When it comes to bankruptcy, Pennsylvania lawyers want you to understand the most common type of bankruptcy protection is Chapter 7. Chapter 7 bankruptcy is essentially you asking for the bankruptcy court to completely absolve you of your debts and wipe them away so that you are no longer responsible for the money that you owe to your creditors, and can begin rebuilding your finances with a fresh slate. This, however, does not mean that a consumer has built a tremendous amount of debt is able to completely wipe it away just because he doesn’t want to pay, or that wealthy people are able to hang on to all of their money by simply buying everything that they want to buy and then filing for Chapter 7 bankruptcy protection. Bankruptcy Pennsylvania lawyers will tell you that there are strict income and asset limitations in place to prevent such abuses from happening, and it is critical that you are completely honest regarding your financial situation so that the bankruptcy court has a clear picture and can make the appropriate decision. If it is found that you are attempting to commit fraud in your bankruptcy case, you can face very serious criminal consequences.
Of course, most consumers are not out to try to commit bankruptcy fraud. When it comes to bankruptcy, Pennsylvania lawyers will tell you that the entire proceedings are often incredibly confusing and some people may commit mistakes without really knowing. This is why it is so important to have a bankruptcy Pennsylvania attorney involved in your case from the very beginning. This attorney will help you to evaluate your situation from the perspective of bankruptcy law so that you can make an educated and confident decision regarding the future of your financial situation. This can include whether a Chapter 7 bankruptcy case is right for you and whether filing for this type of protection may require that you liquidate a portion of your assets. Not all income and assets are eligible for liquidation, so your bankruptcy penciling attorney will help you to categorize each type of income or assets that you have so that it can be determined which are exempt from potential liquidation and which will need to be reported so that they may be integrated into the repayment plan the bankruptcy court may put into place.
Bankruptcy is not an easy situation for anyone, but the attorneys at the Rapa Law Office want to make it less difficult for their clients. These attorneys offer the knowledge, skill and experience necessary to help clients get through their bankruptcy situation as smoothly and effectively as possible, and the respect and dignity needed to help these clients feel more at ease.