Is Chapter 7 Bankruptcy the answer?

Well, it depends on what question you are asking. Chapter 7 is designed to give a person a new start. It is designed for people who have consumer debts, credit cards and medical debt. However you must attend credit counseling before you are able to file to see if there is any other kind of […]

Why do I have to attend Credit Counseling?

First, it is required by law. In accordance with Title 11 US Code Section 109(h)1, in order to be a debtor and file a Bankruptcy Petition a person must have in the 180 days before filing the petition completed received a certificate of compliance that they have completed pre-filing counseling with an approved agency. A […]

Do I need a Chapter 7 or Chapter 13 bankruptcy plan?

Consumers in Pennsylvania who are in need of debt relief assistance may benefit from filing for bankruptcy, but they should understand the two primary forms of consumer bankruptcy – Chapter 7 and Chapter 13 – to make the right decision for their needs. When facing serious debt problems, many consumers can feel stuck and as […]

Bankruptcy and Family Law

Parties who are unable to keep up with their financial obligations may consider filing for bankruptcy. Chapter 7 bankruptcy involves liquidation of a party’s assets to repay debts. Chapter 13 bankruptcy involves a payment plan with all collected funds subsequently distributed to creditors in order of their priority. A bankruptcy filing results in an automatic […]

Bankruptcy

As it relates to individuals considering bankruptcy the two most frequently used types of bankruptcy are Chapter 7 and Chapter 13. Chapter 7 provides for the liquidation of assets to satisfy debts owed. All nonexempt assets are gathered by a trustee and sold to pay off debts. Certain assets may be exempted from liquidation depending […]