Learn all you can about bankruptcy laws in Pennsylvania before you begin to make a decision about filing for bankruptcy. Understand what the ramifications will be to your life and your business when filing for bankruptcy in Pennsylvania.
No one starts a business thinking it will fail. Things, however, do change, and there may come a time when exercising your bankruptcy options in Pennsylvania becomes the best course of action for yourself and your business. Before filing for bankruptcy, keep in mind the following:
1. Know what you’re going to do with your life once the bankruptcy is complete.
2. Take note on how Pennsylvania bankruptcy law is going to affect life going forward--from getting credit to starting a new business.
3. Analyze the decisions that were made that led to your bankruptcy filing. Take note so you won’t repeat the same mistakes again.
Know the exemptions you have under PA bankruptcy lawsKnow the exemptions you have available under Pennsylvania bankruptcy laws. For example, Pennsylvania doesn't have homestead exemptions, so it's likely you will lose your home when you file for bankruptcy.
Understand Pennsylvania's bankruptcy processFiling for bankruptcy changed drastically with the passage of the 2005 bankruptcy laws. With the changes, it is much harder to file for Chapter 7 bankruptcy protection, so take the time to understand what the new process entails so you can make an informed decision on whether filing for bankruptcy protection is right for you.
Hire a good Pennsylvania bankruptcy attorney to get you through the processA good lawyer is a necessity when filing for bankruptcy. There are plenty of high quality Pennsylvania bankruptcy lawyers to choose from. Find one that is a good fit for you and your business.
- Gather all of the information you can when filing for bankruptcy in Pennsylvania. Weigh your options and all possible alternatives before you make a decision.