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How Does Filing for Bankruptcy Affect My Long-Term Savings Plans?

One of many considerations individuals have when filing for personal bankruptcy is how it might affect retirement and other long-term savings plans. No one wants to risk losing his or her pension, 401K or other resource intended to provide support throughout old age. Fortunately, the federal bankruptcy exemption protects these assets — and Pennsylvania law… Read More »

About Chapter 12 Bankruptcy

Chapter 12 is a unique form of bankruptcy, in that it is available specifically as an option for family farms or fishery owners. In Pennsylvania, which has active farming and fishing communities throughout our state, this type of bankruptcy is a particularly relevant choice for saving businesses that may have been in families for generations…. Read More »

Life After Bankruptcy

Bankruptcy is an intimidating prospect, without a doubt. Like many people who have reached this juncture, you may feel overwhelmed, wondering when you lost control of your finances and how you could have done things differently. You worry that your credit and reputation have been permanently damaged. Can you still get a loan to send… Read More »

Five (More) Tips for Managing Personal Finances

While creating and sticking to a budget is a great first step to financial success, you can do even more to protect your money. Whether you’ve already gone through bankruptcy proceedings or are proactively trying to avoid them, the following tips for managing your personal finances can help. 1.     Remember that financial markets are cyclical… Read More »

What is the Role of the Bankruptcy Trustee?

One of the primary figures in bankruptcy proceedings is the trustee. But just who are these trustees and what purpose do they serve when it comes to bankruptcy? Trustees are selected as part of the United States Trustee Program, which is overseen by the Department of Justice. The DoJ administers 21 regional US Trustee Offices… Read More »

Should I File for Business or Personal Bankruptcy?

This question often arises when a business is a sole proprietorship or a small, incorporated business for which personal guarantees were signed in order to secure commercial loans. In order to come up with the best possible answer, you need to consider the following questions: Are my financial problems due to my business or my… Read More »

How to Create an Easy-To-Follow Budget

Creating a budget is a simple endeavor once the initial, somewhat time-consuming evaluation of income vs. expenses is complete. The greater challenge is sticking to it. Since budgeting is only as successful as its implementation, we would like to offer some practical suggestions for coming up with a budget that is strict enough to help… Read More »

What You Need To Know About Debt Settlement

If you are facing overwhelming debt, you may be considering debt settlement. While this can be a viable alternative, it is important that you know exactly what debt settlement entails and beware of the risks involved. What it is and the potential consequences Debt settlement refers to negotiating with your creditors to repay less than… Read More »

Can My Business Stay Open Through Bankruptcy?

For most laypersons, a business declaring bankruptcy is the same as announcing it is shutting down. This is not necessarily the case, particularly if a business elects a form of commercial bankruptcy that enables it to restructure in order to regain solvency. If your business is struggling like so many in today’s economy but you… Read More »

How Long Will It Take My Credit To Recover After Bankruptcy?

Many individuals delay filing for bankruptcy out of fear it will destroy their credit rating, permanently blocking them from securing loans or buying a home. While a bankruptcy filing will remain on your credit reports for a few years, this does not mean you are barred from receiving credit from lenders. Nor does it mean… Read More »