In late 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was enacted into law. Among other things, this act requires a "means test" to see if debtors qualify for Chapter 7 bankruptcy relief. The means test examines your monthly income and expenses and compares them to the median income in and around…
Deciding whether bankruptcy is the best choice for your personal situation, is not an easy decision to make. Individuals seek bankruptcy relief for a number of reasons. As you consider filing for bankruptcy, ask yourself the following questions: Are you receiving threatening notices from your creditors? Are you on the verge of foreclosure? Have you…
Bankruptcy is the relief granted by law to debtors – individuals and businesses alike – when their assets exceed their liabilities or otherwise, have difficulty in paying creditors when due. There are many types of bankruptcy proceedings, each having its own purposes, advantages and limitations. The following are the most common bankruptcy chapters used by…
Philadelphia's housing market is witnessing a serious decline in home sales. Following October 2008's not-so-bright financial news, there are new reports that Philadelphia's real estate sale agreements have fallen 20% throughout eight counties. According to Steve Storti, VP of Prudential Fox Roach, Inc, "Until the credit market unfreezes, regional real estate will be slow." This…