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September 2014 Archives

Statutes of limitations for credit card debt

In Pennsylvania, creditors wishing to sue a debtor for payment generally have four years after the debt becomes delinquent in which to do so. Although four years is the statute of limitations in Pennsylvania, a judge may sometimes rule that the debt is subject to the state laws where the credit card was issued from. For instance, debt on a Wells Fargo credit card might be subject to a six-year statute of limitations, as the card is issued out of South Dakota.

How does a debtor obtain a discharge of debts in a bankruptcy?

Pennsylvania residents who are faced with overwhelming consumer or medical debt may sometimes consider filing for bankruptcy as a method of obtaining some relief from these obligations. The ultimate goal is to obtain a discharge from the bankruptcy court, as the effect of a discharge releases the filer from personal liability from some of these debts. The affected creditors are also prohibited from further communications with the debtor and from instituting or continuing any form of collection activity with respect to those obligations.

What is the process of a Chapter 7 bankruptcy?

A Chapter 7 bankruptcy involves the liquidation of certain assets of the individual debtor, and creditors are paid off with the proceeds. Pennsylvania residents would file a petition for bankruptcy in a bankruptcy court closest to them. The filing fee is $245, and there is also a $75 administrative fee and a $15 trustee fee. These fees are normally due at the time of filing, but the court may give permission for the filer to pay in installments ending no later than 120 days after the petition is filed. Fees may be waived if the filer's income is less than 150 percent of the poverty level.

Consumer debts leading to wage garnishments nationwide

Pennsylvania readers might be interested to learn that, according to ProPublica and National Public Radio, 10 percent of working people in the U.S. aged 35 to 44 are subject to wage garnishment. Many of the garnishments are because of student loans, medical or credit card debt.

The benefits of a homestead exemption in Pennsylvania

A homestead exemption allows an individual or married couple filing for bankruptcy to protect some or their entire home. As of 2013, the federal government allows a homestead exemption of $22,975 for an individual and $45,950 for a married couple. In Pennsylvania, the homestead exemption is $300 for married couples who own property jointly. For senior citizens, there is a sliding scale in place that could result in an exemption of up to $15,000.

Strategically paying down credit card debt

Many Americans struggle with debt, especially credit card debt. For some, unchecked spending combined with the high interest and fees associated with credit cards can lead to financial pressure and anxiety. Pennsylvania residents are not immune to this situation, and anyone struggling with credit cards may benefit from strategically pay down credit card debt as soon as possible.

Debt relief is possible through a Pennsylvania bankruptcy filing

No matter how hard a person works to eliminate debt and remain debt-free, life has a way of throwing financial curveballs. If people end up with large amounts of debt as a result of emergency purchases or medical bills, they can easily become discouraged and eager to seek debt relief. Personal bankruptcy may be a helpful solution for doing away with these types of debts in Pennsylvania.

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