How to Deal With Debt Before Filing for Bankruptcy?

Answer If you are facing mounting debts you are probably looking for the best ways to handle the situation. You may be considering bankruptcy as an option. Unfortunately, bankruptcy also costs money and y... Read More »

Top Q&A For: How to Deal With Debt Before Filing for Bankruptcy

Does filing for bankruptcy clear tax debt?

Taxes that are three years old may be discharged in a Chapter 7 Bankruptcy. The tax debt must be assessed more than 240 days before filing the bankruptcy petition. Tax fraud and tax evasion debts m... Read More »

Can Filing Bankruptcy Prevent a Creditor From Filing a Mechanic's Lien?

A significant benefit of a bankruptcy filing is the automatic stay. The automatic stay is a court injunction that automatically prevents the filing of any liens and lawsuits once the bankruptcy cas... Read More »

In Chapter 7 Bankruptcy can you use the Homestead Federal Bankruptcy Exemption to keep your 120000paid off condominium with a lien against it for an 11000credit card debt in pa?

Your right that PA has no special homestead exemption for BK and you would rely on the Federal one.The lien (the Cr Card one), is essentially the same as a first position mortgage against the prope... Read More »

What is filing for bankruptcy?

Filing for bankruptcy involves initiating a legal process that helps you eliminate or reduce your debt when you are no longer able to pay it. It is viewed as a last resort because it entails severa... Read More »