Pennsylvania Chapter 7 Bankruptcy Exemptions

Posted by Zachary in Bankruptcy Information on April 12, 2011 | Comment »

When you file for a Chapter 7 bankruptcy in Pennsylvania, you are still able to keep certain property, known as “exempt property.” Each state has exemptions. The items and the amount of exemptions are subject to change are can be obtained in the state code. In Pennsylvania, the following are exemptions a Chapter 7 debtor is entitled to: Home equity up to $20,200 Your motor vehicle up to $3,225 Alimony and child support needed for support Pensions, Retirement Benefits, and ERISA-qualified benefits needed for support Unmatured life insurance contract Life insurance payments for person you depended on that are necessary … Continue reading »

How does the Bankruptcy Process work in Pennsylvania?

Posted by Zachary in Bankruptcy Information on | Comment »

If you have thought about filing bankruptcy, one of the things on your mind is how the disposition of your case works. In other words, what takes place between the time you file for bankruptcy and the time you receive a discharge in bankruptcy court. A bankruptcy case starts with a petition. A petition is a statement of the debtor’s financial affairs. In the petition, the debtor lists all of their creditors, the nature of the claim, and the amount owed.  The debtor will also list all of their property, the source and amount of their income, and a list … Continue reading »

What to do when you receive a Notice of Intent to Foreclose

Posted by Zachary in Foreclosure Advice on January 26, 2011 | Comment »

In Pennsylvania, once a borrower falls behind in their mortgage payments, the first thing that occurs is receipt of a Notice of Intent to Foreclosure (Act 6 Notice). The Notice of Intent to Foreclose is typically sent to PA borrowers if they fall 90 days behind in their mortgage payments. The purpose of this notice is to inform the borrower that the lender intends to foreclose on the property if the mortgage is not made current. Once a borrower receives this, it’s common for borrowers to feel that it’s only a matter of time until they lose their home through … Continue reading »

What do I need to show to get a loan modification?

Posted by Zachary in Loan Modification Advice on December 19, 2010 | Comment »

Many borrowers experience difficulty receiving a loan modification and the assistance of an attorney is often necessary in order to get approval. A successful loan modification requires an agreement between the borrower and the lender on the new terms of the loan. A loan modification puts both parties in better position so lenders do have an interest in approving loan modifications if the borrower qualifies and the borrower is able to continue making payments with the adjusted terms. Here is what is required in order to receive a loan modification. Loan Modification Requirements The borrower must establish the following three elements: … Continue reading »

How the Foreclosure Process Works in Pennsylvania

Posted by Zachary in Foreclosure Information on | Comment »

Once a borrower defaults on their mortgage for at least 60 days, a lender will send the borrower a Notice of Intent to Foreclose (Act 6 Notice). For borrower’s who qualify, the lender may also send Act 91 Notice for the Homeowners’ Emergency Mortgage Assistance Program. After one month, if a default is not curred by the borrower, the lender will have a foreclosure attorney prepare a Complaint that will be filed in the Court of Common Pleas where the property is located. The borrower will then be served with notice of the complaint. The borrower must file an Answer … Continue reading »