What Is The Bankruptcyobserver Database
All bankruptcy reporting services in the United States are based on data initially published on PACER. BankruptcyObserver actively monitors all 95 US bankruptcy courts for newly filed bankruptcy cases and newly added bankruptcy docket entries, adding new bankruptcy data hourly. BankruptcyObserver’s database of bankruptcy information includes all bankruptcies filed since 2005 which amounts to millions of bankruptcy cases and hundreds of millions of bankruptcy docket entries.
Anyone who has tried accessing bankruptcy data using PACER will attest to the fact that the service is not easy to use. There are nearly one hundred separate servers that might hold the data that you need and the forms you can use to query the data are very limiting. BankruptcyObserver makes the process of finding and monitoring bankruptcy cases easy. We have one database and we make the data easily accessible through an easy-to-use online interface. We also keep the data up to date, updating the bankruptcy cases every night and alerting subscribers to any changes every weekday .
BankruptcyObserver offers the option of subscribing to monitor a single bankruptcy case or subscribing to access the entire bankruptcy database. Daily emails are provided updating subscribers on activities in any cases that they are monitoring and on new bankruptcy case filings.
The Chapter 7 Process
The Documents. To see if Chapter 7 is right for your situation, your attorney will review your financial information. If Chapter 7 is appropriate, your lawyer will prepare a bankruptcy petition, schedules, and associated documents. After you review these documents with your attorney, your case will be filed in the local bankruptcy court.
The Hearing. In most cases, you do not have to appear before a judge. However, you will have to attend a short hearing held by the Chapter 7 bankruptcy trustee called the “meeting of creditors.” At the meeting, the trustee will review your petition and schedules and ask some questions. These meetings are usually short , and your attorney will be with you.
The Discharge. About three months after the meeting, you will receive a discharge of your debts signed by the judge. The discharge is an order issued by the court that permanently ends your liability for the debts that you listed in your bankruptcy. You are now debt-free.
The Timeline. From the date of filing to the time you receive your discharge takes about four months in most Philadelphia area Chapter 7 cases.
Chapter 7 is not the right choice in every case, and there are alternatives. Other options include Chapter 13, debt negotiation/debt settlement, debtor defense, foreclosure defense, mortgage modification.
Take Back Control Of Your Life By Calling A Lehighton Chapter 7 Bankruptcy Attorney
To discuss whether Chapter 7 bankruptcy is right for you and the steps to get started, call the Law Office of Adam R. Weaver, Esq. in Lehighton. We serve clients in Slatington, Tamaqua and throughout Lehigh, Carbon and Schuylkill County. Evening or weekend meetings are available by appointment.
Attorney Weaver has a general practice of law, with an emphasis on bankruptcy related matters. He has also presented various continuing legal education courses to other attorneys … Read More
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Philadelphia Bankruptcy Attorneys Offering Free Consultations
At the Pennsylvania bankruptcy law firm of Sadek and Cooper Law Offices, LLC, our attorneys have already helped thousands of people successfully file Chapter 7, file Chapter 13, or pursue effective alternatives to bankruptcy. Let us bring the same commitment, dedication, and focus to your case.
We have years of experience serving communities throughout Southeastern Pennsylvania, including Center City, West Philadelphia, South Philadelphia, North Philadelphia, Morrisville, Quakertown, Bristol, Croydon, Levittown, Willow Grove, Lansdale, King of Prussia, Pottstown, Norristown, Broomall, Yeadon, Ardmore, Drexel Hill, Chester, and more. To learn more about whether bankruptcy is right for you and how our attorneys can help, call Sadek and Cooper at 545-0008 for a free consultation today.
