PHILIP W. STOCK
Your Bankruptcy Lawyer
CALL (570) 420-0500
Address:
Philip W. Stock
Attorney at Law
706 Monroe Street
Stroudsburg, PA 18360
Google map

(Serving Stroudsburg, Mount Pocono, Brodheadsville
and neighboring areas.)
WHAT IS A CHAPTER 7 BANKRUPTCY?

The principal reason for filing a bankruptcy under Chapter 7 of the Bankruptcy Code is to find relief from the crushing weight of credit card debt, medical debt and utility debt. Upon completing your bankruptcy you will receive an Order of Discharge which discharges you of all dischargeable debts. Once you receive an Order of Discharge, your creditors are barred from any form of collection and the debts are, essentially, eliminated. They can never call you, write to you or harass you in any way. You are protected by the permanent discharge injunction.

The filing of a bankruptcy under Chapter 7 also serves to stop civil lawsuits which have been filed against you. The filing of a bankruptcy under Chapter 7 will stop all civil process so, for example, if you are concerned that the Sheriff's Department is about to tag your property, the filing of the bankruptcy will stop this.

If your property is scheduled for Sheriff's Sale, the filing of the Chapter 7 will stop this, as well, but only for a limited period of time. See also Chapter 13.

If you have been sued in court and need to respond to the documents which have been filed against you, the filing of the bankruptcy will, normally, eliminate the need to do so.

If your property is scheduled for Tax Sale, the filing of a Chapter 7 will stop the sale but only for a limited period of time. See also Chapter 13.

In a Chapter 7 bankruptcy, you pay no money to your discharged creditors or payments to a Trustee.


ADVANTAGES OF CHAPTER 7
  • −    The entire process is, normally, very quick, approximately 120 days from the filing of the bankruptcy to the completion of the case
  • −    Normally, no payments to a Trustee
  • −    Legal fees are less because the case is quicker and less complex
  • −    Will receive a discharge of all dischargeable debts, like credit card debts, medical debts and utility debts
  • −    Instantly, stop lawsuits, harassing calls and contacts by creditors
DO I QUALIFY FOR CHAPTER 7?

The determination of whether an individual qualifies for a Chapter 7 bankruptcy is a complex process. However, one of the most significant issues to consider is whether or not the individual who needs to file a bankruptcy earns an annual income which is above or below the Median Family Income. In general, if the individual's income is below the Median Family Income, then it is substantially more likely that the individual qualifies for Chapter 7. If, however, the individual's income is over the Median Family Income, then it is substantially more likely that the individual does not qualify for a Chapter 7 bankruptcy.

Address:
Philip W. Stock
Attorney at Law
706 Monroe Street
Stroudsburg, PA 18360
Google map

(Serving Stroudsburg, Mount Pocono, Brodheadsville
and neighboring areas.)