There are many business owners in Pennsylvania that are familiar with the ups and downs of the economy and the effect it can have on their overall business. This combined with other unexpected circumstances, such as unexpected weather events, can have a major effect on the success of a business. One out-of-state winery has recently filed for Chapter 11 bankruptcy protection.
A Chapter 13 bankruptcy, which involves a payment plan, may stay on your credit record for up to seven years. On the other hand, a Chapter 7 bankruptcy, which discharges unsecured debt and doesn't seek to pay any of it back, may be reported for up to 10 years. Some Pennsylvania residents believe that they cannot get a mortgage to buy a home for at least that amount of time. The fact is, however, that they will often become eligible for a mortgage much sooner than the expiration of the reporting periods.