Hiring a Bankruptcy Attorney
John M. Kenney is a Bucks County bankruptcy lawyer who can assist individuals in the Levittown and Langhorne areas, as well as elsewhere in Pennsylvania, with reorganizing and discharging their debts. Mr. Kenney prides himself on straight and open communications with the people whom he represents. He gives each client a truthful assessment of their situation so that they can weigh their options with all of the facts on the table. Bankruptcy is often a complicated and technical process, and Mr. Kenney’s experience makes him qualified to guide people through it with efficiency and effectiveness.Federal and State Bankruptcy Options
Bankruptcy implicates a myriad of both state and federal laws that dictate who may be eligible to file and the options that a person seeking bankruptcy protection may have for settling debts and protecting assets. One of the first decisions that a person considering filing for bankruptcy needs to consider is whether to file under Chapter 7 or Chapter 13.
Chapter 7 bankruptcy gives a person the opportunity to obtain a discharge of debts, without having to neither lose assets (subject to available exemptions or allowances) nor pay back a portion of those debts which a Chapter 13 would require. Chapter 7 however is available only for individuals whose income is below the average level as set forth in the “Means Test” of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA).
The exemptions or allowances provided by either Federal or State law dictates the type of property that a Chapter 7 filer can hold onto without having to turn it over to the trustee. Unlike the laws in some other states, Pennsylvania law allows a Chapter 7 filer to protect his or her home from any claim when it is jointly owned with a non-filing spouse no matter how much equity the parties have in the home. This Pennsylvania exemption would also apply to other assets the parties own jointly as husband and wife or as “tenancy by the entireties,” provided other requirements have been met. In addition, assets that are protected under state law include certain life insurance contracts, pensions, veterans’ benefits, and workers compensation proceeds.
A chapter 13 bankruptcy is a reorganization process in which the debtor gets the opportunity to pay off debts over time such as IRS tax debt or a mortgage arrearage when the debtor wishes to keep his or her home. The court blocks creditors from all collection efforts while the Bankruptcy is pending and establishes a payment plan for the filer to pay the mortgage arrearage or IRS tax debt over a 60-month period. This is typically a good option for a person who is trying to keep his or her home through the bankruptcy process.Consult a Knowledgeable Bankruptcy Lawyer in Bucks County
Because of the maze of laws and rules that often come up in bankruptcy cases, it is important to have an experienced and skilled attorney in your corner when you are seeking debt relief. John M. Kenney has been representing clients in these cases for more than three decades. He has a long history of success in these matters and has dedicated his career to helping neighbors in their times of need.
If you or a loved one is considering seeking bankruptcy protection, contact Bucks County bankruptcy attorney John M. Kenney at (215) 547-3031 or through our online form to arrange a free consultation. He serves people in Bristol, Morrisville, Langhorne, Levittown, Fairless Hills, Yardley, and other Pennsylvania communities who need a foreclosure attorney or representation in other matters related to bankruptcy. Mr. Kenney can listen carefully to your situation and concerns, advise you of your rights under the law, and provide you with the personal attention that you deserve.