For many people experiencing financial difficulties in the Philadelphia, Pennsylvania area, the decision to resolve those issues via bankruptcy is a difficult one. The emotional side of feeling like a failure can be difficult for many to overcome. When one fails to make any headway on debt however, bankruptcy may be the best option. While the process of filing can be emotionally difficult as well, most people feel a great sense of relief once the process is over and they essentially get a fresh financial start.
There are many reasons that residents of Pennsylvania may decide to file for consumer bankruptcy. These include mounting medical bills, a home in foreclosure and job loss. Depending on the outcome of a means test that takes into account a variety of factors, a bankruptcy lawyer will help determine whether Chapter 7 or Chapter 13 is the best way to proceed. While technically it is not required that one work with a bankruptcy attorney, because the process can be complicated, when the decision to file for bankruptcy is made, most find that is the best route to take.
Chapter 7 is the preferred bankruptcy route for many. If one qualifies, at the end of the process most debt including medical bills and credit card debt will be discharged. Exceptions to this include back taxes and child or spousal support. In most cases the elimination or reduction of debt positively impacts not only one’s financial situation but their emotional state as well.
Whatever the circumstances surrounding someone’s decision to file for bankruptcy most find that the process runs more smoothly when a bankruptcy attorney is hired to handle the process.
Source: MainStreet, “Consequences Are Unchanged Despite Bankruptcy's Fading Stigma,” Juliette Fairley, Sept. 10, 2013