Do I Need a Lawyer to File Bankruptcy?
If you are deciding on filing for bankruptcy in Pennsylvania, you should first understand how it will affect your credit. The major credit bureaus are informed that you have filed for bankruptcy, and this can negatively affect your credit score. This can make it difficult to get credit cards and loans. You may have to pay extra fees or have a co-signer, and you may not qualify for good interest rates.
Unsecured debts discharged in Chapter 7 bankruptcy
If you have debts that you cannot afford to repay, Chapter 7 bankruptcy in Pennsylvania is a viable option. In most cases, you will be able to wipe out your debts through this process. Unsecured debts include credit card bills, medical bills, old utility bills, and certain types of taxes. This type of bankruptcy also allows you to keep your home, provided you are able to meet certain requirements.
When applying for bankruptcy in Pennsylvania, you should be aware of the bankruptcy Means Test. This test will help you determine whether you will be eligible for a Chapter 7 discharge based on your income and assets. If you are earning too much, you will need to look into a different method, such as debt settlement or filing for Chapter 13 bankruptcy.
Chapter 13 bankruptcy
There are several important considerations in a Chapter 13 bankruptcy plan. First, it must be feasible for you to pay your creditors. In many cases, this means a payment plan that is less than 100% of your debts. The amount of debt you can discharge depends on your disposable income, the length of your repayment plan, and the amount of equity you have in your property.
Second, you do not have to hire a bankruptcy lawyer. There are many alternatives to bankruptcy. One of them is debt management, which involves working with a debt management agency to negotiate a lower interest rate for your credit cards. This option is best for people with high-interest credit cards since it reduces the interest rate owed to creditors. However, this option may not save you as much money as filing a Chapter 13 plan. The reason is that a reduction in interest rates is not as significant as a reduction in the debt amount.
Homestead exemption
In bankruptcy in Pennsylvania is a statutory exemption to protect the debtor’s primary place of residence. The homestead exemption protects up to $25,150 of a debtor’s home equity. In addition, married couples can double the homestead exemption. This means that property owned jointly cannot be taken to satisfy individual debts.
The homestead exemption is not available in all states, including Pennsylvania. However, if your home is worth less than the state’s exemption limit, you can still qualify. Homestead exemption laws are based on public policy. They protect homeownership as a cornerstone of the American way of life. However, if your home is worth more than the state homestead exemption limit, you might be forced to sell it to satisfy your creditors.
Filing for bankruptcy without a lawyer
Filing for bankruptcy is a legal process that can eliminate debt and protect you from creditors. It also helps you save your home and vehicle from foreclosure. In addition, filing for bankruptcy can help stabilize your finances and build your credit. Those who live in Pennsylvania and cannot afford to pay their debts may want to file for bankruptcy.
Before filing for bankruptcy, gather all your financial documents. This may be a tedious process, but a checklist can make the task easier. You can also find free bankruptcy forms on the U.S. Trustee’s website, which also contains information about means testing.
If you have any questions, you can get a free consultation with Ascent Law LLC:
Ascent Law LLC:
8833 South Redwood RoadSuite C
West Jordan, UT 84088
(801) 676-5506
https://g.page/ascentlaw?share
https://www.ascentlawfirm.com/what-exactly-is-a-chapter-13-bankruptcy/
When you need a Bankruptcy Lawyer, contact this law firm:
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506
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Salem, Utah
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Salem, Utah
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Welcome to Salem sign, March 2017
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| Nickname:
City of peace
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| Motto:
Making Life Better
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Location in Utah County and the state of Utah
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| Coordinates: 40°3′2″N 111°40′21″WCoordinates: 40°3′2″N 111°40′21″W | |
| Country | United States |
| State | Utah |
| County | Utah |
| Settled | 1851 |
| Incorporated | May 10, 1920 |
| Named for | Salem, Massachusetts |
| Government
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| • Type | Strong Mayor Municipal Format |
| • Mayor | Kurt Christensen |
| Area | |
| • Total | 10.53 sq mi (27.26 km2) |
| • Land | 10.50 sq mi (27.21 km2) |
| • Water | 0.02 sq mi (0.06 km2) |
| Elevation
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4,610 ft (1,405 m) |
| Population
(2020)
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| • Total | 9,298 |
| • Density | 885.52/sq mi (341.71/km2) |
| Time zone | UTC-7 (Mountain (MST)) |
| • Summer (DST) | UTC-6 (MDT) |
| ZIP code |
84653
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| Area code(s) | 385, 801 |
| FIPS code | 49-65770[2] |
| GNIS feature ID | 1445262[3] |
| Website | Salem City |
Salem is a city in Utah County, Utah. It is part of the Provo–Orem metropolitan area. The population was 9,298 at the time of the 2020 U.S. census. [4] Landmark locations in Salem include the Dream Mine of John Hyrum Koyle and the Salem Pond.
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Do I need a lawyer to file for bankruptcy in Pennsylvania?https://t.co/Pnoq7lUYlD pic.twitter.com/mu1KPEExsV
— Jan Meriss Alfonso (@MerissJan) November 11, 2022
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