Legal Question in Bankruptcy in Pennsylvania

Bankruptcy

I am self employed as a mortgage broker. Currently I own my home, mortgaged to about 80% of it's $80,000 value. I also own the ajoining property with a 1984 mobile home on it. It s mortgaged to 100% f it's $28,000 value. Due to the recent upheaval in the banking business my business is circling the drain. Is ther any way to reaffirm and keep both properties? Should I be filing personal or business BK?


Asked on 5/24/07, 6:43 pm

2 Answers from Attorneys
John Gibson John W. Gibson, Esquire

Re: Bankruptcy

It sounds like your equity in the home is within your personal exemptions if you decide to file a Chapter 7. Whether or not you are eligible is a different matter and depends upon your income and family size. You really have to discuss the matter with an attorney who focuses his or her practice on bankruptcy.

Read more
Answered on 5/25/07, 11:25 am
Glenn Brown Real World Law, P.C.

Re: Bankruptcy

Are the debts personal or business?

What type of entity is your business.

Your answer requires knowledge of your debts, assets and your business.

Good luck to you.

Read more
Answered on 5/25/07, 8:22 am


Related Questions & Answers

More Bankruptcy Law questions and answers in Pennsylvania