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What steps do I need to take if I am considering filing for bankruptcy in Pennsylvania?

Picture of Chris Battis By   ·  1 minute read

If you are considering filing for bankruptcy in Pennsylvania, there are several steps you should take to ensure that the process goes as smoothly as possible.

  1. Determine which type of bankruptcy is right for you: There are two main types of bankruptcy, Chapter 7 and Chapter 13. Chapter 7 is often referred to as "liquidation" bankruptcy because it involves selling off your assets to pay off your debts. Chapter 13 is also called "reorganization" bankruptcy because it involves creating a payment plan to pay off your debts over several years. You should consult with an experienced bankruptcy attorney to determine which type of bankruptcy is right for you.
  2. Take a credit counseling course: Before you can file for bankruptcy, you must take a credit counseling course from an approved provider. The purpose of this course is to help you understand your finances and explore alternatives to bankruptcy.
  3. File the bankruptcy petition: Once you have completed the credit counseling course, you can file your bankruptcy petition with the Pennsylvania Bankruptcy Court. The petition will include information about your financial situation, including your assets, debts, and income.
  4. Attend the creditors' meeting: After you file your petition, you will be required to attend a meeting with your creditors. This meeting is also known as a 341 meeting, and it is an opportunity for your creditors to ask you questions about your financial situation.
  5. Complete any necessary requirements: Depending on the type of bankruptcy you file, you may be required to complete additional requirements, such as completing a debt management course or making payments according to a payment plan.

It is important to note that filing for bankruptcy can have significant long-term consequences, including damage to your credit score and difficulty obtaining credit in the future. Additionally, not all debts can be discharged in bankruptcy, so it is important to consult with an experienced bankruptcy attorney to determine which debts can and cannot be discharged.

Overall, if you are considering filing for bankruptcy in Pennsylvania, it is important to seek the advice of an experienced bankruptcy attorney who can guide you through the process and ensure that your rights are protected.