Pennsylvanians who are experiencing financial problems can benefit from bankruptcy. It will help a person to clear unsecured debt and move on with their lives. However, there are times when a debtor has certain properties that he or she would like to retain, even if it can be discharged. Examples could be a family vehicle or home. This makes it necessary to promise to repay the debt by signing and filing a reaffirmation agreement.
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.
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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.
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.