Legal Question in Bankruptcy in Pennsylvania

Bankruptcy or Not?

We have 2 equity loans on our home, and own another piece of property outright. We have 4 children and only 1 income. Our real estate debt is larger than the value of the home. Should we consider filing bankruptcy? What will we be able to retain if we file bankruptcy? We intend to live on the property that is 100% paid for.


Asked on 2/22/08, 12:58 pm

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

Re: Bankruptcy or Not?

Bankruptcy may be an option but you probably can't do a chapter 7 due to the equity in your primary residence. A chapter 13 may be feasible but there may be better options. Please give me a call to discuss further

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Answered on 2/23/08, 10:36 am


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