if your first mortgage exceeds the value of your home and you have a second mortgage or home equity loan, you may be able to have the second mortgage turned into an unsecured loan. In the Chapter 13 plan you may then be able to have the court approve a plan in which you only are responsible for paying back as little as 10% of what was owed on the second mortgage or home equity loan.
4. If you have fallen behind in your mortgage and you consult with your Philadelphia bankruptcy lawyer you will discover that Chapter 13 Bankruptcy allows you the opportunity to keep your home and gives you time to bring your mortgage current. If you qualify for Chapter 13 Bankruptcy and you have fallen behind in your mortgage you can make a repayment plan to repay the arrears over a period of up to 5 years.
5.When you file bankruptcy with the help of bankruptcy lawyers in Philadelphia your creditors are stopped in their tracks. The moment you file a bankruptcy petition you received the protection of the federal court. An automatic stay is issued that prevents your creditors form garnishing your salary, freezing your bank account, removing money from your bank account, repossessing your car or foreclosing on your home.
These are the 5 secrets of your Philadelphia bankruptcy attorney.
Find out more about your bankruptcy options in Philadelphia at: http://www.thephiladelphiab...
Bankruptcy Law Attorney:
Dunne Law Offices, P.C.
1515 Market Street, Suite 1200
Philadelphia, PA 19102
Philadelphia Bankruptcy Lawyer