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...
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...
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...
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...
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...
Bankruptcy may be an ideal way to reduce or eliminate debts without necessarily giving up property such as a Pennsylvania home. It's also worth noting that your credit score may also go up after filing depending on your circumstances prior to doing so. Let's take a...
A bankruptcy is not an obstacle to everyone who wants to recover financially. Refinancing a home loan allows you to continue receiving benefits. Refinancing gives you several opportunities to regain your financial responsibility in Pennsylvania. There are several...
Chapter 13 bankruptcy is also known as a wage earner's plan because it helps you develop a repayment plan for your debt if you have a regular income. Your bankruptcy can last between three and five years depending on your income, and creditors are legally forbidden...
A repayment plan through a Chapter 13 bankruptcy is a way to start clearing debt for consumers in Pennsylvania. Bankruptcy helps people get out from under considerable debt, but not all filings allow them to keep important assets. What's a Chapter 13 repayment plan?...
Consumers in Pennsylvania can choose from several kinds of bankruptcy when they see no other way out of debt. If they are serious about paying debt, they could qualify for Chapter 13. This type of bankruptcy allows consumers to repay debts over time, but cases fail...
