Steps for Filing Bankruptcy in Delaware County, Pennsylvania
File Bankruptcy—The Process
In order to file bankruptcy in Delaware County, Pennsylvania an individual should consult an attorney to create a customized plan for your financial circumstances.
Before filing bankruptcy, you and your attorney will work together to explore alternatives and plan for the upcoming legal process:
- Exploring non-bankruptcy debt-management options
- Determining eligibility: Chapter 7, 13 are the most common
- Gathering and reviewing financial documents:
- Income/debt sources
- Major financial transactions
- Tax returns
- List of assets, deeds, and titles
- Active loan documentation
- Preparing documents for the court
To officially file bankruptcy, your attorney will submit a petition combined with other forms to the bankruptcy court in your district. This marks the end of the initial planning and preparation phase, and the beginning of the bankruptcy litigation process.
Bankruptcy Case
Your bankruptcy case begins when you have filed official bankruptcy documents with the local bankruptcy court. At this point, the court assumes legal control of your debts and begins their assessment of the situation.
During bankruptcy litigation, the court provides legal protection and makes important decisions regarding your case:
- Enacting an automatic stay to protect you from creditors
- Determining the legitimacy of Chapter 13 plans
- Selling non-exempt assets in Chapter 7
- In most Chapter 7 cases all of the debtor’s assets are exempt and the Trustee does not sell any assets.
- Negotiating between debtors and creditors
- Accepting or rejecting your bankruptcy petition
Disputes can arise during bankruptcy litigation where creditors dispute or reject elements of your case. These matters will be handled by a judge and can require legal representation from your attorney.
Delaware County Pennsylvania Bankruptcy Attorney
—Scott F. Waterman
Scott F. Waterman is trained to protect your rights in all matters of bankruptcy case. He understands the process and works with clients on an individual basis, devising customized financial plans and providing complete legal representation.
From filing bankruptcy to emerging with a debt-free fresh start, Scott F. Waterman will be with you every step of the way.
To learn more about how you can get help filing bankruptcy in Delaware County, Pennsylvania contact us or call 877-837-2839.