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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I am thinking of filing chapter 7 bankruptcy. I am a single

Resolved Question:

I am thinking of filing chapter 7 bankruptcy. I am a single parent with no real assets except a 2005 vehicle that is owned outright. I have a child with 2 chronic illnesses that requires almost full time care. I am not able to work at this point. Please give any advise possible. I live in Pennsylvania and have approx 50000 unsecured debt.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.

Hello,

 

A Chapter 7 would appear advisable.

 

As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.

 

A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets, if any, that exceed your exemption.

 

A Chapter 13 bankruptcy is a repayment plan for an individual. It may require that you repay some of your unsecured credit card debt over a 3 -5 year period. However, you may retain assets that exceed your exemption.


Here are the exemptions for Pennsylvania:
http://www.bankruptcyinformation.com/PA_exemp.htm

 

Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.

Thank you,
FLAandNYLAWYER
Ellen and other Bankruptcy Law Specialists are ready to help you