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March 2015 Archives

Potential issues with filing Chapter 7

There may be debtors in Pennsylvania who can benefit from understanding more about what creditors can recover after a Chapter 7 bankruptcy filing is approved. Smaller items, such as clothes, furniture and moderately priced jewelry may not be collected from debtors approved for Chapter 7 bankruptcy. The trustee assigned to the bankruptcy case is typically concerned with issues related to the transfer of assets, cash advances, potential inheritances, pending lawsuits or delaying a foreclosure.

Company seeks debt reorganization in Chapter 11 bankruptcy

Pennsylvania residents may be interested in the financial difficulties of one energy company and how they are seeking to resolve the issues. Like many who are in need of debt relief, they have turned to bankruptcy as the solution to their problems.

Credit card debt and arbitration clauses

Many Pennsylvania residents who have credit cards are bound by agreements to enter into arbitration instead of being able to file lawsuits against their credit card companies. Although arbitration is touted as a less expensive and quicker method to resolve disputes than court litigation, these clauses generally favor the credit card companies while preventing consumers from being able to file class action suits.

Understanding how credit card interest is calculated

Using credit cards can create financial challenges especially if consumers do not watch their spending and do not understand how interest is calculated. Credit card users with consumer debt who experience unemployment, reduced income and increased expenses may face creditor harassment because of delinquent payments. Consumers in Pennsylvania and across the country who are making only minimum payments on a credit card to their credit card company could benefit from understanding how credit card interest is calculated.

Differences between Chapter 7 and Chapter 13

As a Pennsylvania resident addresses financial difficulties, bankruptcy might be considered as a way of obtaining relief. Although bankruptcy can facilitate a fresh start in one's finances, the timing and type of relief can vary based on the type of bankruptcy filing selected. Chapter 7 and Chapter 13 both provide opportunities for excessive debt to be resolved, but the conditions and actions are different for each option.

Understanding the consequences of a spouse's bankruptcy

Pennsylvania residents who are worried about interest rates and applying for a loan debt management may be interested in some information on how bankruptcy can affect a couple. Marrying someone with debt issues can present some unforeseen problems that may need to be discussed prior to marriage.

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