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Experienced lawyers, driven to succeed on your behalf.


Experienced lawyers, driven to succeed on your behalf.

There are many reasons that people in Pennsylvania take loans or have debt. They may take out loans for vehicles, have mortgages, have credit cards, take personal loans for variety of reasons. Having monthly payments is common and it is something people budget for based on their incomes. However, sometimes there are reasons that people may lose their income or a major part of it.

This could be because they lost a job or were laid off. It could also be because they suffered an injury or illness that forced them to spend time in hospitals. There could also be a significant period of time when people have rehabilitation and cannot return to work. In that type of situation they may also be forced to incur more debt to keep up with their financial obligations or pay for the new medical bills. The debt could become overwhelming.

People who find themselves in this position may be able to free themselves of the debt through bankruptcy though. One option they may have is Chapter 7 bankruptcy, which can allow people to discharge most of the unsecured debt. The process involves potentially needing to liquidate property, but some property is exempt.

Exempt property in Chapter 7 bankruptcy

There are a number of pieces of property people can keep, including, but not limited to:

  • Household goods, appliances and clothing
  • Vehicles up to a certain value
  • Their primary home
  • Pensions
  • Tools needed for their job
  • Personal injury awards
  • Jewelry up to a certain value

People in Pennsylvania may fear having to decide whether or not to file for bankruptcy. However, for certain people bankruptcy can be a good solution to their overly burdensome debt. It can provide people with a way to free themselves of their debt and achieve a fresh start. The process is not easy though and can be complicated to navigate. Experienced attorneys understand the process and may be able to guide one through it.