Pottstown Bankruptcy Law Blog

Many people living in Pennsylvania continue to struggle financially. Some people may feel that their debt problem is out of control. Fortunately, there are ways to take control of debt by filing for Chapter 13 bankruptcy protection. Through Chapter 13, individuals are able to create a repayment plan and begin down a path to financial security.

Although some people may feel they are the only ones struggling with debt, it appears that some public figures are dealing with the same problems. It was recently discovered that a former state representative filed for Chapter 13 bankruptcy just a few months before he resigned from his post.

Tough times can create financial instability for those living in Pennsylvania and beyond. Even the rich and famous aren't immune to financial problems, as evidenced by one sports agent that was responsible for negotiating the biggest NFL contract in history in 1993 for quarterback Troy Aikman who is now millions of dollars in debt.

Sports agent Leigh Steinberg recently filed for Chapter 7 bankruptcy. According to reports, he has debt ranging from $1 million to $5 million.

Millions of Americans are struggling with debt, even some elected officials. Last month, the mayor of a nearby Pennsylvania town was facing foreclosure after falling behind on her mortgage payments.

According to the news source, the Harrisburg mayor owed the bank around $900. However, the bank holding the mayor's mortgage withdrew a previous foreclosure filing after receiving the mayor's mortgage payment. The mayor said the late payment was a simple oversight.

Overcoming debt has been a serious problem for many Pennsylvania residents since the recession began in 2008. But the number of people who have lost their homes or have had to file for bankruptcy has decreased over the past couple of years. According to the United States Bankruptcy Court for the Western District of Pennsylvania, bankruptcy filings in that region fell from 13,552 in 2009 to 13,117 in 2010.

There were 843 bankruptcies filed in October in Western Pennsylvania compared to 1,058 bankruptcy filings at the same point in 2010. This coincides with a nationwide decline in consumer bankruptcy filings. According to the American Bankruptcy Institute, the first 10 months of 2011 saw the number of consumer bankruptcy filings in the United States decrease 11 percent during the same period in the previous year.