Media Bankruptcy Lawyer Explains Federal and Pennsylvania Exemptions

Identifying what property you can protect in Media

If you have reached the point where you cannot pay your personal or business debts, call David R. Black’s Bankruptcy Legal Group, a division of Black, Stranick & Cella, P.C., to find relief from liability claims by filing bankruptcy. If Chapter 7 is your best option, you may be concerned about having to liquidate your assets to have your debts discharged. With more than 30 years of experience, our bankruptcy attorneys are savvy and knowledgeable of both federal and state exemptions, so we can advise you about the risks and benefits of choosing Chapter 7.

What property or assets can you keep?

This is one of the most frequently asked questions in our office. There is a common misconception that you when you file a Chapter 7 bankruptcy have to relinquish every possession: your home, automobile, savings and the like. However, both the federal and state of Pennsylvania bankruptcy guidelines exempt certain types of property from this.

How do I know which exemption to use?

You may take advantage of federal exemptions or state exemptions, but not both. Our experienced bankruptcy attorneys discuss in detail the pros and cons of each exemption system, or whether you would be better off filing Chapter 13 bankruptcy in Media. Trust in our experience to assess your financial situation and make the best recommendation.

Call for a free consultation to determine if bankruptcy is right for you

Our team is dedicated to giving you the fresh start you deserve. Contact David R. Black’s Bankruptcy Legal Group, a division of Black, Stranick & Cella, P.C., at 610-365-1052 or online for a free consultation. Our office is conveniently located half a block from the Delaware County Courthouse, and is easily accessible by SEPTA, Regional Rail and the trolley.