Bankruptcy In Pennsylvania

No, Pennsylvania is one of only 3 states in the USA that does not have a homestead exemption (The other two are New Jersey and Maryland). However, in Pennsylvania you have the option of choosing to use the Federal Bankruptcy Exemptions. The federal bankruptcy exemptions currently offer a $20,200 homestead exemption – which doubles ($40,400), [...]

First, estimate how much your home could be sold for. You could contact a local realtor to find out the prices of recent sales in the market. Additionally, you could get a quick estimate by looking at websites like Zillow which use computer algorithms to estimate house prices. Next, factor in the costs of sale. [...]

The foreclosure process in Pennsylvania generally takes about 10 months, or 270 days. You should be able to live in your home during that time, wihout making payments, before you are legally required to leave.

If you’ve considered all the possible ways of avoiding foreclosure of your home in Pennsylvania, and think that it will be impossible to avoid foreclosure, you will likely be better of losing your home in a bankruptcy sale. One advantage is that the sale of your home will be overseen by the bankruptcy trustee. He [...]

In addition to automatic stay, provided by filing the bankruptcy petition (which temporarily gives you some breathing room), there are a few ways to slow or stop the foreclosure process in Pennsylvania. Consider these possible defenses: The interest rate on the loan is too high. There’s a limit on how much interested can be charged [...]