When Bankruptcy Can Help You

by | May 31, 2013 | Financial Services

If you have been one of the people to have been financially affected in the recent domestic and global recession, you may have financial worries greater than you ever thought you would. Perhaps you have lost your job and have been unable to pay your mortgage, let alone other bills. Even if you have found a new job, it may likely not pay as much as your previous job and, therefore, you are still in the situation of needing some financial help. You may even unfortunately be considering bankruptcy Philadelphia PA as an avenue to help you. This can actually be a very smart thing to do and help you save your home and other assets while still paying your bills.

There are two types of bankruptcy in Philadelphia PA and one is a good alternative to losing your home. There are Chapter 7 and Chapter 13 bankruptcies and the latter is essentially a different form of a credit management and repayment plan. Typically these are set up in various numbers of years, up to five total years for most. The debtor is assigned to a particular trustee and the trustee and your attorney will work together to define the parameters of the agreement, how much is to be paid every month and the trustee will disburse funds to your credits from that to repay your debts. You will need to supply all of your financial information to your attorney so that he or she can help ensure that the program set up for you is something that you can actually manage and follow through on. Once you talk with a professional about the option of bankruptcy in Philadelphia PA you will learn how this action can actually benefit you in many ways. You will no doubt feel much better and less hopeless than before.

When you are considering bankruptcy as an option to help you save your home or other assets while still being able to pay your bills, you should do your homework and find an experienced and reputable company or attorney to work with. You will want to ensure that the professionals you work with have the right background to get you the best set up possible and can make the process easy and manageable for you. You will be able to get back on your feet after you have successfully set up your repayment program through a Chapter 13 bankruptcy in Philadelphia PA. Get in touch with www.fitcredit.net to know more about Chapter 13 bankruptcy in Philadelphia PA.

Latest Articles