Legal Question in Bankruptcy in Pennsylvania

Re: bankruptcy

Yes, the 2 types of bankruptcy you could consider would most likely allow you to keep your house or truck. The key to both is equity. If the value of either one far exceeds what is owed, there may not be enough exemption to protect it in a 7.

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Re: bankruptcy

Sure, maybe, depending on the numbers you may qualify for a chapter 13.

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Re: bankruptcy

In a Chapter 13 Bankruptcy you would still have to make payments on your truck and mortgage but the amount that you pay on the credit card debt would depend upon your "best efforts." Simply put, say for example you have a mortgage payment of $800 per month and a truck payment of $400 a month but after your allowed budgeted expenses only $300 is left, you would pay $300 on your credit card debt for up to 60 months, regardless of whether the total paid is less than the full amount of the debt. Even if you have sufficient income to pay all of the credit card debt (typically called a 100% plan), it still stops the interest accruing and it may be worthwhile to file one.

However, if the equity (the value after paying back the mortgage) in your home is less than $20,200, you should consider filing a Chapter 7. It is best to discuss your personal financial situation with an attorney in your area.