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Don't be ashamed of having to file bankruptcy in Pennsylvania

Bankruptcy used to be something that was done in secret because it was often associated with living beyond one's means. Now, filing bankruptcy is usually associated with taking control of your finances, so the secret shroud is sometimes lifted. For our Pennsylvania readers, knowing about other people's experiences might help them to see how bankruptcy might help them.

For one woman, payday loans were seemingly the straw that broke the camel's back. She got hooked on them and was using them to try to stop living paycheck to paycheck. She says that she has cut back on luxuries and realizes that she is in fact living above her means.

She has three credit cards that are at their limit. She tried to get a consolidation loan but wasn't able to. She is at the point of trying to rely on those payday loans again.

In her case, bankruptcy might be a good fit. There are two options for consumers who need to seek legal methods for getting a fresh start with their finances. Chapter 7 or liquidation bankruptcy is one option that is dependent upon the filer meeting a means test. Chapter 13 is the type of bankruptcy that requires the filer to make payments to pay off creditors.

Each of these types of bankruptcy has specific considerations that must be factored into a person's decision about how to file. For this reason, it is important that you understand exactly how each type will affect you. Before filing, it is essential that you get answers to any questions you have about what you will be allowed to keep once you have declared bankruptcy.

Source: FindLaw, "Chapter 7 vs. Chapter 13 Bankruptcy" Aug. 13, 2014

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