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What is “Reaffirming” Secured Debt?
With a Chapter 7 bankruptcy, you need to disclose whether you intend to keep or give back certain things, like your house or your car. If you want to keep something and continue paying on it, though, your lender can still choose to take it back unless you “reaffirm” the debt. Following are the pros […]
April 23, 2012 Posted in Bankruptcy, Chapter 7, Credit, Debt Tagged case, chapter 7 bankrupty, Credit Report, proceedings, property, reaffirming debt, secured debt Leave a comment
Bankruptcy Myths
We know that the decision to file for bankruptcy is a difficult one. You should have all the facts. Despite all the information out there about bankruptcy, many myths persist. Today we want to bust some of those myths. Myth: My credit will be destroyed for 10 years after filing for bankruptcy. First things first, […]
April 19, 2012 Posted in Bankruptcy, Debt Tagged bankruptcy myths, filing for bankruptcy, pennsylvania lawyers Leave a comment
When Should I Disclose My Bankruptcy?
Bankruptcy is one of life’s more distressing and emotional events. Once it’s over, you will likely want to put it all behind you and never really think about it again. Unfortunately, at least for a while, you are going to have to sometimes disclose your bankruptcy. You certainly don’t have to tell everyone you meet […]
April 16, 2012 Posted in Bankruptcy, Debt Tagged bankruptcy lawyer, Credit Report, debt, filing for bankruptcy, law, Pennsylvania, proceedings Leave a comment
How Long Does Bankruptcy Take?
Once you have made the difficult decision to file for bankruptcy, your next question is probably, “How long will this take?” You are likely extremely anxious to know when you will be on your way to rebuilding your finances. Every case is different, but there are general guidelines on how long it might take for […]
April 12, 2012 Posted in Bankruptcy, Chapter 13, Chapter 7, Debt Tagged bankruptcy case, chapter 13, chapter 7, filing for bankruptcy, pennsylvania attorney Leave a comment
Banks Paying Homeowners to Avoid Foreclosures
Banks, anxious to move troubled mortgages off their books, have started offering cash incentives to homeowners to sell their properties for less than what they owe – typically called a “short sale.” In the past, banks have balked or dragged their feet at short sales. However, lately, they have decided that short sales are more […]
April 9, 2012 Posted in Bankruptcy, Debt, Foreclosure, Home Equity Loans Tagged avoid foreclosure, bank, bankruptcy attorney, homeowner, loan, short sale Leave a comment
Will I Lose My Retirement if I File for Bankruptcy?
One of the questions Harold Shepley & Associates receives is, “Will I lose my retirement accounts if I file for bankruptcy?” You’ll be glad to hear that the answer to this question is “No.” When filing for Chapter 7 or Chapter 13 bankruptcy, you can keep your pension and retirement plan, with a few exceptions […]
April 5, 2012 Posted in Bankruptcy, Chapter 13, Chapter 7 Tagged bankruptcy attorney, chapter 13, chapter 7, file for bankruptcy, pension, retirement plan Leave a comment
Top Ten Largest Bankruptcies in History
If you are going through a bankruptcy or even just considering it, you might feel very alone. However, you’re not. More than a million Americans file for personal bankruptcy every year. Big companies and even cities and governments file for bankruptcy all the time. Here’s a list of the ten biggest company bankruptcies in […]
April 2, 2012 Posted in Bankruptcy Tagged bankruptcy attorney, companies, file for bankruptcy Leave a comment
The Fight to Discharge Student Loans
The National Association of Consumer Bankruptcy Attorneys (NACBA) is currently lobbying Congress in support of a bill aimed at letting debtors discharge private student loans during bankruptcy filings (federal loans would not be affected). Currently, it’s very difficult to get student loans discharged by bankruptcy court unless there’s a finding of “undue hardship.” However, courts […]
March 29, 2012 Posted in Bankruptcy, Student Loans Tagged bankruptcy court, bankruptcy filing, discharge, student loans Leave a comment
Medical Bills and Bankruptcy
A serious illness can result in serious medical bills. In fact, CNN reports that more than 60% of people who file for bankruptcy file because of overwhelming medical bills. Most of those who file for bankruptcy are middle-class, well-educated homeowners. And, three-quarters of the people with a medically-related bankruptcy had health insurance. It’s scary to […]
March 29, 2012 Posted in Bankruptcy, Chapter 13, Chapter 7, Debt Tagged chapter 13 bankruptcy, chapter 7 bankruptcy, medical bills, repayment plan, unsecured debt Leave a comment
Pennsylvania Bankruptcy Exemption Laws
When filing for Chapter 7 or 13 bankruptcy, there are certain exemptions—assets or properties you are allowed to keep. Exemptions are different for each state, and if you’re thinking of filing for bankruptcy, it’s important to know the exemptions for our home state, Pennsylvania. Homestead No exemption for homestead property in Pennsylvania. However, if filer […]
March 26, 2012 Posted in Bankruptcy, Chapter 13, Chapter 7 Tagged asset, exemption laws, Pennsylvania bankruptcy attorney, property Leave a comment
