Tuesday, February 11, 2020

Are joint accounts required to be listed when filing for bankruptcy in Pennsylvania?

So you are planning to file for bankruptcy in the State of Pennsylvania? But before you actually do it, just take some time first to relax a little and try to contemplate if this is what you really need. Bankruptcy has serious benefits as well as serious implications. That’s why any decision involving the planning to declare bankruptcy must be given and thought about thoroughly.

Sunday, February 9, 2020

After how many years can you file bankruptcy again in Pennsylvania?

If you only pursue Chapter 13 bankruptcy, you can file a new case every couple of years. However, people who are only interested in Chapter 7 can file new cases every eight years. In the same way, if someone files a Chapter 7 case and then he discovers that he is more financially trouble, he can file a Chapter 13 case within four years of the termination of the Chapter 7 bankruptcy proceeding.

Furthermore, a person with a recent Chapter 13 case may be able to declare Chapter 7 bankruptcy right away if his or her situation has significantly changed. This is generally at the Supreme Court’s discretion. On the other hand, every Chapter 7 case stays on a credit report for a about a decade, while Chapter 13 filings are reported for several years.

Friday, February 7, 2020

Can I sell my property before filling chapter 7 Bankruptcy in Pennsylvania?

Putting your property up for sale right away prior to filing a Chapter 7 bankruptcy is a very risky kind of strategy because as a rule, judges really assess the financial records and assets of bankruptcy applicants carefully before granting bankruptcy. And if the federal court suspects that you have manipulated or revised the process, your Chapter 7 bankruptcy filing will be ultimately turned down.

If truth be told, selling your property before filing a Chapter 7 bankruptcy is legal. But it’s best to do for about a year or more before the filing date. Since the longer the gap in time between the asset sales and the bankruptcy, the bigger the chance that the federal court will overlook the decision.

Sunday, November 24, 2019

Avoid Bankruptcy Scammers

It seems that whenever folks are desperate for help there is always a potential for unscrupulous entities swooping in. For example, in a recent case in Detroit, MI a petition preparer was sentenced to four (4) years in prison for violating various bankruptcy court orders.
In 2012, a Maryland individual who posed as an attorney and filed numerous cases was shutdown by the the Maryland bankruptcy court and ordered to pay hundreds of thousands in fines. This individual had apparently even decorated his office with law books to create an air of legitimacy.
How to Avoid Scammers

Another Bank Settles with Fannie and Freddie

Credit Suisse to pay $234 million to Fannie Mae and $651 million to Freddie Mac

Federal Housing Finance Agency has recovered more than $10.1 billion from banks over the sale of toxic mortgage backed securities.

Settlements have also being reached with Wells Fargo & Co, JPMorgan Chase, Citigroup Inc, Deutsche Bank AG, and Morgan Stanley. So basically most major banks were involved here. Outstanding lawsuit include the behemoth that is Bank of America Corp

Motion for Relief from Stay

In an ideal world, mail from creditors and debt collectors should stop after your chapter 7 bankruptcy is filed. Sometimes, creditors and debt collectors are slow to stop the collection letters but usually this can be dealt with in a simple phone call.

For secured creditors such as car lenders and mortgage lenders the communication is more intense and ongoing. These lenders want to know whether you intend to keep or surrender the car or home. Secondly, they want to make sure the property is in a safe situation including things such as ensuring the insurance is up to date.

Protect your Tax Refund in Bankruptcy

One universal fear whenever folks are thinking of filing bankruptcy is whether they are going to lose their valued possessions. For most folks they are worried about losing their home, car or tax refunds.

Most folks are relieved to know that just because you file for bankruptcy does not mean you lose everything. The law has a way to protect some of your property. This is accomplished through the of exemptions. Exemptions are laws that keep certain property out of bankruptcy and reach of your creditors. The exemptions vary by state and therefore you have to ensure you understand what state’s exemptions you can use.

Are joint accounts required to be listed when filing for bankruptcy in Pennsylvania?

So you are planning to file for bankruptcy in the State of Pennsylvania? But before you actually do it, just take some time first to relax a...