Pennsylvanian residents all across the state are struggling with finances and debt just like you are. If things have progressed to the point where you feel you may need financial aid, Schimizzi Law LLC is here to provide you with information on the different types of bankruptcy filing, what their benefits are, and how they can work for you.
Chapter 13 bankruptcy, also known as reorganization bankruptcy, may be one option. This is better if you have a relatively steady source of income. As the name implies, it allows you to “reorganize” your debts, forgiving certain debts while allowing you to create a payment plan that will let you repay the debts that remain. This plan is designed to work with your schedule and income, so you should be able to come up with something that suits your needs.
Chapter 7 bankruptcy is sometimes known as liquidation bankruptcy. Under this, any and all unsecured debts can be discharged. The downside is that personal items or possessions of monetary value may be liquidated in the process in order to repay the debts in question. This can include jewelry and even your vehicle. On the plus side, personal heirlooms or items of great personal worth are usually exempt from liquidation.
To get a more comprehensive look at your bankruptcy options, take a look at our web page. You will find more information there that you can use to bolster your knowledge about bankruptcy options, thus allowing you to make decisions that will benefit you and better your financial situation.