Financial disaster can strike for a variety of reasons. Often, it is simply because the cost of medical care is so far out of control in this country that even a minor problem can wreak havoc on a normal person’s finances. On other occasions, it is because of a small business failure, and yes, sometimes because a person was careless about how much he or she was borrowing. Whatever your personal situation is, however, you may be able to use Chapter 7 Lancaster County PA to get a chance to start over.
When you are considering Chapter 7 Lancaster County PA, it is important to understand that this is not an approach that will allow you to keep many of your assets. This is the version of bankruptcy that basically amounts to an agreement to give up your possessions in return for having your debt dismissed so that you can move forward with a clean slate in life. For example, if you have a mortgage on your home you will end up having to give up the property, though the original foreclosure process will likely be delayed for a period of time while the bankruptcy court is working through your information.
It is important to get advice from an attorney who is qualified in this area about how Chapter 7 Lancaster County PA will work out for you. Some assets are protected, such as retirement money, so it is not a good idea to pull anything out of these accounts if you might be declaring bankruptcy in the near future. Those that aren’t protected are officially supposed to be sold to attempt to recover money for your creditors, but the person in charge of handling your estate will be responsible for making decisions about which things are worth selling and which aren’t. Minor items that would bring in only trivial amounts of money are not considered to be worth the trouble, and you are permitted to keep those.
Going through the bankruptcy process is difficult and emotionally draining, but it will leave you in a much better position in the end. If you have reach a financial state where recovery and paying off your debts is virtually impossible, it is time to talk to a lawyer about your options.
