Harold Shepley

Category Archives: Bankruptcy

What Happens to Student Loans in a Personal Bankruptcy?

Students often take out loans feeling certain that they’ll get a job that enables them to repay in full right after graduating. But new graduates are encountering difficulty finding a good job. When their student loans come up for repayment, this lack of a good job can present a problem. Your repayment obligation for student… Read More »

Report: One-Third of Americans Struggle with Debt

The stigma of debt prevents most people from admitting their financial troubles. But according to a new study by the Urban Institute, more than one-third of Americans currently have debts in collections. About 35 percent of Americans­­ — more than 77 million people — have debts delinquent enough to be sent to collections and reported… Read More »

Bankruptcy May Help Save Historic Pennsylvania Amusement Park

Pennsylvania’s historic Conneaut Lake Park has been authorized for a sheriff’s sale due to its significant debt in back taxes. But the park may still be able to save itself by filing for bankruptcy. The beloved Crawford County amusement park, which is 122 years old, has accrued $910,000 in back taxes over the last 14… Read More »

Ford City Borough Considers Bankruptcy

At Ford City’s council meeting this month, local residents and council members voiced their concerns about the borough’s economic future, which doesn’t appear promising. The borough has been struggling financially for some time. Since the Department of Environmental Protection fined the borough for problems with its plans for a new water plant and the Greater… Read More »

Pittsburgh Area Bankruptcies Drop in Second Quarter

According to the Administrative Office of the U.S. Courts, Pittsburgh has experienced a decrease in the number of bankruptcy filings by local businesses this year. The Pittsburgh Business Times reports that data from the Administrative Office of the U.S. Courts showed a significant drop in bankruptcy filings by Pittsburgh-area businesses — only 55 were recorded… Read More »

Things to Consider Before Filing Bankruptcy

Thousands of people file bankruptcy in Pennsylvania for various reasons. Some file to save their home in the face of foreclosure. Others may file because they lost their jobs and the debts just keep accruing. The circumstances leading up to bankruptcy are never simple, and the decisions you make before you file may become defining… Read More »

How are Taxes Treated when You File for bankruptcy?

Many individuals accumulate income tax debt and find that it is difficult to pay off the balance that is owed.  Nothing is more uncomfortable than owing the IRS money.  Thankfully, some taxes can be eliminated or reduced during a bankruptcy case.  Taxes are treated differently based upon the chapter under which a bankruptcy case is… Read More »

Preserving your Property in Bankruptcy through Redemption and Reaffirmation

Bankruptcy offers a sound solution to people who want to get rid of an overwhelming amount of debt.  When you file for bankruptcy relief, your debts are divided into two categories: secured and unsecured.  A secured debt is one for which the item itself,  such as a residence, automobile, furniture, or other possession, functions as… Read More »

Filing for Bankruptcy can Immediately Relieve Creditor Collections

Among the many benefits that come with filing for bankruptcy is stopping creditor collections. Once you file your Chapter 7 or Chapter 13 bankruptcy petition a special court injunction—known as the automatic stay — halts creditors from coercing you to pay on your debt. With few exceptions, most any creditor that you name on your… Read More »

What You Can Expect at the Bankruptcy Creditor’s Meeting

Not long after you file your Chapter 7 or Chapter 13 bankruptcy petition, the court will appoint a trustee who will oversee the management of your case. In addition to reviewing your petition and various schedules you file, the trustee gathers information about your financial state. This includes presiding over a section 341 hearing —… Read More »