One option you might be hesitant to consider if you are drowning in debt is bankruptcy. You might love the idea of filing for Chapter 7 bankruptcy and ending up debt-free. However, depending on your financial circumstances, Chapter 13 might be a better option.
Many Philadelphia residents do not realize how advantageous filing for Chapter 13 bankruptcy can be. Not everyone qualifies for Chapter 7 bankruptcy. Though they have fallen behind on their car notes, mortgage payments and credit card bills, their income might exceed the financial limits for Chapter 7 bankruptcy. Take some time to consider the following benefits for Chapter 13 before you finalize your decision on which type of bankruptcy to file: