Pennsylvania residents who file Chapter 13 bankruptcies enter into payment plans that pay down their debts over three or five years. Chapter 13 payment plans are structured in a way that allows individuals to enjoy a reasonable standard of living, but they do not...
A path to resolving massive credit card debt
There could come a time when credit card debt becomes impossible to repay. The bills may continue to arrive at a Pennsylvania residence address, and the only thing the person can do is pay the minimum. At some point, paying the minimum monthly amount might become...
What are your options for settling your debt in Pennsylvania?
Pennsylvania has several debt relief options that make it possible for you to pay off your debt. High interest rates could cause you to feel as if it's impossible for you to be free from the debt. Some debt relief options resolve this problem through a lower interest...
Could a Chapter 20 bankruptcy be the best option for debt relief?
According to records maintained by United States Courts, 413,616 people from Pennsylvania and around the country filed bankruptcy in 2021. Bankruptcy is a way for individuals and business entities to petition state courts for relief from debt they are unable to pay....
Steps to take when filing Chapter 13 Bankruptcy
Financial problems can happen to anyone. Recovering from these problems is what matters most. One option Pennsylvania residents have when dealing with a financial crisis is to file for Chapter 13 bankruptcy protection. Chapter 13 protection will allow you to...
What is Chapter 13?
When a consumer files for bankruptcy, Chapter 7 and Chapter 13 are the main options. Chapter 7 involves liquidating assets to cover creditor claims, but many people do not qualify for this category. Some might not even prefer it. Chapter 13 becomes the bankruptcy...
Preparing your Chapter 13 repayment plan
Pennsylvania residents who file Chapter 13 bankruptcy petitions submit plans to the court that detail how they plan to repay their creditors over a three-to-five-year period. Before their payment plans are approved, their creditors are given a chance to review and...
How bankruptcies and delinquent accounts affect credit
Individuals in Pennsylvania and around the country who file personal bankruptcies stop making payments on the accounts listed in their Chapter 7 and Chapter 13 petitions, but that does not mean these accounts are removed from their credit reports. Experian, Equifax...
How Much Will My Chapter 13 Plan Payment Be?
Individuals filing for bankruptcy in Pennsylvania have three choices: Chapter 7, Chapter 11 and Chapter 13. When filing for Chapter 13, the debtor makes a monthly payment to a trustee for three to five years, who, in turn, will distribute it to three to five creditors...
Nondischargeable debts in Chapter 13 bankruptcy in Pennsylvania
One of the benefits of filing for Chapter 13 bankruptcy in Pennsylvania is that certain debts can be wiped out. This can provide much-needed relief to debtors struggling to make ends meet. But, not all debts can be discharged; the debtor must repay them regardless of...