No one is eager to file for bankruptcy, but events like illness, job loss or divorce mean that falling into debt can happen even to people in PA who are careful with their money. They may then hesitate to file for bankruptcy because they have misconceptions about the process. However, in some cases, bankruptcy can be a responsible and positive solution.
Debt can be extremely stressful, and a big part of the stress is creditors contacting you by mail and phone and demanding money that you don’t have. When you file for bankruptcy, all actions against you must stop. This includes lawsuits and foreclosures. Filing for bankruptcy gives you some breathing room and is a step forward toward a solution. A bankruptcy law firm in Pittsburgh, PA may be able to help you review your options and decide whether to file for bankruptcy.
Get Your Finances in Order
Filing for bankruptcy can be a way of regaining financial control. With a Chapter 7 bankruptcy, you may be able to keep your home or other assets. A Chapter 13 bankruptcy will allow you to wipe out most of your debts. You can create a budget and start to move ahead.
A Fresh Start
Some people think that filing for bankruptcy means they will be financially crippled. However, you can begin rebuilding your credit after your bankruptcy is discharged. In just a few years, even before the bankruptcy falls off your credit report, you can have a credit score that is as high or higher than before you began struggling with debt. One way to start is with a guaranteed credit card that you pay off monthly.
Filing for bankruptcy does not mean that you have been financially irresponsible, and it does not mean that you will be ineligible for loans and lines of credit in the future. An attorney from a firm such as McElrath Legal Holdings, LLC may be able to help you complete your bankruptcy filing and start anew.