(814) 454-6345
345 W. 6th St.
Erie, PA 16507

Frequently Asked Questions 

Should I File For Bankruptcy?

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    Why are you considering bankrupcty?

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    What types of bills do you have?

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    Estimated Monthly Expenses: $


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    What types of Assets do you have?

    Do you have additional assets worth over $1000?



    If Yes, please describe:

    Do you own real estate?

    If Yes, are you behind in these payments?

    Do you own an automobile?

    If Yes, are you behind in these payments?

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    What are your sources of income?

    Estimate Total Monthly Income: $










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    General Contact Information

    First Name:

    Last Name:

    Home Phone:

    Work Phone:

    Cell Phone:

    Email:

    Address:

Q: What's bankruptcy?


  • A:  Bankruptcy allows individuals or businesses (debtors) who owe others (creditors) more money than they're able to pay to either work out a plan to repay the money over time or completely eliminate (discharge) most of the bills 

Q: What can I keep, if anything, if I file bankruptcy?


  • A:  Exemptions allow an individual to "exempt", or keep, certain kinds of property. In Pennsylvania the federal exemptions are often best for the debtors. The federal exemptions include: 
    • Real estate in which the equity  is less than $21,614.00 ($43,250.00 for a married couple)
    • Vehicles up to $3,450.00 per vehicle ($6,900.00 if the vehicle is owned jointly by husband and wife)
    • "Tools of the trade" or tools and equipment necessary to allow the individual to continue working up to the amount of $2,175.00
    • In most cases, all household furnishings

Q: Can I do anything to remove a bankruptcy from my credit report?


  • A:  No. Although at your option, you can file an explanation with the credit reporting agencies briefly describing the events resulting in your bankruptcy. If an account is reported inaccurately, you can request the record be updated to reflect the actual situation. Generally a creditor can report the discharge of the debt in bankruptcy for seven years after the discharge is granted by the Bankruptcy Court.

Q: Do you have to have a certain amount of debt to file?


  • A:  No. Although, some situations may not warrant filing for bankruptcy. If your financial situation is temporary, consider making arrangements with individual creditors for a change in payment amounts or a reduction in the total amount due. If you have little property or money, filing bankruptcy may not be necessary, as the creditor may not be able to collect the debt.

QIs it necessary for both spouses to file?


  • A:  If all debts are owed only by one spouse, it is possible that only that spouse would need to file.  Whether this is advisable or not depends on the exact circumstances. 

Q: Can only corporations or businesses file for a Chapter 11 reorganization? 


  • A: No.  Although corporations must use Chapter 11 to reorganize, individuals may (and have) used Chapter 11 in appropriate situations.  The circumstances of each case are unique and may require different results.  If reorganization is possible for an individual under Chapter 13, that is usually more advisable, as Chapter 13 is less expensive and less time-consuming; but sometimes Chapter 11 is better. 

Q: Are there any unique advantages for farmers who need to reorganize? n? 


  • A: Definitely.  Chapter 12 is designed for farmers and is the most flexible of the types of reorganizations permitted by the Bankruptcy Code.  Creditors are unable to vote in Chapter 12; this is a distinct advantage over Chapter 11.  Mortgages and other secured indebtedness can often be rewritten to extend the term of the obligation and the interest rate; this is usually not possible in Chapter 13 and is subject to the voting of creditors in Chapter 11.