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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Can I reduce the equity in my home before filing for bankruptcy?
by admin on April 16, 2010 in Bankruptcy FAQ, Bankruptcy in Pennsylvania
Can I pay off a personal loan from my parents before I file for bankruptcy?
by admin on April 9, 2010 in Bankruptcy FAQ
Bankruptcy law states that your creditors deserve to be treated equally and fairly. Under bankruptcy law, you are prohibited from paying any insider creditor more than $600 during the year that you file for bankruptcy. Insiders include friends, relatives, or business associates. If most of your debts are from a business, the limit of these transactions is [...]
How can I claim a property exemption? What types of property qualify for exemptions in Pennsylvania bankruptcies?
by admin on March 12, 2010 in Bankruptcy FAQ
Pennsylvania law allows you to use the exemptions found in the U.S. bankruptcy code (11 U.S.C. § 522(d)) or the exemptions provided under Pennsylvania law. The law allows you to only choose one type of exemptions list. This could compose of the following: Real estate such as a residence Trade or professional tools, books, Unmatured [...]
Is it possible to sell property before I file a chapter 7 bankruptcy in Pennsylvania?
by admin on March 11, 2010 in Bankruptcy FAQ
Yes but the trustee can seek to include the money received in your estate. A bad move is selling it to family or friends to avoid losing it in bankruptcy. Usually, the trustee finds out about this a can have the sale reversed, which would put you in a difficult position. One of the best [...]
Will I be required to attend a meeting of creditors if I file for Chapter 7 bankruptcy?
by admin on March 10, 2010 in Bankruptcy FAQ
Yes. Section 341 of the bankruptcy code requires such a meeting to take place, usually scheduled within 20 or 40 days from filing your Chapter 7 bankruptcy. It is strictly a fact- finding informal meeting, where you get to present your assets, income and debts. On the other hand, your creditors are invited yet are [...]
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