Bankruptcy

It doesn’t take much for most Pennsylvanians to fall on hard economic times. The onset of an unexpected and serious medical condition, the sudden loss of a job, or a divorce can all set you on a track toward hard financial times. Making ends meet during these trying times can be tough. You might be unable to work, struggle to…

If you struggle to pay off excessive debts, you may have considered filing for bankruptcy. With creditors calling you day and night, you may have reached the point where you want help to start fresh. But you may also worry that bankruptcy will take away your family home. Depending on the type of bankruptcy you file, you may not have…

The word “bankruptcy” is a frightening one to most Pennsylvania consumers. No matter how it got to that point, discovering that one’s financial situation is in a predicament is, indeed, an overwhelming experience. While each person’s economic situation may vary from the next, what are some common causes of bankruptcy, and what might America’s outlook on the topic look like?…

Contrary to popular belief, bankruptcy does not happen simply because of shopping addictions. Instead, countless Pennsylvania residents teeter on the brink of financial crises when unexpected expenses arise. Of course, student loan debt, unemployment and divorce are also to blame, but there are other, lesser-known events that can factor into the decision to file bankruptcy. They are difficult to build up, and…

Chapter 7 bankruptcy is commonly referred to as the “liquidation chapter.” Despite the name, most people who file are able to keep all of their assets and nothing is liquidated. Liquidation only occurs if an asset cannot be exempted in full. More on exemptions below. All secured and unsecured debts must be disclosed on your bankruptcy schedules. This includes mortgages,…

Once a person in Pennsylvania has made the choice to file for bankruptcy and what type of plan is best for them, their concerns might turn to how they can move forward financially once the bankruptcy is over. This is logical as a fresh financial future is ultimately the point of filing for a Chapter 7 or a Chapter 13…

When a hard-working Pennsylvanian like you finds yourself buried in debt so deep that you don’t know how to get back on your feet, Schimizzi Law, LLC, is here to help. Filing for bankruptcy has a stigma surrounding it, but the truth is, it’s a viable and sometimes even vital way of handling your debts. First, know that there are…

The United States Bankruptcy Code provides relief to people who are overwhelmed with debt.  The primary benefit is that, with certain exceptions, creditors are prevented from collecting their debts through the automatic stay and bankruptcy discharge. The Automatic Stay As soon as a bankruptcy case is filed, the automatic stay goes into effect.  The automatic stay prevents a creditor from…

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…

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…