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Pennsylvania residents who are considering bankruptcy to clear overwhelming debt are often stopped in their tracks by fear about what it will do to their credit score. This should not be dismissed. However, there are significant benefits to bankruptcy even with a...
In order to walk the walk, you need to talk the talk. Therefore, before you get your finances in order, you may need to understand some financial terms. That way you will know the rules-of-the-road to get where you want to be. Understanding what an offer includes is...
The simple answer is probably “no.” While one purpose of bankruptcy is to give honest debtors a “fresh start,” Congress defines the extent of that fresh start through exceptions to discharge (that legal forgiveness of debt most filers are looking for). One of those exceptions is debt “in the nature of” alimony, maintenance or support. The operative words are “in…
Domestic disputes are complicated enough without adding bankruptcy on top of them. While not always the case, often the filing is done to obtain a perceived advantage in the conflict. But that advantage does not always materialize if you respond appropriately. Bankruptcy provides honest but unfortunate debtors with a fresh start. That fresh start is limited within the Bankruptcy Code.…
Many people in Pennsylvania and around the country put off filing for bankruptcy because they are worried about losing their homes. This sometimes occurs in a Chapter 7 bankruptcy, but it does not happen very often. This is because federal or state exemptions protect a certain amount of home equity in a personal bankruptcy, and most people exhaust options like…
Pennsylvania residents having difficulty paying their debts have several options to manage them. One of those involves filing for Chapter 13 bankruptcy. Under this type of bankruptcy, the court approves a repayment plan to help you discharge your debts over a three-to-five-year period. Chapter 13 allows you to keep large assets The advantage of Chapter 13 bankruptcy is you don’t…
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 Your Debt One type of debt that bankruptcy does not…
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 Bankruptcy Code with a bankruptcy attorney created real and lasting benefit to individuals. Therefore, in order to set…
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 public dole. While the Bankruptcy Code allows debtors to keep sufficient income to pay reasonably necessary…
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 bankruptcies There are three main types of consumer bankruptcy: Chapter…