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Answers To Commonly Asked Bankruptcy Questions

At Reedy Law Office, we understand how debt can affect your life financially, emotionally and physically. These effects partly stem from the complexities and uncertainties that surround the bankruptcy process in Pennsylvania.

Most likely, you have many question about the bankruptcy process. We have filed numerous Chapter 7 bankruptcies. Check out our most frequently asked questions below with answers that can provide clarity and peace of mind for you and your family.

Can I Keep My Car?

In most cases, you will not lose your vehicle, if it is your main mode of transportation. We can work to negotiate a payment plan that fits your personal financial situation.

Can I Keep My House?

In typical cases, you will be allowed to keep your property. We invest the time to fully understand your goals so that we can develop a plan that allows you to maintain the possessions that are most important to you.

Learn more about how you can benefit from filing bankruptcy when we evaluate your situation. Schedule a free bankruptcy consultation by calling our Schuylkill Haven office at 570-593-0076.

What Types Of Debt Can I Discharge?

Chapter 7 can eliminate most or all of your unsecured debt, including:

  • Credit card debt
  • Medical bills
  • Some personal loans

You most likely will not owe your creditors anything for these types of debts once you finalize your bankruptcy.

What Is The Means Test?

The Means Test is a way for the state to compare your family income against the median income of families your size in the state of Pennsylvania. If your household income is less than the median income of families your size, you have “passed” the test and you are ready to move on. If your household income is more, there is a complex form to fill out that analyzes your expenses and other factors to calculate a new number. At Reedy Law Office, we can help you complete this form and make sure it is completed and filed accurately.

Does Bankruptcy Affect My Retirement Accounts?

In almost all cases, retirement plans are exempt from bankruptcy. Things such as IRAs, 401 (k) plans and pensions are exempt. Social Security benefits are never affected by bankruptcy.

How Long Does Chapter 7 Bankruptcy Affect My Credit?

While a Chapter 7 bankruptcy will show up on your credit report for up to 10 years, that does not mean that you can’t improve your credit during that time. In fact, after you file for bankruptcy your creditors are no longer allowed to report late or missed payments and the debt that is discharged disappears from your report. Many people are able to qualify for auto loans and mortgages within three years of filing.

Is Chapter 7 Bankruptcy Right For Me?

There can be significant financial benefits to filing Chapter 7 bankruptcy. It is essential, however to discuss your details with a qualified attorney. Our firm focuses solely on Chapter 7 bankruptcy cases.

We have comprehensive knowledge of bankruptcy laws. Our lawyer can help you determine whether you qualify for Chapter 7 and if bankruptcy is the right option for you during a free initial bankruptcy consultation.

Contact Our Lawyer Today To Get A New Financial Start

Call our Schuylkill County office at 570-593-0076 and ask us your own questions. We can help you turn around your financial life today. You may also request a free bankruptcy consultation via email.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.