Legal Question in Bankruptcy in Pennsylvania

credit card debt.

I have alot of credit card debt, which i have ceased paying due to a layoff. I'm being called daily but the funds are not there to pay. If I claim chapter 7 or 13, is there a chance that my home would be in jepeordy? I'd like the house off the table in the event of a bankruptcy. What can you tell me?


Asked on 2/18/09, 11:26 am

1 Answer from Attorneys
James Monaghan Law Office of James V. Monaghan

Re: credit card debt.

It depends on the amount of equity (the difference betwwen the fair market value and the encumburance, ie mortgage, home equity, etc). You have the ability to exempt certain items of real and personal property from liquidation in a Chapter 7. I am assuming that you are current on the mortgage. Please contact my office and speak to my partner, Jim Monaghan, to discuss your situation in more detail.

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Answered on 2/18/09, 11:34 am


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