Personal bankruptcy is the most common form of bankruptcy. The bankruptcy laws in the bankruptcy code have provided various provisions for personal bankruptcy. In this competitive world, things move very fast, therefore, in an attempt to meet the standard of living set by the society, many people fall in the cruel trap of various kinds of debts. If you are not very careful in handling your financial matters, these debts may put you in a deep financial trouble and sometimes, things may just go out of your control. There might be a situation when the debts you owe to the various creditors are much higher than the assets you own and the means of income you have. This is the time when you would probably like to give your financial life a fresh start by closing the old chapters. Here, you will have to take the help of various chapters as described in the bankruptcy code. Let’s go exploring the various options that the bankruptcy code provides you.
Personal Bankruptcy
With the growing trend of taking various kinds of loans to meet the needs of high standard living, more and more people in America now have trapped themselves into the nasty pile of various kinds of debts. Sometimes, the debts become so high that they start controlling you instead of you controlling them. This is where personal bankruptcy emerges as the only solution that can bring you the much-desired relief from the heavy burden of debts.
Pennsylvania Bankruptcy Laws
Pennsylvania bankruptcy laws allow the debtor declared as bankrupt to use federal supplemental exemptions along with the state specific exemptions. In addition, you also have the option to substitute the state specific exemptions completely with the federal exemptions set. Pennsylvania bankruptcy district courts are located in over a dozen places under three group regions – Pennsylvania Eastern District Court, Pennsylvania Middle District Court, and Pennsylvania Western District Court.
Oregon Bankruptcy Laws
Oregon bankruptcy laws allow the debtor declared as bankrupt to use federal supplemental exemptions along with the state specific exemptions. However, you cannot substitute the state specific exemptions completely with the federal exemptions set. Oregon bankruptcy district courts are located at five places – Bend, Coos Bay, The Dalles, Eugene, and Klamath.