The Pennsylvania median income will increase again for most families as of November 1, 2020, meaning more debtors will qualify for Chapter 7 Bankruptcy in 2020 and the first half of 2021.
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. Bankruptcy can stop deficiency judgments and discharge debt.