If you are struggling to pay your bills, you might benefit from chapter 13 bankruptcy in Pennsylvania. Alternatively, a chapter 7 filing might be your best approach. By working with a skilled chapter 7 bankruptcy attorney, you can learn which options are available to help you get a fresh start. Generally, though, here are some things you might consider before filing for bankruptcy protection.
Chapter 7 Vs. Chapter 13
You might wonder why people refer to bankruptcy as either chapter 7 or chapter 13. Simply put, these informal titles refer to where each form of bankruptcy appears in federal law. Generally, though, chapter 7 discharges debts and chapter 13 reorganizes them. A Chapter 7 case is over in several months whereas Chapter 13 takes several years to complete. Which form you should seek and the benefits you will get depends on a careful analysis of your debt situation and financial goals.
Debt Planning
Whether you pursue chapter 7 or chapter 13 bankruptcy in Pennsylvania, you should know a few things about what will likely happen to your debt. First, each type of bankruptcy is designed to help you get a fresh start. Even though not all debts can be eliminated in bankruptcy, your filing can still bring you tremendous results. Recent back taxes, alimony, child support, and some other financial obligations will survive your bankruptcy filing. Before you reorganize your debt, you should review the debts with your attorney. In many cases, you can get better results by having your attorney choose which date of the month to file your Bankruptcy Petition. Always choose an experienced attorney who is very familiar with handling a financial situation such as yours.
Emergency Help
If your financial situation has turned into a crisis, bankruptcy might be able to provide some emergency as well as long term help. Generally, if debt collectors are suing you or have garnished your wages, bankruptcy might be a very good option. Also, if you are at risk of a home foreclosure, or an automobile repossession you might consider bankruptcy to get you immediate protection.
Whether chapter 13 bankruptcy in Pennsylvania is right for you is a legal question you probably need legal help answering. By working with a good chapter 7 bankruptcy lawyer, you can determine if bankruptcy protection is a good course of action in your situation. Each type of Bankruptcy filing provides substantial protections that can help turn your life around for the better. The attorneys at The Law Offices of David M. Offen understand bankruptcy law and have helped thousands of individuals and families get a fresh start. They can help you determine if chapter 7 or chapter 13 protection is right for you.
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