Real Property Exemptions: Pennsylvania Homestead Exemptions
Many people are surprised to learn that there is no Pennsylvania homestead exemption under Pennsylvania law. This means that if you own a home and have equity, you will need to protect your real estate using the federal bankruptcy exemptions. The federal bankruptcy exemptions currently allow you to protect up to $25,150 of equity in your home. If you are married, then the number can be doubled to $50,300. Equity is the amount your home is worth minus the amount you owe on your mortgage. For example, if I own a home worth $800,000 and I owe on my mortgage company $500,000, then I have $300,000 of equity. In this example, I would not be able to exempt my home because the equity is over $25,150.00. If you canât exempt your home, then the bankruptcy trustee can take your property to pay off your credit card debt and other unsecured debts.
Although Pennsylvania does not have a homestead exemption, you may still be able to keep the property if you are married and you and your spouse hold the property as a tenancy by the entirety.
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You Can Protect Property In A Pennsylvania Bankruptcy Using Either Pennsylvania’s Bankruptcy Exemptions Or The Federal Exemptions
Bankruptcy promises a fresh startand it works. You’ll straighten out your finances and keep the things you need to work and live. But Pennsylvania’s “exemption laws” protect essential property only, not unnecessary luxury goods. To prevent a costly property loss, you’ll want to learn about:
- choosing between Pennsylvania’s exemptions and the federal bankruptcy exemptions
- what will happen to property you can’t protect with an exemption, and
- whether you’ve lived in Pennsylvania long enough to use Pennsylvania’s bankruptcy exemptions.
The information below will help. Also, try our ten-question bankruptcy quizit flags areas you’ll want to look into further with a local bankruptcy lawyer.
- Find out if you qualify to wipe out debts in Chapter 7 bankruptcy.
- Discover why Chapter 13 solves more problems than Chapter 7.
Filing A Chapter 7 Bankruptcy After A Chapter 13 Bankruptcy
If you filed for Chapter 13 relief and received a discharge, then you need to wait for six years from the date you filed for Chapter 13 in order to file a Chapter 7 Bankruptcy case and be eligible to receive a discharge.
There is an exception to this rule If you paid back all of your creditors in full in the Chapter 13 case- also known as a 100% plan or if you have paid back at least 70% of the amount of your unsecured debt and the Court deems your repayment plan as representing your best efforts and proposed in good faith. You are then permitted to file for Chapter 7 Bankruptcy in less than 4 years in order to be eligible to receive a Chapter 7 discharge.
It is important to note that the rule of waiting six years only applies if you received a Chapter 13 discharge. If you did not receive a discharge, then in many instances you are permitted to immediately file for relief under Chapter 7 Bankruptcy
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Contact Our Orlando Chapter 7 Bankruptcy Attorney For A Free Consultation
Reach out to my law firm to find out if Chapter 7 bankruptcy might be the fresh start you need. Call 352-432-7003 or email me to discuss your financial and legal opportunities.
The Law Offices of K. Hunter Goff, P.A., is a debt relief agency. The firm helps people file for bankruptcy relief under the Bankruptcy Code.
Practice Areas
Print Your Bankruptcy Forms
The next step is to print and sign the bankruptcy forms. A lot of the forms look alike, so make sure you . Print the forms on one side only, in black ink, and on 8.5″ x 11″ letter-size paper. You should make a copy for yourself and keep it with your other important documents.
If you file your Chapter 7 using Upsolveâs tool, youâll receive all your forms in a packet as a single download, with dividers that flag all the signature spots.
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The Bankruptcy Process In Pennsylvania
The Bankruptcy Process in Pennsylvania
Bankruptcy is a legal process that can wipe out your debts, prevent foreclosure, protect you from creditor harassment and debt collectors, and give you other financial benefits. In this informational bankruptcy guide for Pennsylvania residents, the Philadelphia bankruptcy attorneys of Sadek and Cooper Law Offices, LLC explain the Pennsylvania bankruptcy process, including differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy, and requirements for completing bankruptcy procedures in Pennsylvania successfully.
If you think bankruptcy could be right for your situation, or if you have any questions about the process of filing for bankruptcy in Pennsylvania, we encourage you to contact our law offices at -545-0008 for a free bankruptcy consultation. Our Southeast Pennsylvania bankruptcy law firm is proud to serve residents of Bucks, Delaware, Montgomery, and Philadelphia Counties, including Manayunk, Germantown, Northern Liberties, Levittown, Croydon, Bristol, Chester, Drexel Hill, Ardmore, Norristown, Pottstown, King of Prussia, and beyond.
