Bankruptcy is a scary word to many people, but that’s only when they’re misinformed about the process and the things that it means for their life. Sure, bankruptcy is scary and it’s probably not the ideal way you wanted things in life to turn out. But, sometimes when things go astray, it is an option that helps you see the light at the end of the tunnel. Learn more about bankruptcy if you’re overwhelmed with debt and you may find the path out of this dark time in your life. Many people learn this information when they discover bankruptcy.
Types of Bankruptcy
Chapter 7 and Chapter 13 bankruptcy help an individual or business who is overwhelmed in debt and sees no other way out of the debt. Each type of bankruptcy has its advantages and disadvantages. Chapter 7 wipes out all of your debts so you start from a fresh slate while Chapter 13 bundles them into one payment that you can afford to pay each month. The best type of bankruptcy for your specific needs depends on your financial situation and the goals that you hope to achieve.
Talk to a Lawyer
Bankruptcy is no simple process. Not only must you go before a bankruptcy court and be approved for bankruptcy by a federal judge, you must also complete credit counseling, gather paperwork, and complete a mound of additional tasks. This is overwhelming to most people, but a Bankruptcy lawyer Phoenixville understands the laws. He eases the process for you so that the bankruptcy process is smooth and simple. Furthermore, you can talk to a lawyer at no cost during a consultation to learn more about the bankruptcy process and what it means for you.