Bankruptcy involves a lot of paperwork. To file a case, a large pile of forms must be completed. Most attorneys begin by giving their clients a worksheet to fill out. Then the official bankruptcy forms are completed, proofread, corrected, and eventually filed. Some of the forms seem fairly easy to understand on their face. In [...]
Category Archives: Bankruptcy
E is for exemptions
Exemptions in bankruptcy refer to the property that is set aside for debtors as a part of their fresh start. In state courts, the term refers to the things that a debtor can keep if a creditor makes a levy on their property. In Pennsylvania, debtors can choose to use either the state exemptions, or [...]
D is for Discharge
In most bankruptcy cases, the primary goal is a discharge. The Discharge is the fresh start the debtor gets from a successful filing. This means that the debtor is no longer personally liable for these debts. The general rule is that all debts get discharged. The bankruptcy Code lists 19 exceptions. I won’t try to [...]
C is for Credit Union
For many consumers, credit unions have a warm and fuzzy feeling, which is quite different from the way we feel about our bank. Often, the credit union is associated with a workplace, or an organization to which we belong. It should be understood, however, that credit unions are lenders, like any other bank or loan [...]
The B Word
No, not that word. Bankruptcy. For many people, Bankruptcy is a scary word, one that conjures up images of failure, disgrace and dishonor. Lets start with the honor roll. Some of the many Celebrities who either filed for bankruptcy, or would have, had modern bankruptcy laws been available) include Francis Bacon, Harry S. Truman, Thomas [...]
A is for Attorneys
A is for Attorneys. This is the first in a series of posts about Bankruptcy. I will use the alphabet as my theme. For the letter A, I will discuss the role of the debtor’s attorney. Do I need an attorney to file bankruptcy? No, but it is almost always a bad idea to file [...]
Ten Myths About Bankruptcy
TEN MYTHS ABOUT BANKRUPTCY IN PENNSYLVANIA 1. I’LL LOSE EVERYTHING I HAVE In a Chapter 7 Bankruptcy, the law provides for certain amounts of exempt property. Exempt means you get to keep it. The exemptions vary from state to state: most persons who file in Pennsylvania can use the federal exemptions, which include – within [...]
What Chapter should I File?
Bankruptcy – What Chapter Should I File? This is a general outline of the major factors that should be considered in determining what type, or Chapter of bankruptcy should be filed. DISCLAIMER: These are some general comments about the law, and not intended as legal advice. 1. What chapters are available. Different sections of the [...]
