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Posts tagged "bankruptcy law"

Filing for consumer bankruptcy provides fresh financial start

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.

Options exist when financial hardship strikes following bankrupcy

Sometimes residents of Pennsylvania turn to bankruptcy to address their financial difficulties. Depending on one’s situation, that may be accomplished via a Chapter 7 filing. In a filing like this, the petitioner’s assets will be sold and the proceeds disbursed to creditors. Once this process is complete, most remaining debt is discharged and the petitioner can in a sense start over financially.  While in many situations filers successfully set off on a ne w financial path, at times, things happen that leave them facing financial hardship once again. In these cases, they may not know where to turn.

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