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Christian DiCicco

Bankruptcy Law in Philadelphia, PA

Bankruptcy Law in Philadelphia, PA

If ever there was a loaded word, it’s that one. From an early age, we are taught to fear the concept of bankruptcy. As a society, we tend to stigmatize it so strongly that even people who don’t know what it actually means know that they want to avoid it.

In part, this has to do with the context surrounding bankruptcies. Certainly, people facing bankruptcy are often facing serious financial hardship and the complications that come with that. Like many of the difficulties we face in life, financial hardship often comes about through no fault of our own. Sudden unexpected circumstances like the death of a loved one, the loss of a job or business, or a serious illness can fundamentally upend your life and make staying above water financially utterly impossible.

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Bankruptcy

If you have ever been in this sort of situation—or if you are currently in this sort of situation—you know how stressful it can be, and how that stress can grind you down day by day. You may be watching bills and living expenses pile up with no way to pay them. You may be working day and night to scrape together minimum payments every month, even as they never seem to put a dent in your ever-growing debt. You may be under assault by creditors and their incessant, round-the-clock calls, or hounded by a landlord or a mortgage company that is threatening to take away your home. You may even be struggling to provide basic necessities for yourself and your family throughout all this turmoil and pain. These experiences can be incredibly taxing, stressful, frightening, depressing, and unnerving.

However, bankruptcy doesn’t have to be. With the right guidance, you can start looking at bankruptcy less as a sentence or a recrimination, and more like an opportunity. Bankruptcy should be considered a tool to get your affairs in order, reorganize and handle your debts, and start fresh with a second chance at financial freedom.

Attorney Christian DiCicco can offer that sort of guidance. For over a decade, Christian has helped thousands of clients through the bankruptcy process. Using his extensive legal knowledge and experience, he can easily navigate the complicated procedures and structures surrounding bankruptcy proceedings. He is also a fierce, compassionate advocate for his clients, and goes to work every day to fight for their rights and the best possible outcomes on their behalf.

There are many different types of bankruptcy and debt relief solutions, and Christian personally meets with each of his clients to figure out a custom plan that’s best for them. In addition, he believes in empowering his clients to keep as much of their normal life intact as possible, including fighting for them to keep their homes and businesses.

Christian DeCicco offers a wide variety of bankruptcy and financial reorganization services to the Philadelphia community. One of his main areas of focus is Chapter 7 Bankruptcy.

Sometimes called “straight bankruptcy”, “liquidation”, or “fresh start bankruptcy”, Chapter 7 Bankruptcy is what most people refer to when they refer to personal bankruptcy. Filing for Chapter 7 Bankruptcy allows individuals to wipe out most of their unsecured debts and start fresh. Debts that are dischargeable under Chapter 7 Bankruptcy include:

  • Most credit card bills and fees
  • Personal loans
  • Collection agency accounts
  • Medical bills
  • Utility bills
  • Dishonored checks
  • Business debts
  • Repossession fees and deficiency balances
  • Back rent and money owed under a lease agreement
  • Auto accident claims (except those involving drunk driving)
  • Attorneys fees (except as part of alimony and child support awards)
  • Some Civil Court judgements
  • Tax penalties and some unpaid back taxes
  • Social Security and Veteran’s Assistance loans and overpayments

Some types of debt are not dischargeable under Chapter 7, meaning they do not go away when you file. These include:

  • Certain taxes
  • Child support or alimony debt, as well as any debts owed to a former spouse that arose out of a divorce or separation and any attorneys fees awarded in child custody and support cases
  • Court fines and penalties, including criminal restitution
  • Fines and penalties owed to government agencies (local, state, or federal)
  • Student loans (with some exceptions)
  • Auto accident claims involving drunk driving.

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Criminal Defense

As soon as you file for Chapter 7, an “automatic stay” is put in place. This immediately and indefinitely stops unsecured creditors from being able to pursue or collect payment. This means that creditors cannot contact you, garnish your wages or tax returns, drain your bank account, or try to claim your car, house, or belongings.

Many people believe that filing for Chapter 7 automatically means losing your home, vehicle, property, and other belongings. This is not the case. Usually, assets can only be liquidated if they are luxury items, items worth a certain amount, or homes/properties with a significant amount of equity. The average person filing for Chapter 7 Bankruptcy does not necessarily have assets that qualify for liquidation. In fact, Christian DeCicco guarantees that if he suggests Chapter 7 bankruptcy after carefully reviewing your case, you will not lose your home, property or belongings as a result of filing.

Another common myth is that filing for bankruptcy permanently destroys your credit. This is also not 100% accurate. It is true that a Chapter 7 bankruptcy remains on your credit report for 8-10 years, which might result in limited access to credit during that time. However, credit scores can recover remarkably quickly from bankruptcy. In fact, many people who file for bankruptcy experience dings to their credit during the financial hardship leading up to filing. As such, filing for bankruptcy actually tends to raise the average credit score of Chapter 7 filers.

Are you looking for a bankruptcy attorney in Philadelphia? Don’t keep living under pressure. Call (215) 795-5775 for a free consultation today.

Office Location

2008 Chestnut Street
Philadelphia, PA 19103

Phone: (215) 795-5775

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Phone IconCall For A Free Consultation (215) 795-5775