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Philadelphia | Bainbridge Law Center

Filing Bankruptcy - Bainbridge Law Center, Philadelphia

Various personal difficulties can cause an individual to consider seeking the protection of the Federal bankruptcy law, including property foreclosure, unforeseen medical expenses, court judgments, excessive credit card debt, loss of employment and divorce. Needless to say, these events cause not only financial difficulty but also disruption in your daily activities and emotional distress. The Bainbridge Law Center is a designated debt relief agency under the bankruptcy law that has proudly assisted thousands of people to obtain a “fresh start” through bankruptcy.

The two basic types of consumer bankruptcy are Chapter 7 and Chapter 13. In general, Chapter 7 is designed for people whose debts are largely unsecured by any collateral and own little or no property that has substantial equity. At the end of the Chapter 7 process these unsecured debts are completely eliminated.

Chapter 13 is designed to help people that have fallen behind on their mortgage or taxes by stopping foreclosures and other collection activities and providing a plan to help them catch up on their payments. Typically, Chapter 13 debtors can also shed some or all of their unsecured debt. Under both Chapters the bankruptcy law provides exemptions that usually allow the debtor to go through the process without losing any assets. As a rule, the worse the debtor’s financial situation, the more help is available in bankruptcy.

All of our attorneys are experienced and knowledgeable in this highly technical field. We offer free consultations, either in person or by phone.

What will you need to file bankruptcy:

  1. Tax returns from the 2 most recent years--note all tax returns for the previous 4 years must be filed in order to fully proceed through a bankruptcy
  2. A current credit report--You can visit www.annualcreditreport.com to obtain your free government sponsored reports from all three credit bureaus once a year
  3. Copies of paystubs from the past six months
  4. All extra bills and creditors that are not listed on your credit report
  5. A list of all monthly expenses
  6. A list of all financial, investments and retirement accounts with account numbers and current balances

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