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.
Showing posts from February, 2020
- Other Apps
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.
- Other Apps
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.