Deciding to File for Bankruptcy – Is It the Right Solution?

Once you have decided to file for bankruptcy and that it is the best solution for your financial situation, you will need to know which type is best, which forms to fill out, and whether or not your business can apply for a discharge. You will need to look carefully at your financial records to determine whether you should file for Chapter 7 liquidation or Chapter 13 “reorganization.” There are an array of pros and cons to each type, as well as eligibility rules, and you will need to go over everything carefully to decide which is best for your financial situation. There is also Chapter 11 and Chapter 12, which are similar to Chapter 13, but designed for certain debtors only. Chapter 11 is another type of reorganization used by larger corporations and Chapter 12 is mostly aimed at fishermen and farmers. You could always consider a discharge which releases you from personal liability for certain debts. So, you will no longer be legally required to pay the debts that are discharged. It is essentially a permanent order prohibiting creditors taking any type of collection action against you, including legal action. While you will not be personally liable for the debts, a valid lien that’s not been avoided in the case will remain once the case closes. In other words, a secured creditor can enforce the lien in order to recover the property that has been secured by the lien.


We Will Help You with Your Bankruptcy Forms

You will need a variety of business records and paperwork for your bankruptcy forms. However, the exact requirements will depend on whether you are filing for Chapter 7 or Chapter 13. The most commonly required paperwork are tax returns; income documentation; real estate information; vehicle registration papers; bank and retirement account statements; child support documentation if applicable and identification. The type you file for will depend on your assets and your income. Your income is critical as it could preclude you from filing a Chapter 7 case, whereas your assets are important since if you have nonexempt property, you risk losing in in Chapter 7, but you will be better able to protect it in Chapter 13. Don’t forget to consider a discharge lien against a property, if you really have no other option.

Exploring a Business Bankruptcy Strategy

Before you file for business bankruptcy, there are several strategies to consider which will determine the types of forms you will need to complete and which records you require. These include:

  • Unemployed debtors with few assets
  • Unemployed homeowners
  • Upside down mortgage
  • Significant Equity
  • Employed owners who are facing foreclosure or mortgage delinquency
  • Wealthy petitioners who have a large amount of debt
  • Out of court settlements
  • Liquidation
  • Reorganization
  • A discharge
Call for a Free Initial
Contact our office today to discuss your bankruptcy or family law questions. You can reach us by phone at 610-489-3041 or via e-mail. We will respond promptly to all phone calls and emails, within 24 hours.
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I have dealt with Matt for a few years for a couple of matters for myself and for my mother-in-law. Matt has always been a man of his word; anything he said he would do was done as expected. He provided timely and accurate advice when requested. Matt never pushed services that were not required and at certain times he recommended less costly services that would achieve the same results. I highly recommend him as very honest and ethical. He always disclosed fees in advance and there were never any "surprise" fees.— jimcar13
Mr Nahrgang was easy to work with, and did an excellent job with my case. Though my case turned out to be more complex than we had originally realized, he handled every complication promptly and competently.— eyedoc89
I was first recommended to Matthew Nahrgang by a friend. I was having serious financial issues at the time. I went to Matt and had a conversation which set my mind at ease. He is straight to the point, honest and tells you how it is. No frills kind of guy. He also is confident in his business and knows the law very well, which is what set me at ease. It was not near a big deal as I thought it to be. He does what he says he is going to do and does it in a timely manner. I have used Matt a few times now and I've recommend him to many of my friends and business acquaintances. I highly recommend Matthew Nahrgang!— my1leelee
In relation to my bankruptcy and in retrospect, I was thankful that I had discovered Mr. Nahrgang and had engaged him to respresent me in my case. I found him to be respectful, understanding, highly knowledgeable and trustworthy. I appreciate all that he did on my behalf and have recommended him to friends and family.— Orangefit09
Areas we serve
The Collegeville, Pennsylvania based law firm of Nahrgang & Associates, P.C. represents clients in the counties of Montgomery, Bucks, Delaware, Chester, Berks, Philadelphia, Lancaster, Northampton and Lehigh including the communities of Collegeville, Jenkintown, Doylestown, West Chester, Reading, Media, Allentown, Norristown, Phoenixville, Quakertown, Pottstown, Lansdale, Royersford, Plymouth Meeting, Exton, Conshohocken and King of Prussia, PA.
Our location
Nahrgang & Associates, P.C
35 Evansburg Road, Suite 3 Collegeville, PA 19426
Phone: 610-489-3041
Fax: 610-489-3042