Foreclosure Prevention

Philadelphia Bankruptcy Lawyers

Are you struggling to make ends meet in the Philadelphia area? Do you receive constant calls from creditors
and bill collectors? Are you behind on car payments, credit card and mortgage payments? Are you at risk of getting foreclosed on? Are you vulnerable to your vehicle being repossessed? Do you constantly get harassing phone calls and letters from creditors? Do you have judgments against you?

If so you may be able to obtain financial relief in the very near future via claiming bankruptcy. Contact the Philadelphia Bankruptcy Attorneys at The Law Office of Erik B. Jensen today to discuss your case.

Mr. Jensen and his staff have many years experience handling bankruptcy cases in Philadelphia and offer free consultations. Dial (215) 546-4700. After hours please dial (888) 551-7149 for a free consultation.

Philadelphia Pennsylvania Bankruptcy Laws

In the Commonwealth of Pennsylvania, and other states, there is a method of qualifying for bankruptcy. While most people can claim bankruptcy if they are in severe debt, they may not be able to decide which option they will file. Pennsylvania gives a bankruptcy means test to potential bankruptcy applicants. This test, and other factors, will play a large part in what debt relief option you choose.

Contact the Philadelphia bankruptcy attorneys at The Law Office of Erik B. Jensen to discuss what option is right for you. They have an office on They are located at 1528 Walnut Street in center city and service help those going through financial hardships throughout all of Philadelphia County, Delaware County, Bucks County, Chester County and Montgomery County, Pennsylvania.

The Bankruptcy Means Test

The bankruptcy “means test” determines which bankruptcy avenue is best for you and your situation. The test stems from a formula that is designed to prevent high income individuals or households from filing for a Chapter 7 bankruptcy as they may have the resources to pay off their debt. In many situations high income persons may qualify to file for a Chapter 13, which is a repayment plan.

Individuals with a higher than average income may still qualify for Chapter 7 relief in Pennsylvania if they have unusually high expenses such as mortgages and car payments. An experienced Philadelphia Bankruptcy Lawyer will take you through the means test and together you can decide the best plan of action.

The Chapter 7 Means Test Formula

The means test essentially deducts monthly expenses from your current monthly income. Your current income is determined by your income averaged out over the last 6 months prior to filing bankruptcy. The amount left over is your disposable income. If your disposable income is too high you may not be able to file Chapter 7 in Pennsylvania.

Also, your income is compared to the median income for your state. That comparison also will help to determine what bankruptcy option you qualify for. If your income is less than the median income in your state you can usually qualify to file a Chapter 7 bankruptcy.

Benefits Of Filing Bankruptcy

One of the most difficult times you may ever face in life is going through tough times financially. No matter what the cause or how hard you try to prevent it, you may feel as though there is no way out. The Philadelphia bankruptcy attorneys at The Law Office of Erik B. Jensen want you to know that there is hope and you do have options.

For businesses, couples and businesses filing bankruptcy is a legal option for eliminating or consolidating your debt and starting over. There are several types of bankruptcy you can choose from depending on your situation and what your financial goals are: Chapter 7, Chapter 11, Chapter 12 and Chapter 13. The option that is right for you will ultimately depend on what you are trying to accomplish. Your current financial situation will also dictate the option. Some benefits of claiming bankruptcy in the Bucks, Chester, Delaware, Montgomery or Philadelphia County areas are:

Stopping creditor harassment

Judgment satisfaction

Foreclosure protection

Discharging credit card debt

Discharging debt due to divorce

Discharging medical bill debt

Consolidating alimony and spousal support arrears

Consolidating child support arrears

Rebuilding your credit

Preventing wage attachment

IRS tax debt relief

Starting over financially

If you are interested in enjoying the benefits of starting over financially you should speak with a bankruptcy attorney at The Law Office of Erik B. Jensen to discuss your options.

Common Causes Of Bankruptcy

Enduring severe financial strain is one of the most challenging situations you will ever endure. It ranks right up there with losing a job, divorce or losing a loved one. No matter of the cause of the financial strain it is incredibly stressful as you may fear not being able to provide for your family, pay your bills and enjoy the lifestyle you are accustomed to. There can be any number of reasons that can cause you to have sleepless nights worrying about money. Common examples are:

Financial irresponsibility

Loss of job or change in employment status

Change in lifestyle such as divorce

Death of a spouse

Medical bill debt due to injury or being involved in an accident

Medical bill debt due to inadequate health insurance coverage

Medical bill debt due to unexpected illness or hospitalization

Excessive credit card debt

Solutions For Your Financial Problems

Almost any of the financial issues listed above can be resolved by filing for bankruptcy. Depending on your situation there are several bankruptcy options for individuals and families. Speaking with an experienced bankruptcy lawyer will ensure that all options are thoroughly explained to you and that you can make the best possible decision for yourself, your family and your financial future.

Contact A Philadelphia Bankruptcy Attorney For A Free Consultation

Contact The Law Office of Erik B. Jensen today to discuss your debt relief options via filing bankruptcy. For a free consultation please dial (215) 546-4700 or (888) 551-7149 after normal working hours.