What is involved in bankruptcy?

Answer Bankruptcy is a process that can help businesses and consumers wipe out debts and repay them in terms decided on by the bankruptcy court. Certain tax debts, student loans and back child support can... Read More »

Top Q&A For: What is involved in bankruptcy

What is involved in filing personal bankruptcy?

When an individual experiences a catastrophic blow to his finances, personal bankruptcy may be the only option. He may choose to wipe the debt clean in a Chapter 7 bankruptcy or enter into a rep... 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 »

In Pa in chapter 7 bankruptcy can person use Federal Bankruptcy Exemtion to keep 120000 paid off condominium if this is only asset and only projected income is 238 monthly?

Refer to your last similar Q.Yes you have a 125K Federal Homestead Exemption.Yes you have issues that need to be protected by an attorney in the BK process (any creditor will have one and they will... Read More »

Bankruptcy Law on Civil Suits & Estates in Bankruptcy?

When a debtor defaults on his debts, his creditors may sue him for the amount of the debt plus attorney's fees. Some debtors may choose to file bankruptcy at this point because they are too overwhe... Read More »