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Pennsylvania law allows you to use the exemptions found in the U.S. bankruptcy code (11 U.S.C. § 522(d)) or the exemptions provided under Pennsylvania law.

Yes but the trustee can seek to include the money received in your estate. A bad move is selling it to family or friends to avoid losing it in bankruptcy. Usually, the trustee finds out about this a can have the sale reversed, which would put you[...]

Yes. Section 341 of the bankruptcy code requires such a meeting to take place, usually scheduled within 20 or 40 days from filing your Chapter 7 bankruptcy. It is strictly a fact- finding informal meeting, where you get to present your assets, income[...]

The Bankruptcy Code exemption for a car or automobile is $3,225. This comes under the federal exemption list, not on the Pennsylvania state exemption list. Nonetheless, it is available to you. Your car’s equity is based on its market value, subtracted[...]

The courts must charge a $245 case filing fee, a $39 miscellaneous administrative fee, and a $15 trustee surcharge. Normally, the fees must be paid to the clerk of the court upon filing. With the court’s permission, however, individual debtors[...]

A typical Chapter 7 proceeding lasts approximately 4-5 months from the date of filing to the date of discharge.

Yes. Tax refund is an asset that is part of the bankruptcy estate. This means that the Chapter 7 trustee can go after the amount, regardless of whether you have filed your return or not. In fact, a state income tax refund is one of the more common[...]

The simplest and most often preferred form of filing bankruptcy is Chapter 7, also called a “straight” bankruptcy. Its most salient feature is that an authorized person, called a “trustee”, takes management of your property for their sale.[...]

Yes. Chapter 7 is legitimate way to delay foreclosure in your advantage and protect your equity. The delay it will give you is usually 2 to 4 months, with the added help of discharging most of your unsecured debts in the process.

As a rule, you should not file a bankruptcy if you foresee you will have to incur more debts into the future. Same goes for the person who only has a small debt. If you are thinking about filing, you should ask yourself if it is better to wait[...]