When you’re buried in debt, you may worry you will never be free of the financial burden. One of the solutions that may be available to you is bankruptcy in Philadelphia. However, the question remains whether this is the best decision for you and your financial situation. It’s important to know what you should look for to make the right choice.
Do You Meet the Requirements?
First and foremost, it’s important to determine if you even qualify for bankruptcy in Philadelphia. The laws have changed regarding who can file for bankruptcy, which is why it’s important to talk to an experienced attorney. They will ask questions about your current financial situation and help you determine if you would be approved for the bankruptcy process. They will also help you decide if bankruptcy is appropriate or another solution would work best.
Understand the Differences
There are basically two types of bankruptcy you can file. Each one serves a specific purpose and has its own set of requirements to meet. If you’re thinking about filing for bankruptcy in Philadelphia, it’s important to understand these differences so you can decide which option is right for you. In general terms, Chapter 7 bankruptcy wipes the slate clean, while Chapter 13 bankruptcy consolidates your debts and creates a more affordable repayment plan.
Filing for bankruptcy in Philadelphia isn’t always an easy decision. With the right guidance, however, you will be able to get answers to your questions and determine if you should file so you can get the fresh start you’re looking for.
Have you been thinking about filing for bankruptcy in Philadelphia, visit the Law Offices of David M. Offen website to learn more.
