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Don't look past Chapter 13 bankruptcy as an option

In our blog post last week, we discussed some ways that a person who has filed for bankruptcy might be able to rebuild their credit after the bankruptcy. We understand that the impact a bankruptcy has on your credit score is a big factor for you when you are considering a bankruptcy filing. While that is important, there are other things to consider when it comes to filing for bankruptcy.

We know that if you are facing foreclosure, you might want to keep your house. After all, you and your family need a place to live. We also understand that there are some assets that you might not want to part with. For example, you might not want to get rid of your vehicle because you need it to get to work. We can help you to discover if there is a viable bankruptcy option for you that will help you to keep some of your assets.

For some of our Pennsylvania clients, filing for Chapter 7 bankruptcy, which is known to some as liquidation bankruptcy, isn't possible. This is because of the strict requirements filers have to meet to file Chapter 7 bankruptcy. Even in those cases, getting a fresh financial start is possible through Chapter 13 bankruptcy.

The good news for people who are filing Chapter 13 bankruptcy is that there are marked advantages for this filing over Chapter 7 bankruptcy. One of these is that Chapter 13 bankruptcy stops all collection activity. Another is that you might be able to extend or restructure some secured debt payments.

For anyone who is considering bankruptcy, getting accurate information about the process and its effects is vital. We can help you get accurate information that lets you make a decision about filing bankruptcy that works to meet your needs and goals.

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