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In the last blog we explored 5 myths about bankruptcy that might be holding you back from seeking financial help. I hope it cleared up some questions you may have. We will finish up with 5 more myths that may be occupying your belfry. MYTH #6: Bankruptcy Erases All Of...
In the Halloween spirit, I will try to unspookify bankruptcy by casting out misunderstandings about this valuable financial tool. While everyone is probably familiar with rumors about the misuse of bankruptcy, there are even more cases where the proper use of the...
It has long been said that the principal purpose of bankruptcy is to give a "fresh start" to the "honest but unfortunate" debtor. Wetmore v. Markoe, 196 U.S. 68 (1904). To that end, the Bankruptcy Code protects debtors from becoming destitute and dependent upon the...
Filing for bankruptcy in Pennsylvania is one of the best ways to deal with debts and have a clean financial start. Usually, the court will dismiss some of your debts to make things easier for you, but there are some debts you must pay. More on this below. Types of...
Various economic factors may contribute to bankruptcy filings. If the economy takes a downturn a particular year, the number of bankruptcies might increase. However, challenging economic times might not always result in increased bankruptcy filings. And the challenges...
When things get really tough, sometimes filing for bankruptcy can be the best option to get your finances under control. While there are many misconceptions about bankruptcy, it is an important tool that most people who experience financial difficulty would benefit...
Facing the possibility of bankruptcy can be a scary experience both from financial and emotional perspectives. If you are considering the need to file for bankruptcy, the following information regarding Pennsylvania law may provide you with some insight into the...
Congress made it more difficult to obtain a Chapter 7 bankruptcy in 2005 when it introduced a means test as part of the Bankruptcy Abuse Prevention and Consumer Protection Act. The test is designed to make sure that Chapter 7 bankruptcies are only granted to...
A debt situation could become so overwhelming that paying off obligations appears impossible. Filing for bankruptcy becomes a strategy the debtor may find necessary. Each bankruptcy case comes with its unique particulars, and some may find Chapter 7 preferable....
Many people in Pennsylvania are still making payments on student loan debt that they acquired more than 10 years ago. Big universities can run people into massive debt that is difficult to repay even with a high-paying job. If you have other debt besides student...
