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Can Filing Bankruptcy Help You Avoid Eviction If You Are Behind In Rent?

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Going Bankrupt With Student Loans In Pennsylvania

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Pennsylvania Bankruptcy Protection Using An Attorney

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Personal Injury Lawsuits And BK In Pennsylvania

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Can Student Loans Be Discharged In Bankruptcy In Pennsylvania?

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Qualifying For A Mortgage After Filing Bankruptcy In Pennsylvania

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Bankruptcy And Family And Friend Owed Debt In Pennsylvania

If you are struggling financially you may seek several means of relief prior to considering bankruptcy. You may opt to take out payday loans, car title loans 
 or credit card cash advances. You may also look to friends or family members and you may be unable to pay these loans back. Aside from your financial troubles, an inability to pay back your friends and family can cause you great personal and emotional stress. Consulting with a skilled and experienced Montgomery County Bankruptcy Attorney will ensure that all of your options are thoroughly explained to you. 


Bankruptcy And Repaying Personal Debt Owed To Friends And Family

More often than not when a family member or friend lends you money there is no legal documentation regarding the terms of the loan. A handshake and a verbal promise to pay are usually all that is involved. In these cases you may be able to file a bankruptcy and discharge these debts. Pennsylvania offers 2 types of bankruptc
y for individuals and or families: Chapter 7 and Chapter 13. I will explain each to you so that you can make the most informed decision possible. Ultimately, you may choose to pay back your friend or family member after the bankruptcy.  You are always free to pay back any creditors voluntarily should you wish to after the bankruptcy.

Call A King Of Prussia Bankruptcy Lawyer For A Free Consultation

Feel free to call me, Norristown PA Bankruptcy Bankruptcy Lawyer James V. Monaghan at (610) 275-5800 regarding your unsecured debt and any options you may have for obtaining financial relief. Please email me by clicking here.


Will I Lose my Real and Personal Property If I File Bankruptcy Per Pennsylvania Bankruptcy Law?

Montgomery County, Pennsylvania residents deciding to file bankruptcy are typically concerned about whether they will lose their house, car, bank 401K, bank account, etc.  The answer depends upon the exemptions available under the law.  Here are some of the exemptions that deal with most items that individuals are concerned about when filing bankruptcy:

Real Property

A common misconception is that you you will lose your home if you file bankruptcy in Pennsylvania. Nothing could be further from the truth. The important question is how much equity do you have in your primary residence. The equity is the difference between the fair market value and the amount owed. An individual can have $22,975.00 in equity. That number is doubled if you are married and filing jointly. In addition, there is some additional leeway based upon what it would cost for the trustee to sell your home. Sometimes it makes sense to get an appraisal of your property before filing bankruptcy so that you have an accurate calculation of the equity.

Automobiles

Will I lose my car? People frequently ask that question. Generally the answer is "No". The exemption for an automobile is $3675 for an individual ($7350.00 for a couple). In addition, there is a "wild card " exemption which can add even more if necessary. that is discussed below.

Household Goods

The exemption for household goods is $575.00 per item and $12,500.00 total. The total is doubled for couples. It is important to remember that the value of most household goods is considerably less than the purchase price or the replacement cost. Think about what the item would sell for at a garage sale or on Craigslist.

Jewelry

You can exempt jewelry up to $1550.00 per individual. Again, keep in mind the "garage sale" value.

Personal Injury Proceeds

Many people forget that a personal injury claim that has not yet matured is an asset. You can exempt up to $22,975.00 of the net proceeds. There may be a way to exempt additional funds depending upon how the settlement or verdict is allocated. Your personal injury lawyer should be in communication with your bankruptcy lawyer.

The "Wild Card" Exemption

The bankruptcy code provides for an exemption that can be appled to any property. Th wild card exemption is $1225.00 plus half of the unused real property exemption. That is doubled for a married couple. This is a valuable tool to help protect property that might otherwise be exposed to liquidation.

Other Exemptions

There are many more exemptions available to you and your bankruptcy attorney. For instance, there is an exemption that will protect a 401k and/or IRA. There are exemptions for tools, alimony and support, certain public benefits, etc. Make sure to fully disclose your assets to your attorney so that the exemptions can be properly allocated.

To discuss your options for filing bankruptcy in Montgomery County, Pennsylvania contact Norristown Bankruptcy Lawyer James V. Monaghan at (610) 275-5800. You can also email him here.

Will Filing Bankruptcy In Pennsylvania End My Injury Lawsuit?

If you are being sued due to an auto accident, or other type of accident that inflicted serious personal injury to another in Pennsylvania, you may have questions regarding how filing bankruptcy will impact your situation. You should absolutely speak with a Montgomery County Bankruptcy Lawyer to discuss your rights.

Personal Injury Lawsuits And Bankruptcy In Pennsylvania

If you are the liable party in a personal injury lawsuit such as a suit involving a car accident, you may be able to file bankruptcy to avoid personal liability. The bankruptcy court will review your case and consider several factors and circumstances to determine whether or not you can discharge your personal liability for the accident. Typically, you are unable to discharge your personal liability if the cause of the accident is related to alcohol or drugs.

If you are personally liable for damages, you may want to consider filing a Chapter 13 bankruptcy. The debt can be paid over the 3 to 5 year Chapter 13 plan. Contact a Plymouth Meeting Bankruptcy Attorney today to discuss your options.