If you find yourself on the losing end of your battle with debt in Pennsylvania, then bankruptcy may be the right choice for you. Most people resist bankruptcy until the very last minute, believing that everything they have worked for will be lost forever. However, you need to understand that you will not necessarily lose everything if you decide to initiate a chapter 7 bankruptcy. Pennsylvania is one of a handful of states that allow citizens to claim state or federal exemptions, which will protect valuable assets like homes, cars and even personal property.
This is great news for many considering a bankruptcy, but it can also become a source of anxiety without proper legal guidance. This usually happens because most people do not understand how bankruptcy exemptions work and become concerned about which option to choose. Both offer benefits, but which one is right for your individual situation? You can ponder the question for a long time without ever really finding an answer.
We have a solution for you and it only takes a phone call to get started. If you really want to maximize the exemptions you claim in a chapter 7, you should speak with a bankruptcy lawyer. When you seek legal advice, your attorney can outline the specific benefits of both state and federal exemptions empowering you to choose the option that will leave you as whole as possible.
Bryan P. Keenan and Associates are committed to helping Pennsylvania residents survive bankruptcy and start the next phase of life. We urge you to contact us if you have questions about bankruptcy exemptions. You can also browse the articles posted on our website.