The Pennsylvania median income increased again for most families as of May 15, 2023, meaning more debtors will qualify for Chapter 7 Bankruptcy in 2023. For Chapter 13 debtors, the median income determines whether the debtor may enter a thirty-six or sixty-month Chapter 13 plan and how much they must pay in their Chapter 13 plan.
Don't assume that your high income will prevent you from filing for Chapter 7 bankruptcy in Pennsylvania. Income alone does not determine if you should file for Chapter 7 or Chapter 13 bankruptcy or pursue a non-bankruptcy option.
Refusing to discuss bankruptcy might feel like the right choice, but it can cost you your home, personal property, retirement, and peace of mind. Consulting with an experienced bankruptcy lawyer can often prevent loss of assets and other long-term financial damage.
Deficiency judgments in Pennsylvania can follow a mortgage foreclosure, leaving the former homeowners on the hook for thousands of dollars. You can fight a creditor's attempt to obtain a deficiency judgment, and bankruptcy can stop deficiency judgments and discharge debt.
