You might be able to protect your motorcycle under the motor vehicle exemption. There are a few things to first consider: How much equity do you have in your motorcycle? Are you planning to use the Pennsylvania state bankruptcy exemptions, or the federal bankruptcy exemptions? To calculate your equity in your motorcycle subtract the amount [...]
Archive | April, 2010
Will I lose my motorcycle if I file for bankruptcy in Pennsylvania?
by admin on April 25, 2010 in Bankruptcy in Pennsylvania
My car is leased. Can I keep it when I file for bankruptcy?
by admin on April 25, 2010 in Bankruptcy in Pennsylvania
Many people lease their car, instead of purchasing it. If you leased your car, you may be able to keep it when you file for bankruptcy. You need to list your car lease on Schedule G, and then indicate on your Statement of Intention if you plan to assume the lease (keep paying the lease), [...]
Can I save my home by converting to Chapter 13 bankruptcy?
by admin on April 25, 2010 in Bankruptcy in Pennsylvania
It may – comared with Chapter 7, there are a few benefits to Chapter 13 bankruptcy, when it comes to saving your home. With Chapter 13, you can pay off your debts, rather than having to sell your property. When you file for Chapter 13, you won’t have to give up your house to the [...]
Can I use a reverse mortgage to help avoid bankruptcy?
by admin on April 16, 2010 in Bankruptcy in Pennsylvania
A reverse mortgage is one possible way you can avoid bankruptcy in Pennsylvania. This option is only available to Pennsylvanians 62 years or older. A reverse mortgage can release equity in your home in a single lump payment, or over a series of multiple payments. A reverse mortgage is an interesting twist on a home [...]
Can I reduce the equity in my home before filing for bankruptcy?
by admin on April 16, 2010 in Bankruptcy FAQ, Bankruptcy in Pennsylvania
In Pennsylvania, the best way to save your house in a bankruptcy, is to not include your spouse in the filing. However, if that’s not an option, because you share significant debts which you are attempting to discharge through a bankruptcy filing, you may consider reducing the equity in your home before filing. Because Pennsylvania [...]
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