While many Pennsylvania residents understand that financial pressures can become burdensome, there are certain restrictions in filing for Chapter 7 bankruptcy as a way to obtain a fresh financial start. Income and household expenses are evaluated to determine whether Chapter 7 is appropriate or whether it would be an abuse of the financial system. Means testing is an important element of filing for bankruptcy, and forms must be filled out accurately and submitted with the petition.
Pennsylvania residents might be interested to learn about some debt management strategies that can be used for long-term financial health. After gaining extra funds that could be used to pay off debts, many households would be eager to pay down their mortgage. According to some financial experts, however, a mortgage normally falls into the category of 'good debts" and should be paid off last.
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.
Pennsylvania residents who are ineligible for a Chapter 7 bankruptcy due to their income or who want to save their home from foreclosure may be eligible to file for Chapter 13 bankruptcy. Chapter 13 reorganizes debt and gives individual debtors a longer time frame to pay back what they owe. This process generally takes between three and five years, and in many cases, any remaining debt can be discharged.
According to the National Institutes of Health, it costs $216.6 billion per year to treat cancer in the United States. On average, each patient racks up over $10,000 of debt with costs higher for those treated earlier in life. Cancer treatment costs were also higher for those with advanced forms of cancer. Statistics indicate that 62 percent of cancer survivors go into medical debt to pay for their treatment.
No matter how hard a person works to eliminate debt and remain debt-free, life has a way of throwing financial curveballs. If people end up with large amounts of debt as a result of emergency purchases or medical bills, they can easily become discouraged and eager to seek debt relief. Personal bankruptcy may be a helpful solution for doing away with these types of debts in Pennsylvania.
Facing extensive debt day in and day out can quickly begin to wear on a person in Pennsylvania, causing them to desperately seek debt relief. Two individuals in an out-of-state case recently found themselves in the red financially and thus decided to file for Chapter 13 bankruptcy. The husband and wife team co-own two restaurants.
When debt seems to linger like an unshakeable cloud, a consumer in Pennsylvania may begin to feel desperate for help. Personal bankruptcy protection is available for those who wish to eliminate unsecured debts that have simply become unmanageable. However, it’s worth noting that filing for bankruptcy may have an impact on a friend or family member who cosigned a loan for a person who subsequently files for bankruptcy.
A person may feel at a loss when it comes to paying down debt in Pennsylvania. Their constant efforts to get rid of debt may be of no avail due to inadequate wages and high interest rates on credit cards, for example. These individuals may qualify for a Chapter 13 bankruptcy filing, which enables consumers to finally say goodbye to stressful debt.
Debt is a four-letter word that sparks a range of emotions in people, including frustration and even anger or desperation. This is because consumers in Pennsylvania and other parts of the country often struggle to get rid of their extensive debt and are eager to obtain some form of debt relief. A particular segment of the population that is particularly struggling with debt includes those who attended for-profit postsecondary institutions and took out large loans to train at these schools.