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January 2015 Archives

Options after a discharged debt

Pennsylvania residents considering or undergoing a bankruptcy might wonder how a discharged debt might affect their lives. There might be concerns about how a discharged debt might affect the debtor's employment or if a debtor can or must pay back a discharged debt.

Bankruptcy exemptions in Pennsylvania

Pennsylvanians who are considering filing bankruptcy are often concerned about whether they will lose their property. In a Chapter 7 liquidation bankruptcy, debtors are likely to lose some of their possessions, which will be sold by the trustee to pay a portion of the owed debts. However, many categories of property are specifically exempted from inclusion in the bankruptcy estate, meaning they will not be sold and the debtor will be able to retain ownership.

Debt collectors may owe money to the people they harass

People in Pennsylvania who are dealing with unpaid obligations and are being harassed by bill collectors may be able to hold those collectors accountable for their actions. If debt collectors violate the Fair Debt Collection Practices Act, debtors have the right to sue them. Every infraction committed by a debt collector could result in a judge ordering the debt collector to pay a $1,000 statutory award to the plaintiff.

Ramifications of medical and credit card debt in Pennsylvania

The subject of whether credit card debt or medical debt is worse can come up often among consumers. Approximately 43 million consumers in the U.S. are dealing with some medical debt on their credit reports. Both types of debt have their own particular implications. Credit card debt, however, has more of an impact on a consumer's overall credit score than medical debt.

Bankruptcy and debt relief options

When you are overwhelmed by debt in Pennsylvania, you may be searching for an option for debt relief. Many people find themselves in positions in which they need a fresh financial start. You might be behind on your mortgage payments, have ballooning credit card and medical debt or may owe the IRS taxes. Regardless, there are ways you can address the problems and take care of your financial problems.

Identifying the best ways to settle debt

Pennsylvania residents may not be aware about the difference between credit counselors and debt settlement companies. While there are some similarities between the two, there are many differences as well. Understanding which option is the best to utilize when settling debt can be extremely important.

Ways to rebuild credit

Pennsylvania residents who have filed for bankruptcy in the past may know that it is important to begin rebuilding credit. Obtaining credit may be the first step in proving that handling debt is once again possible. While bankruptcy remains on one's credit report for up to 10 years after it was filed, creditors often look at how both current and prior debts are being handled. If current bills are paid on time, past delinquencies may be overshadowed. Being proactive and applying for a credit card may be another way of showing creditworthiness.

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