As the economy struggles amid the COVID-19 pandemic, businesses of all sizes in Pennsylvania and across the country are suffering financially. With so many companies forced to restrict or cease operations altogether, the resulting workforce reduction and revenue losses have many Pennsylvania businesses facing difficult decisions about their future. For those struggling financially before the COVID-19 pandemic hit, many are ready to call it quits and file for Chapter 7 bankruptcy.
As a Philadelphia bankruptcy attorney, one of the most common questions I am asked involves Chapter 7 bankruptcy exemptions. While the concept of debt relief through bankruptcy is relatively straightforward, understanding the rules surrounding what property and assets you will be permitted to keep can be complicated.
One of the main tasks of a Philadelphia Chapter 7 bankruptcy attorney is helping our clients understand which forms of bankruptcy they may qualify for. Many people want Chapter 7, because this form is relatively quick compared to Chapter 13 bankruptcy.