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Warrendale Bankruptcy Legal Blog

Am I guaranteed a discharge with a Chapter 7 bankruptcy?

Since personal bankruptcy is a strategy for debtors to clear their debt, there is often a sense of disbelief that it is possible. After all the stress and worry that comes with accumulating debt and being unable to pay it, it can be difficult to envision Chapter 7 clearing the debt. Pennsylvania residents who are considering Chapter 7 should be aware of the possibility that the discharge could face an objection and work to mitigate that possibility.

While a discharge is likely in most cases with Chapter 7 bankruptcy, the debtor does not automatically get it. It is possible for there to be an objection from the creditor, the case trustee, or the U.S. trustee. The creditors will be notified that there is a Chapter 7 shortly after the filing. With all the information related to the filing, there will be a deadline to object. For an objection, a complaint must be filed in the bankruptcy court prior to that deadline. This will be an adversary proceeding.

Hurt at the local pool? Here's what you should do now

The summer is here, and that means plenty of people head out to the local public pool. While most pools are safe and many will offer a fun place to cool off without any negative events, some are not maintained correctly or don't offer the services necessary to keep people safe.

Most pools have lifeguards, for example, but those that don't need to provide a notice saying such, so you know to pay attention to the people you're with. Failing to let someone know about the lack of a lifeguard, having dangerous chlorine levels and other safety hazards can result in a serious injury or death.

Retaining secured property after Chapter 7

A concern that many Pittsburgh residents have when they file for Chapter 7 bankruptcy is what will happen to their property. Worrying that certain properties like a home or a motor vehicle will be repossessed is natural. There are some cases when a secured creditor can seize property from an underlying debt after the discharge. In such an instance, the debtor has the right to reaffirm the debt, pay what is owed and retain it. It is important for people who are confronted by this circumstance to understand how it works.

The reaffirmation agreement is between the debtor and the creditor to pay what is owed even if it would otherwise have been discharged as part of the Chapter 7. When the debtor agrees to pay what is owed, the creditor will say that the property will not be repossessed provided the debt is paid. To reaffirm the debt, it must be done before the discharge. A written reaffirmation must be signed and filed with the court.

Can a Chapter 11 be converted to a Chapter 7?

Pennsylvanians who are experiencing financial problems and are considering Chapter 11 bankruptcy to maintain business operations while a debt reorganization is taking place should understand the various aspects of the process. In some instances, the debtor would like to convert the Chapter 11 filing into a Chapter 7 filing. They might even want to dismiss the case entirely. These are allowable, but there are certain circumstances under which it cannot be done. Having a full grasp of the entire process is vital to a case.

The debtor can convert the Chapter 11 to a Chapter 7 unless the debtor is not a debtor in possession; the case had begun as an involuntary Chapter 11; or if the case was converted to a Chapter 11 without the debtor requesting it. With Chapter 11, it must be remembered that the debtor does not have the right to request the case be dismissed and have this request automatically accepted.

How can you determine fault and liability in a car accident?

Automobiles are heavily relied on in today's society. Most residents in Pennsylvania are likely to have at least one personal vehicle. While motor vehicles are reliable and relatively safe mode of transportation, they are also the cause of numerous dangers and risks on the roadway. Even when a motorist is traveling safely and by the rules of the road, this does not protect them from the negligence or recklessness of others on the road. When a driver fails to uphold their duty to drive safe, this could be the cause of a very serious or fatal collision.

How can you determine fault and liability in a car accident? There are different factors in a car accident that could place liability on a driver for the damages and injuries that resulted from the crash. These factors are uncovered during the initial investigation as well as investigation conducted following an accident.

Former NBA player files for personal bankruptcy

Financial problems tend to sneak up on people. They have the tendency of impacting individuals in a big way, and some residents in Pennsylvania are completely overwhelmed by the situation. Thus, individuals suffering from debt problems often seek out ways to address or resolve them. While many think that average individuals and families more often experience this situation, it is a situation that could impact people of all incomes and wealth. Therefore, filing for personal bankruptcy is an option that could be very resourceful for all.

According to recent reports, former National Basketball Association (NBA) player Darius Miles auctioned off most of his personal items in a bankruptcy auction. Miles, who was drafted right out of high school in 2000, had a short career due to his several trades, continued struggles and suffering a major knee injury. Although his career came to an end in 2009, he still earned $60 million while playing for the NBA.

Chapter 13 bankruptcy is made for the working person

Getting into debt is fairly easy because it is so tempting to think that you can just pay everything off later. Even when the debts are due to medical bills or other situations beyond your control, the stress of knowing you owe a huge amount is still the same.

One option that you have to get out of debt is to file for bankruptcy. Some people are eligible to file for Chapter 7 bankruptcy, which means that your assets are liquidated and any remaining debts are forgiven. Not everyone is eligible to file for Chapter 7. If you aren't eligible for Chapter 7, you will likely file Chapter 13. Here are some points you need to know if you are filing for Chapter 13 bankruptcy.

Is it possible to write off credit card debt?

Many Pennsylvania residents own at least one credit card. While these devices can be useful, they can also be the cause of financial hardships. Life can bring unexpected challenges, and some individuals rely on credit cards to address bills they cannot pay, such as medical bills. Although some consumers can overcome these uses of credit cards, others might find themselves in overwhelming debt. In these situations, individuals are left deciding how to move forward and address their debts.

Those struggling with credit card debt want to understand how they can get rid of it the best way possible. Consumers hear the word personal bankruptcy and become nervous and scared. This is not a negative debt relief method, but rather, it is a reliable method to obtain a fresh financial start. Nonetheless, debtors still wonder what they could do to overcome debt without filing for bankruptcy.

Why would you want to modify your mortgage?

Buying a home is a major purchase, and residents in Pennsylvania may not consider the negative events in life that could impact their dream to own a home. But the unfortunate reality is that financial problems could occur. Whether it is due to a job loss, health issues or a reduction in income, this could significantly impact and individual or family's ability to make timely mortgage payments. Additionally, a homeowner could be faced with the possibility of foreclosure, but they do not want to file for bankruptcy just yet. Are there other options an individual could take to get back on track and keep their home?

Mortgage loon modification may a viable answer for some homeowners struggling to make full or timely mortgage payments. Why would you want to modify your mortgage? The main reason is to alleviate the financial pressure caused by the situation. The goal is to get back on track and not create additional financial hardship. Therefore, initiating this process could be the solution homeowners are looking for.

Helping Pennsylvanians with mortgage loan modification

Buying a home is a very exciting and overwhelming experience for residents in Pennsylvania and elsewhere. While individuals or families are thrilled to finally be homeowners, it is a major life event that is a huge financial investment. While most homebuyers take the time to assess their situation and purchase a home that is affordable for them, financial problems could arise, especially with growing families or a job loss. Therefore, it is important to understand what steps could be taken with your current mortgage to ensure that you can keep your home.

Requesting a mortgage loan modification could be the difference between home ownership and foreclosure. This is when a lender agrees to modify the loan in an effort to allow you to keep possession of your home. At Thompson Law Group, P.C., our attorneys understand that a long-term income reduction can greatly impact a person or family's ability to timely make mortgage payments. Therefore, we are dedicated to helping individuals in the Warrendale area navigate matters involving mortgage modification.

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