personal bankruptcy Archives

Student loans could be discharged in personal bankruptcy

Many borrowers in Pennsylvania and elsewhere are struggling to repay their student loans. Naturally, they may wonder if they can discharge this overwhelming debt in a personal bankruptcy filing. The reality is that a student loan usually cannot be discharged in bankruptcy, but there is an exception.

Personal bankruptcy: Chapter 13 vs. Chapter 7

Sometimes, consumers in Pennsylvania find themselves deep in debt and desperate for relief. Fortunately, this relief may come in the form of a personal bankruptcy filing. Here is a glimpse at what a Chapter 13 bankruptcy filing involves and how it differs from a Chapter 7 bankruptcy filing.

People can file for personal bankruptcy more than once

Sometimes, people in Pennsylvania realize that they are in over their heads financially and start to look for a way out of their situations. However, nothing seems to be a viable option for them -- that is, nothing except for personal bankruptcy. But what happens if someone has already filed for bankruptcy in the past? Can he or she file again in the future?

Personal bankruptcy is viable option for those with debt issues

Sometimes, people's personal debts in Pennsylvania end up outweighing their assets. In these situations, it is natural for people to feel hopeless and helpless. However, personal bankruptcy may be a viable option for them, and for those who worry that bankruptcy will negatively impact their credit, the problem may not be as bad as they think.

City councilor files for personal bankruptcy

A city councilor in another state recently decided that his financial situation was beyond what he could handle on his own. He therefore decided to file for personal bankruptcy. Individuals in Pennsylvania who are struggling to make ends meet can likewise take full advantage of this type of bankruptcy filing.

Credit card overuse may lead to personal bankruptcy

Credit cards remain a major cause of debt issues in Pennsylvania and elsewhere. In some cases, filing for personal bankruptcy is the only way to break free from this debt. Here are a few mistakes that credit card users often make that cause them to get into the hole financially and thus require bankruptcy protection.

Personal bankruptcy has many causes, depending on the consumer

Experiencing high amounts of debt in Pennsylvania is one of the most stressful experiences a consumer may have. In some situations, the debtor simply can find no way out of his or her debt situation. In these cases, declaring personal bankruptcy may be a wise option. Here is a rundown on several common reasons people end up needing to go to bankruptcy court.

More older individuals turning to personal bankruptcy

Many Americans, including those in Pennsylvania and other states, find themselves facing financial problems at older ages. Research show that, since the early 1990s, the number of people filing for personal bankruptcy at 65 years of age or older has tripled. The rise in personal bankruptcy among older Americans can be linked to several factors.

Personal bankruptcy may not hamper ability to get business loan

Sometimes, consumers determine that their dire financial situations warrant drastic action. They therefore decide to file for personal bankruptcy. The good news is that, just because people file for bankruptcy in Pennsylvania, does not mean they cannot get loans if they are aspiring entrepreneurs.

Personal bankruptcy differs from debt consolidation

Numerous consumers in Pennsylvania struggle with overwhelming debt that drastically decreases their quality of life. In some situations, consumers turn to debt consolidation for help. Meanwhile, others find relief after filing for personal bankruptcy protection. Here is a glimpse of the differences between these two processes.

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Stewart, McArdle, Sorice, Whalen, Farrell, Finoli & Cavanaugh, LLC

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