Deciding to file for bankruptcy is not a sign of weakness or failure. For many Pennsylvania residents, it is actually the first step they may take toward setting themselves on a path to a fresh start. The Thompson Law Group and its dedicated team of legal professionals is prepared to support its new and existing personal bankruptcy clients as they learn more about and participate in Chapter 7 bankruptcy and Chapter 13 bankruptcy.
Readers of this Pennsylvania bankruptcy law blog may be interested to know that there are a variety of different forms of bankruptcy protections. Contrary to what some may believe, bankruptcy is not a single process that applies to individuals and businesses alike; depending on the goals of the party filing for bankruptcy, the type of bankruptcy pursued can be very different.
Buying a home can be an exciting and overwhelming time for a Pennsylvania resident. Along with the joy of having one's own house and the fun of turning it into a space to enjoy with friends and family comes the stresses of making mortgage payments and handling the financial aspects of home ownership. For many, maintaining a timely schedule of mortgage payments is a challenge, and there are number of reasons why this may be the case.
Despite what many people in Pennsylvania think, seeking protection from creditors does not have to be the end of a company. In fact, filing for bankruptcy offers businesses a chance to reorganize their assets and holdings in a more efficient way, and sometimes the corporations emerges stronger and better prepared to deal with the ups and downs of the marketplace. Nevertheless, the rising number of commercial bankruptcies has some economists alarmed.