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bankruptcy Archives

Bankruptcy and a new mortgage

Many Pennsylvania residents who struggle with financial problems may feel hesitant about pursuing bankruptcy to help them get a fresh financial start in part because they fear that they would be unable to get a new mortgage someday. That, however, is not true. While there may be some extra steps involved, it is possible to buy a new home or refinance an existing home even with a bankruptcy on a record.

The basics of a Chapter 13 bankruptcy

If you find yourself strugling with how to pay your bills and feel that they only seem to increase every month despite your efforts to make payments on them, you are far from alone. Many people in Pennsylvania are in a similar situation. For some, a bankruptcy may offer a good solution to the problem and provide a fresh financial start. However, before you jump too fast to get a bankruptcy filing started, you should learn about how a Chapter 13 plan works as it is different than a Chapter 7 plan.

Medical bankruptcy: is there a solution?

Depending on the nation's economic state, the abundance of available jobs and a multitude of other factors, financial matters can become trying on individuals and families. One looming cause of bankruptcy in Pennslyvania is medical bankruptcy, in which individuals may seek governmental help in distressing financial times caused by overwhelming medical bills.

Top 3 reasons people file for bankruptcy

Many people dealing with debt they cannot pay are embarrassed at their situation and feel as though they are facing it alone. On the contrary, this is one of the most common financial problems, and people all around you have likely been in your position before. Shame will only prevent you from finding a solution to the problem, so it is important to approach it realistically and consider all of your options.

Explaining the Chapter 7 means test

A common misconception amongst many in Greensburg may be that bankruptcy is simply a tool that people can rely on to avoid having to answer for having been irresponsible with their money. However, simply filing for bankruptcy does not mean that one does not have to repay his or her debts. Chapter 7 cases are often labeled as those that allow debtors to be forgiven of their debts, yet that is not entirely accurate. Many of one’s personal assets may be liquidated in order to repay creditors in a Chapter 7. Yet that is only if one is eligible to file at all.

What happens in a Chapter 7 bankruptcy?

If you are having financial trouble, you may consider filing for Chapter 7 bankruptcy in Pennsylvania. While you will file in the state and use a state bankruptcy court, the general laws regarding bankruptcy are made at the federal level. The United States Courts notes that Chapter 7 bankruptcy is a plan to wipe out your debt. The basic idea is that the court seizes your assets and liquidates them, turns them into cash, to pay back your creditors.

Should I file for bankruptcy?

If you are facing money issues in Pennsylvania, you may be considering bankruptcy as a means of getting out of debt. While filing for bankruptcy can be very beneficial in some cases, for other people it may not be the best course of action. In this case, it’s important that you ask yourself a few vital questions before going ahead with the process.

What type of bankruptcy will benefit you?

Pennsylvanian residents all across the state are struggling with finances and debt just like you are. If things have progressed to the point where you feel you may need financial aid, Schimizzi Law LLC is here to provide you with information on the different types of bankruptcy filing, what their benefits are, and how they can work for you.

Restaurant ownership groups abandons Chapter 11 bankruptcy plans

Those who run small businesses in Greensburg likely have lofty expectations of success during their initial days in operation. However, no company is immune to financial struggles at any point during its lifecycle. Should a small business accumulate enough liabilities that bankruptcy begins to seem like a viable debt relief option, the hope may still remain that it will be able to continue operating. With a Chapter 11 bankruptcy case, a business owner or ownership group can present a reorganization plan to both the court and its creditors that, if approved, would allow the company to survive. Yet business owners who start out with that goal in mind may not always end up achieving it.

The differences between Chapter 7 and Chapter 13 bankruptcy

If your finances have gotten a bit out of control and you need some relief, you have the option of filing bankruptcy. At Schimizzi Law, LLC, we help those in Pennsylvania to file both Chapter 7 and Chapter 13 bankruptcies. Deciding which to file is largely based on your situation and the types of debts that you have.

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