Bankrupt in Pennsylvania?
In the United States, it can sometimes seem like bankruptcy is the embodiment of a dream deferred. Most Americans are entrepreneurial sorts and they often have the will to keep pushing and striving to achieve their dreams. The American Dream, though, has been hard to come by these last few dozen decades and many people are feeling the pinch. Bankruptcy has become an ever-present necessity for some to continue living in a harmonious and distinctly American way. Of course, there’s no pride in filing for bankruptcy, but it can certainly help you get out of some negative financial situations. In some cases, it can be the only way out.
Still, it’s hard to wade through all the legal muck to actually get to a point where bankruptcy seems feasible. There are so many different laws on the federal, state, and local levels that you can have difficulty parsing it out. If you’re in Pennsylvania, laws can get even trickier. Indeed, bankruptcy law in PA can prove to be mentally and physically draining. They also don’t provide some of the exemptions that other states do. For instance, there is only a $300.00 exemption for property of any kind. This means, among other things, that there’s no homestead exemption in Pennsylvania. It’s important to read up on all this information in order to ensure that you don’t completely lose your home.
As far as personal (non-land) property goes, you will be able to retain 100% of your books, clothing, sewing machines, and veteran’s benefits. You can also choose to opt for federal exemption regulations rather than the bankruptcy law in PA. Depending on the things you would like to keep, choosing federal law over Pennsylvanian law can actually be beneficial.
If you find all of this to be far too overwhelming then you’re certainly not alone. Millions of individuals and businesses have filed for bankruptcy in the history of the United States. To avoid dealing with all the rigmarole on your own, you could always enlist the help of a bankruptcy attorney. If you didn’t want to do that, you could also be granted a state petitioner for free that will compile all the necessary information for you. In any event, there are avenues out there to figuring out how to best deal with your bankruptcy experience.