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October 2014 Archives

Credit record can be rebuilt by simple steps after bankruptcy

A Pennsylvania resident filing a Chapter 7 bankruptcy can usually eliminate all credit card and medical debt, while generally keeping all personal property and belongings. The federal exemptions are available to a bankruptcy filer in Pennsylvania -- they provide sufficient exemptions for most personal property, including autos, bank accounts, retirement funds, and home furnishings. There are limits in each category, but usually a consumer Chapter 7 filing does not result in the taking of personal property by the bankruptcy trustee.

Small business Chapter 7 bankruptcy includes assets liquidation

A small business in Pennsylvania can file a Chapter 7 bankruptcy if it intends to cease doing business and owes unmanageable debt. If the company closes its doors, a Chapter 7 Trustee will take over any unencumbered assets and will likely hold a public auction to sell the property. In the meantime, as soon as the case is filed in the federal bankruptcy court, an automatic stay is issued to protect the business from further collection activities as it winds down its affairs.

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