What If My Income Is Too High For Chapter 7 Bankruptcy
Thats ok. Some people think that Chapter 7 is the only type of bankruptcy or the best type of bankruptcy. The truth is that Chapter 7 and Chapter 13 each have their own benefits and drawbacks. If your income is too high for a Chapter 7, you may need to file a Chapter 13 bankruptcy. This can have a number of advantages for you. Many times we can file a Chapter 13 bankruptcy and save you even more money than if you filed a Chapter 7! How is this possible? Chapter 13 allows us to do a number of things that we cannot do in a Chapter 7. For example, we can strip second mortgages or homeowners association dues. We can have certain debts like equitable distribution payments discharged. We can reduce car loan interest.
Contrary to what you may have heard, you may even be able to file a Chapter 13 without paying back any unsecured creditors! The only way to determine whether you will make out better in Chapter 7 or Chapter 13 is to talk to an experienced bankruptcy attorney.
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Take A Credit Counseling Course
Federal bankruptcy law requires everyone who files for bankruptcy to take a within the six months before they file. The course teaches you about your debt relief options, including bankruptcy, so you can decide if filing for bankruptcy is right for you. You have to file a certificate of completion with the bankruptcy court along with the rest of your forms. Although course administrators do charge a fee, you may be able to get a waiver. You must take the course from an approved provider for Pennsylvania.
How Chapter 7 Works
A chapter 7 case begins with the debtor filing a petition with the bankruptcy court serving the area where the individual lives or where the business debtor is organized or has its principal place of business or principal assets. In addition to the petition, the debtor must also file with the court: schedules of assets and liabilities a schedule of current income and expenditures a statement of financial affairs and a schedule of executory contracts and unexpired leases. Fed. R. Bankr. P. 1007. Debtors must also provide the assigned case trustee with a copy of the tax return or transcripts for the most recent tax year as well as tax returns filed during the case . 11 U.S.C. § 521. Individual debtors with primarily consumer debts have additional document filing requirements. They must file: a certificate of credit counseling and a copy of any debt repayment plan developed through credit counseling evidence of payment from employers, if any, received 60 days before filing a statement of monthly net income and any anticipated increase in income or expenses after filing and a record of any interest the debtor has in federal or state qualified education or tuition accounts. Id. A husband and wife may file a joint petition or individual petitions. 11 U.S.C. § 302. Even if filing jointly, a husband and wife are subject to all the document filing requirements of individual debtors.
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Bankruptcies And Medical Debt
Approximately 1.61 people out of every 1,000 Pennsylvania residents, on average, file bankruptcy each year. In 2019 in the Eastern District of Pennsylvania, three were 3981 Chapter 7 bankruptcies and 4,232 Chapter 13 bankruptcies. In the Western District of Pennsylvania there were 4,580 Chapter 7 bankruptcies and 2,339 Chapter 13 bankruptcies.
Medical Debt
The cost of medical care in the United States is astronomical, with total healthcare costs eclipsing $3 trillion. Each year, the average person spends nearly $10,000 on healthcare.
MEDICAL DEBT
So How Do I Qualify For Chapter 7 Bankruptcy In Pennsylvania
Chapter 7 bankruptcies are intended for people who cannot afford to pay any portion of their debts. However, you must first pass an income evaluation to qualify for a bankruptcy discharge in Chapter 7.
If you pass the Pennsylvania bankruptcy means test , you can erase most unsecured debts through Chapter 7. Unsecured debts discharged in Chapter 7 include medical bills, personal loans, some old income tax debt, old utility bills, credit card debts, and most personal judgments. Unsecured creditors hold debts that are not secured by collateral.
