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Filing For Bankruptcy: Is It a Good Decision to Make?

Have you been struggling financially for several years? You may have a decent job, but struggle to afford expenses because you have so much debt that you are expected to pay off on a monthly basis. If you are trying to make small payments to get things paid off, but are coming up short and feel like you are stuck in a vicious circle, filing bankruptcy could be your saving grace. If you are going to go through with this option, you may want to enlist help from a Philadelphia bankruptcy attorney.

Why Hire an Attorney to Help?

While it may not be necessary to hire an attorney to help you during the process of filing for bankruptcy, it makes sense to get help from a legal professional who has experience with these kinds of cases. In addition to the experience the attorney would have, he or she could help you decide which chapter would be best for you to file. Chapter 13 and 7 are two of the most commonly filed chapters, but they are different from one another, so learning more about each of them could help you come up with which option would be best for you.

What Is Chapter 13?

The chapter 13 bankruptcy attorney could help you complete the filing process for this specific chapter. It involves making repayments back to creditors in smaller increments. It may be possible for the attorney to negotiate the total amount of money you owe, too. If he or she can negotiate the amount, you may be able to get it lowered so that you are not stuck paying nearly as much as you originally would have had to pay.

What Is Chapter 7?

Although the Philadelphia bankruptcy attorney may assist with helping you file chapter 13, he or she may be able to guide you in the right direction when filing chapter 7, too. The chapter 7 bankruptcy lawyer will talk to you about the different assets you would be expect to sell to help come up with the money you owe to your creditors. If you have extra properties or other valuable items, it may be possible for you to sell them so that the money can go directly toward the debt you owe.

Dealing with financial stress is difficult, but it is possible to get out of it with assistance from the right professionals. The Philadelphia bankruptcy attorney may provide the best legal advice to help you with the filing process. You can call now for a free consultation to get the ball rolling and begin your journey to financial freedom.

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