Category Archives: Chapter 7
Personal Bankruptcies Dropped During 2011
According to a report by Professor Ronald Mann of Columbia Law School for the National Bankruptcy Research Center, the number of Americans who filed for bankruptcy fell from 1.5 million in 2010 to 1.35 million in 2011, a 12% decrease. Chapter 7 filings dropped by 17% and Chapter 13 filings dropped by 25%. This decline… Read More »
Bankruptcy and Discharge of Debts
When we talk about bankruptcy, we talk a lot about “discharge of debts,” but what exactly does that mean? When are the debts discharged? What debts are discharged? Can creditors object? Let’s discuss. Bankruptcy discharge is a court order that releases a debtor from the obligation to pay certain debts. The creditor is no longer… Read More »
What to Expect at the 341 Bankruptcy Meeting
When filing for bankruptcy, many clients express anxiety at the thought of the Meeting of Creditors (also called the 341 meeting, after Section 341(a) of the Bankruptcy Code). Knowledge is power, and the Meeting of Creditors isn’t as scary as it sounds. Here is an idea of what to expect, and hopefully cut down on… Read More »
What is “Reaffirming” Secured Debt?
With a Chapter 7 bankruptcy, you need to disclose whether you intend to keep or give back certain things, like your house or your car. If you want to keep something and continue paying on it, though, your lender can still choose to take it back unless you “reaffirm” the debt. Following are the pros… Read More »
How Long Does Bankruptcy Take?
Once you have made the difficult decision to file for bankruptcy, your next question is probably, “How long will this take?” You are likely extremely anxious to know when you will be on your way to rebuilding your finances. Every case is different, but there are general guidelines on how long it might take for… Read More »
Will I Lose My Retirement if I File for Bankruptcy?
One of the questions Harold Shepley & Associates receives is, “Will I lose my retirement accounts if I file for bankruptcy?” You’ll be glad to hear that the answer to this question is “No.” When filing for Chapter 7 or Chapter 13 bankruptcy, you can keep your pension and retirement plan, with a few exceptions… Read More »
Medical Bills and Bankruptcy
A serious illness can result in serious medical bills. In fact, CNN reports that more than 60% of people who file for bankruptcy file because of overwhelming medical bills. Most of those who file for bankruptcy are middle-class, well-educated homeowners. And, three-quarters of the people with a medically-related bankruptcy had health insurance. It’s scary to… Read More »
Pennsylvania Bankruptcy Exemption Laws
When filing for Chapter 7 or 13 bankruptcy, there are certain exemptions—assets or properties you are allowed to keep. Exemptions are different for each state, and if you’re thinking of filing for bankruptcy, it’s important to know the exemptions for our home state, Pennsylvania. Homestead No exemption for homestead property in Pennsylvania. However, if filer… Read More »
Searching High and Low: How Do I Find a Good Bankruptcy Attorney?
Finding a good bankruptcy attorney is like finding a good doctor. You may have to try a few before finding the right fit. But since we’re talking about your financial future here, it’s important to take the time to search out that correct fit. Here are some tips on finding a good bankruptcy attorney. Ask… Read More »
Bankruptcy in Pennsylvania – The Means Test – Will I Pass?
In seeking relief from overwhelming debt, people often think that bankruptcy is the best choice. Many people think Chapter 7 liquidation bankruptcy is the best option for them. However, in order to be eligible, you must first pass a means test. This means test involves comparing your income to those of other families in the… Read More »
