Sometimes, consumers in Pennsylvania find themselves struggling to keep their heads above water financially. However, some view filing for bankruptcy as the admission of both financial failure and personal failure. The reality, though, is that filing for personal bankruptcy may be one of the smartest moves a struggling consumer can make, and waiting might end up costing him or her more in the long run.

Research shows that, when people wait to proceed with a bankruptcy filing, they end up struggling longer. When they finally break down and file, their financial lives and well-being are already damaged. This ultimately undermines the fresh financial start that personal bankruptcy can offer them.

In some cases, consumers go through the financial sweatbox — the period before a bankruptcy filing is initiated — for years. During this time, they see their assets depleted, forgo basic necessities, such as food, and face lawsuits for debt collection. To prevent these problems, it may behoove struggling consumers to start considering bankruptcy once their debts are over 40 percent of their incomes. Also, if they are paying off debt with debt, this is an indicator that a bankruptcy filing may be in order.

The good news for consumers who are financially struggling is that unsecured debt, such as personal loans, credit cards and medical bills, can be discharged via bankruptcy. However, completing the personal bankruptcy filing process can understandably be confusing and overwhelming. Fortunately, an attorney can help consumers in Pennsylvania to navigate the process confidently so that they can finally experience the financial freedom they desperately desire.