Pennsylvania Bankruptcy Lawyer Frees You from Crushing Debt
Providing solutions to overwhelming debt
Especially in today’s difficult economy, where jobs are hard to find and pay rates are often less than what they used to be, mounting debt can begin to feel unmanageable and overwhelming. Fortunately, the Law Offices of David Romito, Esq. bring over 23 years of experience and knowledge to your situation to help you regain control of your finances, so that you can regain control of your life.
Negotiators of debt relief options
We want what is in your best interest, which is not always bankruptcy. If bankruptcy is not your best option, or if for some reason you do not qualify, our attorneys will nonetheless explore any and all non-bankruptcy options to improve your financial situation as much as possible. Such options include defending credit card lawsuits, assistance with mortgage hardship and home loss prevention applications, and negotiation with creditors.
Experienced debt analysis
We truly listen to your needs and thoroughly analyze your case to determine if bankruptcy offers the most effective means of easing your financial burden. We carefully review your assets, liabilities, income and expenses, and explain how bankruptcy law applies to your unique situation. We answer all your questions about the bankruptcy process and the outcome you can expect. Our thorough and methodical approach to the entire bankruptcy process eliminates unpleasant surprises, and our treatment of clients throughout that process is always compassionate and non-judgmental.
Relief through automatic stay
Creditors’ aggressive collection methods unfairly compound the stress of escalating debt. You can put an end to the constant harassing phone calls and threatening collection letters meant to intimidate you into paying debts you cannot afford. As soon as you file for bankruptcy, federal bankruptcy law mandates that creditors must immediately stop any and all collections efforts. This “automatic stay” provision applies to those collection letters and phone calls, as well as to any lawsuits – even if the creditor has already filed and, in the case of a mortgage foreclosure lawsuit, even if a sheriff’s sale has already been scheduled. In the vast majority of cases, all unsecured debts are ultimately “discharged” (legally eliminated); in the meantime, all creditor communication, inquiries, etc. must be through our law offices, allowing you to regain your peace of mind.
Your bankruptcy options in Pennsylvania
The U.S. Bankruptcy Code provides relief for businesses and consumers. Each has different eligibility requirements and different advantages in particular situations. The most common forms of bankruptcy are:
- Chapter 7 bankruptcy: Under chapter 7, you may claim certain of your property as exempt under federal law (for example the $12,625 exemption limit for household goods, furnishings, and appliances, and the $1,600 exemption limit for jewelry). A trustee may have the right to take possession of and sell the remaining property that is not exempt and use the sale proceeds to pay your creditors. In the vast majority of cases, however, the debtor has no assets above these statutory exemption limits, meaning that the debtor may “exempt”, and therefore keep, all of his assets. Our attorneys take every precaution to ensure that this is the outcome achieved in your case, with none of your assets being placed at risk while most (and in many cases, all) of your unsecured debts are being discharged.
- Chapter 11 bankruptcy: If you own a corporation, partnership or sole proprietorship, Chapter 11 bankruptcy permits your business to continue operating while you pay creditors under a reorganization plan. The Chapter 11 option allows you to manage the company’s debt without losing the business you struggled so hard to build.
- Chapter 13 bankruptcy: Chapter 13 bankruptcy enables you to prevent your lender from foreclosing on your home. If you and your spouse have substantial incomes, but sudden illness, job loss or other unforeseen circumstance has interfered with your ability to pay the full amount of your debts, Chapter 13 bankruptcy permits you to repay a portion of your debts under a repayment plan that typically runs 4-5 years.
If bankruptcy is the right choice for you, we stay at your side, guiding you through the entire process from start to finish. Our pledge is to be reliably available to answer, with courtesy and completeness, all of your questions and concerns. We are dedicated to ensuring that your case is handled professionally and without unpleasant surprises.