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How To Determine If You Need A Consumer Or Business Bankruptcy
To be able to file for a Chapter 7 bankruptcy, the debt accumulated has to be consumer debt therefore, a person who has business debt does not qualify to file for a Chapter 7 bankruptcy. If you have debt relating to business expenses, a means test is not necessary.
If the debt collected is mainly comprised of business expenses, that individual will need to file for a business bankruptcy.
What Is A Chapter 7 Bankruptcy What To Expect From A Chapter 7 Bankruptcy
Bankruptcies in the United States are governed by federal rather than state law. This includes in small and individual bankruptcies. Anyone declaring bankruptcy files with a federal court in a region where the person or entity has some rational for association. Bankruptcy and the rights and rules related to bankruptcies appear in Title 11 of the United States Code, beginning at 11 U.S.C 101.
Typically when looking at bankruptcy, the first question to consider is what type of bankruptcy was filed. Types are typically called “chapters” because they correspond to specific chapters of the code inside of the Title 11. Strangely the Code is not like a book, that is there are some missing chapters. So, when you say that this is a Chapter 11 bankruptcy, you mean that the bankruptcy follows the procedures outlined in chapter 11 of Title 11 of the U.S. Code, as amended. It’s important to note the “as amended” because there have been several major changes throughout the years.
While most Chapter 7 bankruptcies are quick, some more complicated Chapter 7 bankruptcies can drag on for many years even decades. If it is an individual who has filed chapter 7, the individual may be dismissed quickly leaving the assets with the trustee to liquidate in a manner that the trustee believes will bring the greatest value to the estate.
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How To Determine If The Earned Income Is Greater Than The Residential States Average Earnings
One of the initial questions in the Chapter 7 means test asks if the petitioner earns an income that is below the average income of his or her home state. If this is shown, the petitioner will not longer need to complete the rest of the means test. He or she will be a qualifying applicant for a Chapter 7 bankruptcy.
While the standards for this determination change fairly often in order to reflect increases in inflation and cost of living, the Pennsylvania income averages currently break down as follows:
- For a single-earner household: $53,067
- For households with two contributors: $63,687
- For households with three contributors: $78,953
- For households with four contributors*: $93,645
*For all households that exceed for active earners, add $8,400 for each individual in excess.
The Best Way To File Chapter 7 Bankruptcy
STEP 1 – HIRE AN ATTORNEY
If you have fallen behind on your bills, you may be in the unenviable position of having debts that you are struggling to keep from getting bigger, much less pay off. This often occurs with high-interest debt such as credit cards or payday loans, where your interest rate can be upwards of 20 percent. Simply keeping up with these debts may make it difficult to afford your rent or mortgage, your car payment, your medical expenses, or simply the day-to-day expenses associated with life.
HIRE OUR PROFESSIONAL BANKRUPTCY LAW FIRM IN MEDIA, PA RISING SUN, MD & STATEN ISLAND, NY
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Basic Information On Hofmann’s Church And Religious Goods Inc Bankruptcy
HOFMANN’S CHURCH AND RELIGIOUS GOODS INC. filed a 7 chapter bankruptcy in the Western District of Pennsylvania bankruptcy court on October 20, 2022. This is a voluntary filing it was assigned the bankruptcy case number #22-10474.
The bankruptcy petition for HOFMANN’S CHURCH AND RELIGIOUS GOODS INC. showed assets in the range of $100,001-$1,000,000 with liabilities in the range of $100,001-$1,000,000. HOFMANN’S CHURCH AND RELIGIOUS GOODS INC. reports that the number of creditors is in the range of 50-99.
The debtor indicated their nature of business as ‘None of the Above’. The options for nature of business in bankruptcies are rather limited and archaic. They include ‘Health Care Business’, ‘Single Asset Real Estate’, ‘Railroad’, ‘Stockbroker’, ‘Commodity Broker’, ‘Clearing Bank’, or ‘None of the Above’.
The HOFMANN’S CHURCH AND RELIGIOUS GOODS INC. bankruptcy is still open. BankruptcyObserver’s database shows the latest docket entry was made on October 21,2022.