Filing for Bankruptcy in Pennsylvania? Here are Five Things You Need to Know
Filing for bankruptcy in Pennsylvania can be an overwhelming process. Bankruptcy can have tremendous benefits when it is executed with care, however, the process can be difficult and confusing. Some of the greatest benefits of filing for bankruptcy include preventing home foreclosure, stabilizing your finances, and providing the opportunity to begin building a good credit score. Before filing for bankruptcy in Pennsylvania, learn more about the process by reading through these five tips.
Pennsylvania Residency Requirements
Debtors must have been a resident of Pennsylvania for 91 of the 180 days preceding the date they file for bankruptcy. In order to file properly, the debtor must file for bankruptcy in a bankruptcy court within the proper jurisdiction. Residents of Lehigh, Berks, and Northampton Counties must file in the Reading Division. Residents of the following counties need to file at the United States Bankruptcy Court for the Eastern District of Pennsylvania:
- Berks county
- Bucks county
- Chester county
- Delaware county
- Lancaster county
- Lehigh county
- Montgomery county
- Philadelphia
- North Hampton Counties
Understand Pennsylvania’s Wait Period Requirement
If you have already filed for bankruptcy previously, you will need to undergo a waiting period. However, if you are filing for bankruptcy in Pennsylvania for the first time, no waiting period is necessary. Depending on the unique circumstances, the waiting period is at least two years before the court will grant a second discharge.
Understand the Financial Requirements
In order to file a Chapter 13 bankruptcy in Pennsylvania, the debtor must have secured debts under $1,184,200. The debtor must have unsecured debts under $394,725. Debtors who do not have debts that meet these requirements may be eligible to file for a Chapter 7 bankruptcy in Pennsylvania.
Meet the Credit Counseling Requirements as Soon as Possible
U.S. federal bankruptcy laws require debtors to complete bankruptcy credit counseling before filing for bankruptcy in Pennsylvania. Debtors must attend credit counseling with a counselor approved by the Department of Justice. Debtors will need to pay a small fee in order to complete the class.
Gather Your Paperwork
Keeping legal and financial documents organized goes a long way in assisting with a smooth bankruptcy process. In order to file for bankruptcy, you must disclose detailed financial information about assets, income, debt, along with other financial information. Before you consider filing for bankruptcy, it is wise to get your paperwork in order. It can be challenging to dig up old financial paperwork so give yourself plenty of time to gather the information. If you bank online, you might be able to print off copies of bank and credit card statements from within your online account.
Hire a Skilled Pennsylvania Bankruptcy Attorney
Perhaps the most important tip to prepare for bankruptcy is to hire a skilled Pennsylvania bankruptcy attorney. At Georgette Miller & Associates, our practice is largely focused on assisting Pennsylvania residents file for bankruptcy. Contact our law firm today to learn how our skilled bankruptcy attorneys can help you. Call 1-866-964-6529 and start your path to financial freedom.