Debtors in Warrendale and throughout Pennsylvania should know that bankruptcy can help achieve financial freedom. There are several options available, and those who are hoping to save their home, automobile and other possessions can think about a strategy to restructure debt using Chapter 13 bankruptcy. A common question that they might ask, however, is how the Chapter 13 will benefit them. The quick answer is in several ways.
When you were buying your home, you needed financing in order to close on the place you wanted. Because of the high-pressure market, you may have decided to take out a loan that wasn't ideal in order to secure a home. Adjustable rate mortgages (ARMs) can help people obtain financing, but they can also have a negative impact on your long-term financial plans.
Debtors in Warrendale, and throughout Pennsylvania, will have their own reasons for filing Chapter 11 bankruptcy. One that is frequently cited is to stop the debt collection attempts. These can be notoriously aggressive and cause fear and consternation in the debtor. When filing for Chapter 11, one of the benefits is the automatic stay. Understanding what this is and how it is beneficial is important to most cases.
There are many estate planning considerations that Pennsylvanians must be concerned with and fully understand. Some like wills, trusts and probate might be relatively easy to understand. Others, like a living will and a power of attorney, are more complicated. These are aspects that people frequently ignore. It is a mistake to do so. A living will or a healthcare power of attorney allow another person to make decisions for the person's medical care if he or she is incapacitated.