Legal Question in Bankruptcy in Pennsylvania

Fileing for Bankruptcy

I am currentlu over my head with Debt.aproxamitly $8,000. I have been laid off since Nov. and just recently got into the Local Carpenters Union. It's good money however being ''low on the totem pole'' It's hard to get work, and with all this waiting my bills have piled up to the point where collectorte are thretaning with legal action. Theyr also thretaning my parents (whom i still live with), because they cosighned. Do I qualify for Bankruptcy, how do I file, What ''Chapter'' do I file for. Will it keep bill collectors from calling or Taking Legal action against me or my family? Please Help.


Asked on 6/16/01, 3:32 pm

1 Answer from Attorneys

Re: Fileing for Bankruptcy

Chapter 13 lets you reorganize the debt (that is, extend repayment). Chapter 7 liquidates the debt. As your parents co-signed, just you filing a Chapter 7 bankruptcy would leave them on the hook. You may want to consider Chapter 13. A first step might be to go to a credit counseling agency, which can try to help negotiate a repayment schedule without your having to file bankruptcy.

This is general information for discussion purposes. Please feel free to contact me to discuss your individual situation.

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Answered on 6/28/01, 2:14 pm


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