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October 2015 Archives

Chapter 7 bankruptcy and your home

Pennsylvania residents who are seeking to file chapter 7 bankruptcy to help eliminate some of their outstanding debts have many concerns. One of their top concerns is often their property and home. They do not want to risk losing everything that they have due to financial hardship, and a home often holds more meaning than any other asset. There is a way that you can protect equity when filing for chapter 7 bankruptcy; this is known as the “homestead exemption.”

Common bankruptcy myths debunked

There are a lot of stigmas and negativities surrounding bankruptcy, painted by the media’s relentless crucifixion of celebrities and individuals who are in the lime-light that file. Bankruptcy is far more common than most people in Pennsylvania think, with an estimated 1.25 million Americans estimated to file this year alone. This number sounds staggering, but it has decreased from last year.

Experiencing out-of-control credit card debt? We can help

Personal credit cards have become an institution in today’s economy, but while they can be useful to help people enjoy things they might not otherwise be able to acquire right away, they also open up an avenue to quickly get into financial trouble. 

Medical debt when you cannot work

More and more families in Pennsylvania are finding themselves carrying heavy medical debts. The majority of the time this is very stressful, but it is especially stressful when the debts go unpaid due to the inability to work. Since medical facilities cannot run efficiently without funds, these debts often make their way to collections quickly, which can impact your credit report in a negative way.

Medical bills propel bankruptcy rates

If you are considering filing for bankruptcy due to a crippling amount of medical debt, you are not alone. In fact, medical bills are the leading cause of bankruptcy in the United States, and Pennsylvania is no exception. Millions of people are affected every year by overwhelming and unexpected medical debt, and a large percentage of those people will file for bankruptcy protection.

Why bankruptcy may be a better alternative to manage debt

Sadly, many debt management companies try to take advantage of people who are struggling with debt. These companies promise everything from cutting your debt in half to cleaning up your credit history. Typically, you will be required to pay a flat free up-front. The bottom line is that if it sounds too good to be true, it probably is.

Are the people of Pennsylvania bankrupt?

For quite some time, bankruptcy has been flashing across the headlines of newspapers throughout the nation. From major enterprises to low income families within Pennsylvania, bankruptcy does not discriminate in this struggling economy. Data has shown that many families that are at or below the poverty level are close to being in a situation where filing for bankruptcy would be necessary. Individual bankruptcy is often utilized. 

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