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Tips to help naviagte personal bankruptcy successfully

On Behalf of | Apr 5, 2018 | Personal Bankruptcy |

Nobody embarks on adulthood with the goal of becoming bankrupt. Unfortunately, sometimes filing for personal bankruptcy is unavoidable due to credit card debt that has gotten out of hand, job loss or medical bills. Here are a few tips for dealing with bankruptcy in Pennsylvania.

First, understanding the two principal types of personal bankruptcy is paramount before moving forward. These are Chapter 7 and Chapter 13 bankruptcy. With the former, a consumer will likely be able to discharge most unsecured debt, based on whether he or she qualifies under a certain means test. Meanwhile, with the latter, the consumer can typically keep his or her assets but will be required to meet the terms of a repayment plan proposed by the consumer and approved by the court. The plan generally remains in effect from three to five years.

Second, keeping a close eye on one’s identifying information and credit is critical. A credit monitoring company can help with keeping track of credit reports and scores. Likewise, a service that protects consumers from identity theft can help with keeping tabs on all places where one’s personal information has been shared.

Although the thought of filing for bankruptcy may seem intimidating, the process is often a lifesaver for those struggling to stay afloat financially. In fact, many individuals notice that their credit scores rise after they file for bankruptcy. A savvy bankruptcy attorney in Pennsylvania can provide the guidance needed to navigate the personal bankruptcy filing process with confidence. The attorney will work to ensure that the client’s rights are protected and that his or her best interests are upheld every step of the way.

Source:, “Back on Track: Recovering From Bankruptcy“, Brian O’connell, March 22, 2018