What is the federal bankruptcy law?

Answer U.S. bankruptcy laws are designed to protect individuals and businesses that find themselves unable to pay large amounts of debt. The law is broken into sections, or chapters, that apply to differe... Read More »

Top Q&A For: What is the federal bankruptcy law

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 »

Federal Bankruptcy Act?

The Federal Bankruptcy Act, commonly referred to as the Bankruptcy Code, is a collection of laws that outline the available bankruptcy remedies. The Bankruptcy Code outlines three major forms of ba... Read More »

Federal Restitution & Bankruptcy?

When a person is convicted of a crime, the punishment is not just limited to time in prison or community service. It can also include a monetary penalty in the form of a fine, which can be anywhere... Read More »