Sometimes, people’s personal debts in Pennsylvania end up outweighing their assets. In these situations, it is natural for people to feel hopeless and helpless. However, personal bankruptcy may be a viable option for them, and for those who worry that bankruptcy will negatively impact their credit, the problem may not be as bad as they think.

The reality is that if consumers are having a hard time paying their bills, it does not make sense to continue to send money to their creditors, such as credit card companies and other lenders. After all, their basic necessities should ideally take priority. These necessities include, for example, medications, utilities, food and shelter.

Rather than continuing to pay creditors, financially struggling consumers can file for personal bankruptcy to break free from their debt. The good news is that even though bankruptcy has been labeled a killer of the credit score for years, this is oftentimes not true. Credit scores usually plummet in the months preceding a filing for bankruptcy protection, but then, they start to increase soon after. If those who have filed for bankruptcy are responsible in their use of credit going forward, it is possible for them to return to much higher credit scores in just a few years following their bankruptcy filings.

Unfortunately, life happens, and debt can quickly get out of hand. For instance, people may rack up medical debt or even credit card debt due to the sudden loss of a job. Fortunately, personal bankruptcy offers a way for overwhelmed consumers to eradicate their debt. An attorney in Pennsylvania can walk struggling consumers through the process of filing for bankruptcy so that they can quickly get back on the path to financial health.