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Chapter 7 Archives

A look at chapter 7 bankruptcy

Dealing with overwhelming debt can often feel like you are drowning and don’t know which way the surface is. Chapter 7 bankruptcy is a way out; a rescue boat. While it may seem like the proper thing to do is to politely refuse rescue and swim to shore ourselves, sometimes the best option is the one that will get you out of the water the quickest.

Who Qualifies for Chapter 7 Bankruptcy?

Getting in over your head in debt is becoming more and more common. Small purchases on credit cards suddenly add up, and when added to the car and mortgage payments, it may seem like an impossible hole to crawl out of. But chapter 7 bankruptcy may be the answer, if you qualify.

Chapter 7 eligibility in Pennsylvania bankruptcy cases

Many people in Pennsylvania who are considering bankruptcy may want to file for Chapter 7, as most of their debts can be discharged when the action is granted by the court. However, not everyone is eligible to file in this specific category, which also equates to complete liquidation.

Dealing with wage garnishments

Many Pennsylvania residents have their wages garnished each year due to creditors obtaining judgments against them. People can choose to pay off the debt in full or to keep paying the debt through garnishment if they are able to do so. For many people, this is not an affordable option, however.

The responsibility of a trustee in Chapter 7

When someone files a Chapter 7 petition in Pennsylvania, a trustee will be appointed to administer the case. The trustee will liquidate the nonexempt assets that belonged to the debtor. If the debtor does not have any nonexempt assets, the trustee will likely file a no asset report with the court. In that event, no liquidation and distribution to unsecured creditors will take place.

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.

Window maker files for Chapter 7 bankruptcy

No matter how long a company in Pennsylvania may have been in business, sometimes the economic climate or a change in the industry forces the business to shut its doors once and for all. This may be necessary if the business owner’s liabilities exceed his or her assets, and there seems to be no way of getting out of the financial hole. One company in a nearby state ended up filing for Chapter 7 bankruptcy recently.

Chapter 7 bankruptcy filed by construction company

Even though business owners in Pennsylvania may aspire to thrive for years and even decades, a company's financial status may quickly take a turn for the worst given the right situation. For instance, a dip in the economy may keep buyers from purchasing a company's services or products. One construction company in another state recently decided to file for a Chapter 7 bankruptcy after being unable to keep its doors open.

Chapter 7 bankruptcy can provide debt relief for businesses

Starting a business can be exciting, but when the economy is poor and business isn't booming as expected, this can cause duress in Pennsylvania. A few tips can help businesses in our state try to financially stay afloat during the toughest of times. Still, if they end up accruing debt that seems impossible to overcome, then Chapter 7 bankruptcy protection may be a viable and responsible option.

Chapter 7 can help individuals, companies in debt

Typically, no one’s goal is to accrue large amounts of debt, but it happens for a variety of reasons. For some people in Pennsylvania, an unanticipated medical problem can cause a person to rack up tens of thousands of dollars of debt, or more. The loss of a job can also result in high amounts of personal debt, or poor economic conditions can cause a business to linger in the red. Chapter 7 bankruptcy protection is available to those who need a way out of their seemingly hopeless debt situations.

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Phone: 412-923-4941
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