Pennsylvania Bankruptcy FAQ
While the decision to file bankruptcy often creates a lot of questions to sort through, the experienced bankruptcy lawyers at Stewart, Sorice, Farrell, Finoli & Cavanaugh, LLC, can help you determine what is right for you. Whether Chapter 7 or Chapter 13 bankruptcy will best meet your financial needs, our firm will use the law to help you get back on your feet.
If I File Bankruptcy, Will I Lose My House?
Not necessarily. In a Chapter 7 bankruptcy, as a general rule and if there is not too much equity in your house, you may keep your home as long as you are able to make your mortgage payment. If there is too much equity for a Chapter 7, you may be able to keep your house by filing a Chapter 13 bankruptcy.
Will I Lose My Car During Bankruptcy?
Not necessarily. In a Chapter 7 bankruptcy, as long as there is not too much equity, you may keep your car. If you have a loan on it, in a Chapter 7 bankruptcy, you may keep your car as long as you make your payment. In Chapter 13, you may keep your car as long as you make the payment. However, in a Chapter 13 bankruptcy, you may be able to reduce the balance owed on the loan and the payment so that you can keep your car.
Will I Have To Give Up My Retirement Accounts?
Just about every retirement plan, such as 401(k) plans, 403(b) plans, pensions and IRAs can be kept by individuals who file Chapter 7, Chapter 13 or Chapter 11 bankruptcy.
How Long Will Bankruptcy Affect My Credit?
A Chapter 7 bankruptcy will remain on your credit report for up to 10 years. Though that may seem like a long duration, the effect that bankruptcy has on your credit score will diminish over time. Credit and loans generally will be offered to you after you file bankruptcy.
Will My Children Be Able To Get Student Loans?
After you file bankruptcy, you may not be approved to get a student loan in your name, but you may be able to co-sign on behalf of your son or daughter.
Contact Our Firm For More Answers To Your Bankruptcy Questions
Serving residents throughout Pennsylvania from our offices in Greensburg, our attorneys can help you and your family stop harassment from debt collectors and eliminate your debt while keeping your assets.
Contact Stewart, Sorice, Farrell, Finoli & Cavanaugh, LLC, online or call 724-610-9914 to schedule a consultation in regard to your bankruptcy questions.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.