Coming to terms with your financial problems is one thing, but actually taking action to address them is another. While many Pennsylvanians seek to resolve their debt problems, others are deterred from real solutions due to common misconceptions and myths about the bankruptcy process.
Dealing with financial problems is a difficult reality to face; nonetheless, many residents in Pennsylvania and elsewhere seek ways to not only address these personal financial dilemmas but also resolve them. Although it is difficult to admit that filing for bankruptcy is the best route to take, many individuals and families find it to be the best path to take and the most beneficial options for a fresh financial start.
Chapter 7 bankruptcy is a legal tool that Pennsylvanians may use to eliminate their outstanding and unmanageable debts. Though it requires a filing party to sell off or liquidate much of their wealth in order to pay off their creditors, there are exemptions that the filer may utilize to protect some of their most important property.
Dealing with debt problems can be isolating. It can be a heavy burden for a Warrendale resident to carry, especially when his debt issues prevent him from caring for his loved ones and moving his life forward. Debt comes in all shapes and forms, but often individuals find themselves facing financial struggles when they incur heavy medical bills, unmanageable mortgage payments and significant credit card debt.
It is a brand new year and probably one of the farthest things from Warrendale residents' minds is how to file for personal bankruptcy. It can be hard for an individual to admit that he has fallen on difficult financial times and even more difficult for him to find the courage to take the step toward righting those wrongs through bankruptcy. Though it may not meet the needs of all financially-strapped individuals, Chapter 7 bankruptcy can be a useful tool for those who qualify for its protections.
Falling into debt can be a scary and overwhelming experience. Many Pennsylvanians who carry debt understand the worry and frustration that come with not being able to achieve financial freedom on their own. In some cases, when debtors are unable to make their loan payments, they may even face lawsuits initiated by their creditors for the recovery of the owed sums.
Financial difficulties come in many different forms and can strike people in any number of ways. You may be doing fine, making payments on your home and vehicles. But if you are injured in an accident outside of work, things could spiral out of control quickly. You could be left unable to work and not covered by workers' compensation. You would then be forced to deal with potentially large out-of-pocket medical expenses and with no source of income, leaving you in a double bind.
Filing for bankruptcy can be an overwhelming experience for individuals who have struggled to make ends meet. Though it is not uncommon for Pennsylvania residents to seek the protections of the bankruptcy courts, many people do not feel comfortable managing the process on their own. For that reason, it is not uncommon for filers to work with bankruptcy attorneys to help make sure that their cases stay on track.
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.