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Should you move forward with a Chapter 13 bankruptcy filing?

When you find yourself overwhelmed by personal debt and dealing with creditors or debt collectors, bankruptcy could be the appropriate choice for you. This step could allow you to achieve a better financial future and allow you to escape the pressure of insurmountable debt. Depending on the types of debt you owe and the circumstances of your individual situation, Chapter 13 bankruptcy could be the right choice for you.

If you are considering the benefits of consumer bankruptcy, you may find it beneficial to first seek a complete understanding of your legal rights and options. If Chapter 13 bankruptcy is the best option for you, you may also find it helpful to have guidance as you walk through this process and seek a better future for your Pennsylvania family through this specific option.

Why consider this option?

Chapter 13 bankruptcy is not necessarily the best option for everyone. In fact, many people prefer Chapter 7 because it takes less time to complete. Chapter 13 may take longer, but it could also allow you to keep your personal property. This particular consumer bankruptcy option offers you the following benefits:

  • Allows you to avoid foreclosure and halts any foreclosure action already underway against your house
  • Gives you an organized way to pay off your debts over time
  • Only stays on your credit report for seven years, while a Chapter 7 filing stays on for 10 years

Filing for bankruptcy enacts the automatic stay. This halts all collections actions against you and prohibits debt collectors from pursuing further payment. Chapter 13 can offer you the opportunity to pay off your debt without the constant pressure from collectors and the fear of losing your home or vehicle. Many find that while bankruptcy is not their first choice, it is a practical way to effectively deal with debt once and for all.

Your future can start today

Even if you are unsure that you may qualify for bankruptcy, it could be beneficial to fully explore your options. Simply knowing your options can help you understand your choices and help you make decisions that are in your best interests.

If you are dealing with debt that you can never hope to pay off on your own or dealing with the very real threat that you could lose your home, Chapter 13 may be right for you. When there is much at stake, such as your financial future, you have no time to lose in taking action and protecting your long-term interests.

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