Bankruptcy and The Law
Pennsylvania and Bankruptcy
Filing for bankruptcy involves gathering information about your income, expenses, assets, debt, property, and filing official bankruptcy forms. Bankruptcy is a federal law, however there are Pennsylvania bankruptcy laws to consider when preparing your filing.
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Means Testing Figures
For Chapter 7 bankruptcy, if you are above median income you’ll have to take a ‘means test’, but if you are below median income, you don't have to take the test.
Median levels change periodically.
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Most filers must complete education classes before filing and after filing.
Pennsylvania bankruptcy exemption allows you to protect your home, vehicles, and cash. Chapter 7 will allow keeping assets that are protected by bankruptcy exemptions. Under chapter 13, you will pay the value of nonexempt property to your creditors. Some commonly-used exemptions: