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December 2014 Archives

An explanation Chapter 13 bankruptcy

When people in Pennsylvania have financial trouble and have exhausted all of their resources, they could be eligible for Chapter 13 bankruptcy. The only people who are eligible for this type of bankruptcy filing are wage earners, sole proprietors and self-employed persons who earn an income regularly. Filers must have also submitted the tax forms required of them over the previous four years.

How Pennsylvania seniors can deal with harassing debt collectors

Elderly people who reside in Pennsylvania and across the nation are increasingly falling prey to harassing debt collectors, some of whom may be using illegal methods in their attempts to collect the debt, according to a recent report. To keep from becoming a victim to an over-bearing debt collector who may be trying to make a profit off them, seniors who feel threatened should be aware of their rights.

Tips to preventing a foreclosure

Pennsylvania residents may not have heard about the recent tips concerning how to prevent a home foreclosure. Whenever a homeowner faces unexpected financial difficulties, extreme consequences can enter into the equation. If a home was used to secure debt, the lender may pursue foreclosing on the home in order to get the title to the property to pay off the debts the homeowner owes. There are several things a homeowner facing this unpleasant situation can do to prevent a foreclosure; some arrangements could require money upfront while others could involve going through the legal system.

Property seizure by collection agencies

Some readers from Pennsylvania may have experience in dealing with collection agencies in matters of unsecured debt. While an unsecured creditor may not inherently possess collateral to use against someone, they may be able to earn the right to seize assets through litigation. As such, the consequences of unsecured debt can be equally as adverse as they would be in cases of secured debt.

Options to consider before filing for bankruptcy

Pennsylvania residents may not have heard about the recent recommendations from the Federal Trade Commission about ads in newspapers, telephone directories and magazines discussing the consolidation of debt. According to the FTC, consumer debt is at an all-time high and individuals should use caution when a seemingly quick fix is offered in a publication. Many companies offer the assurance of debt relief; however, often the bankruptcy option is recommended, which can cause a long-term negative impact on a person's credit history and stays on a credit report for 10 years. This can result in difficulty being able to get insurance, housing, credit and even a job for years to come.

Options for corporate bankruptcy

Pennsylvania businesses considering filing for business bankruptcy often have concerns regarding what will happen to the business if they choose to file for bankruptcy. The outcome of the bankruptcy will depend on the chapter under which the business files its bankruptcy.

Negative consequences of medical debt

For people in Pennsylvania, unexpected medical debt can lead to catastrophic financial effects, even for those who have health insurance. In 2007, for instance, 62 percent of all personal bankruptcy filings resulted from unmanageable medical debts, and most of those people were well-educated homeowners. Of those who filed bankruptcy due to medical debt, three-fourths had insurance.

Unanticipated issues with shared credit cards in bankruptcy

Pennsylvania parents may find it prudent to provide for the emergency needs of a child going away to college by means of credit cards. However, it is important to recognize that the conditions of such a card could create problems for any party involved in its management or use. A bankruptcy on the part of one party, for example, could lead to collection action against another.

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Bryan P. Keenan & Associates, PC

993 Greentree Road
Suite 101
Pittsburgh, PA 15220

Toll Free: 866-753-6857
Phone: 412-923-4941
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