For those who find themselves overwhelmed with paying back their debts, filing bankruptcy may seem like an easy, obvious decision. While the bankruptcy process is designed to help people eliminate their debts, it’s important for those who wish to file a petition to be aware that they will be presented with options when filing a petition. Although both Chapter 13 and Chapter 7 bankruptcy can help you get back on track financially, there are cases in which one or the other will be a better choice for you.
If you’ve begin exploring your options and you think that a petition for Chapter 7 bankruptcy may be the right choice for you, here are a few benefits you can expect to gain:1. Filing for Chapter 13 bankruptcy means that you’ll need to get help from a Bankruptcy Attorney in Lancaster County to create a plan that details how you will repay a portion of the debts you owe. Though you will have to pass a means test in order to file for Chapter 7 bankruptcy, those who qualify according to the test can rest assured that they won’t be responsible for paying back their unsecured debts. 2. Simply stated, the process for filing for Chapter 7 bankruptcy is usually much shorter. While Chapter 13 cases can take years to be completely resolved, Chapter 7 cases are usually over in a few short months, giving you the freedom to start creating a better financial future sooner. 3.
While any form of bankruptcy will have a negative effect on your credit score, filing for Chapter 7 bankruptcy can help you take action to reverse those negative effects much more quickly. Because Chapter 7 cases conclude within months instead of years, you’ll be able to begin repairing and rebuilding your credit profile much sooner. When it comes to bankruptcy, the key to making the right decision is to be informed about your options.
Before you file your petition, it’s a good idea to get in touch with a Bankruptcy Attorney at The Law Offices of Going and Plank in Lancaster County to discuss which type of bankruptcy is right for your unique situation and will best help you reach your financial goals. Instead of going it alone, call the Law Offices of Going and Plank to speak with a professional about how you can finally get a fresh start and achieve the financial freedom you’ve been dreaming of.
