This video talks about the 3 questions to ask at your first meeting with a bankruptcy attorney: 1) will my bankruptcy case be approved by the Court? 2) will the Bankruptcy Court permit me to keep all of my property? 3) how will bankruptcy affect my credit rating? https://www.youtube.com/watch?v=QF1aq_t4vPM&feature=g-upl [bws_related_posts]
I just moved to Pennsylvania. Can I file bankruptcy here now?
I frequently get calls from people who have recently moved to the Pittsburgh area and want to immediately file a bankruptcy case. They are generally impatient to file a case, but I have to caution them that they must follow the rules on where to file their case. The Bankruptcy Code requires that an individual can only file a bankruptcy … Read More
How to Protect your Retirement Plan by Filing Bankruptcy
One of my pet peeves as a Pittsburgh bankruptcy attorney is not using one’s retirement funds to pay off debts. My big objection is that those funds are supposed to be used for your retirement, not for your supposedly productive earning years. I can, however, understand that people can have financial problems and that a 401k loan could possibly help … Read More
How to Get Back Your Drivers License by Filing Bankruptcy
If you are facing a judgment due to a motor vehicle accident, then you risk losing your drivers license if you fail to pay off the judgment. On the other hand, you can file a Chapter 7 or Chapter 13 bankruptcy and discharge (wipe out) that debt in order to retain your drivers license. The State cannot discriminate against people … Read More
What happens with my car if I file Chapter 7 Bankruptcy?
If you file a Chapter 7 bankruptcy, you’ve probably read about how the Bankruptcy Trustee “liquidates your property”. Well, let’s go through a couple of examples to show how this doesn’t usually happen in Pennsylvania Chapter 7 cases. (If you live in States other than Pennsylvania, don’t rely upon these descriptions, because the exemptions in other States are different. Bankruptcy … Read More
Can I keep my bank accounts if I file bankruptcy?
Yes, you can keep your bank accounts, except there are a few things to think about first. As I explained in an earlier post about bankruptcy “exemptions”, folks filing bankruptcy in Pennsylvania can keep property up to certain dollar limits. Bank account funds fall within the “wild card exemption”, which is the exemption used to protect any and all property, … Read More
Should I transfer property to avoid losing it in bankruptcy?
Ah, this is one of the biggest no-no’s in bankruptcy law. Not only are you asked this question in your bankruptcy papers (specifically, the Statement of Financial Affairs), but when you go to Court, the Trustee in your case asks you this question point-blank. It’s called a “preference” to transfer property prior to filing bankruptcy. In Pennsylvania, a bankruptcy trustee … Read More
Can You Keep Your Property After Filing Bankruptcy in Pennsylvania?
The vast majority of individuals who file bankruptcy protect all of their property and do not “liquidate” their property. The mechanism to protect the property is known as the system of “exemptions”. In Pennsylvania, we use either the Federal list of exemptions, or, rarely, the Pennsylvania exemptions. Essentially, no one would want individuals who file bankruptcy to lose all of … Read More