In the U.S., largely because the health care system is privatized, medical debt encompasses a significant amount of consumer debt. This debt can strain people’s financial resources and prevent them from paying everyday bills. Medical debt often inspires another...
Cherry Hill Bankruptcy Blog
3 ways that Chapter 13 filings differ from Chapter 7 bankruptcy
There are numerous types of bankruptcy available for both individuals and businesses. People select the type of bankruptcy that they file based on their circumstances. Chapter 7 bankruptcy is one of the options for individuals in need of financial relief. Chapter 13...
What are bankruptcy exemptions in Pennsylvania?
Filing for bankruptcy is a way to manage overwhelming debts and reclaim your financial future. One form of bankruptcy is a Chapter 7 filing, which is available to low-income filers. It is informally known as liquidation bankruptcy. This is because the bankruptcy...
The solution for credit card debt that can make matters worse
Credit card debt is a financial issue for many households. People use credit cards for unexpected expenses and may spend months paying off a large balance. Other credit card users leave a small balance each month that slowly accrues to a massive amount of personal...
3 reasons a car crash may lead to a bankruptcy filing
Bankruptcy can serve as a solution to overwhelming financial challenges. People may file for personal bankruptcy after a divorce or a major illness. Job loss is another reason why people sometimes need to file for bankruptcy despite having previously been quite...
Why job loss could quickly lead to a bankruptcy filing
People often commit a large amount of their time to their careers. Professionals may devote far more than the standard 40 hours a week toward their jobs, especially if they work in a highly-skilled or highly-educated role. The better someone's job is and the more...
3 reasons medical issues can push someone into personal bankruptcy
Many working professionals receive health insurance coverage as part of their compensation package from their employers. Others, like those operating their own small businesses, may purchase health insurance coverage through the marketplace. Unfortunately, simply...
How long can bankruptcy affect employment and credit options?
Numerous concerns about bankruptcy prevent many people from filing in a timely matter when they need financial relief. For example, some people worry that they cannot balance their budgets without revolving lines of credit. The temporary setback related to the closure...
Creditor lawsuits may warrant an emergency bankruptcy filing
In some cases, bankruptcy is a measured and planned response to slowly accumulating debt. Individuals who suffer a career setback or other financial hardships may eventually determine that filing for personal bankruptcy is the best solution. They may time the...
Are retirement savings at risk in a Pennsylvania Chapter 7 case?
One of the reasons that people may delay or avoid filing for personal bankruptcy is concern about their future financial stability. They worry about what may happen when they lose their revolving lines or credit or have to liquidate some of their assets to repay their...