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Bankruptcy laws and a fresh financial start

Facing the possibility of bankruptcy can be a scary experience both from financial and emotional perspectives. If you are considering the need to file for bankruptcy, the following information regarding Pennsylvania law may provide you with some insight into the process and the next steps you may decide to take.

Chapter 13 bankruptcy overview

Designed to give you a fresh start and help you create a manageable way to pay off a portion if not all of your debt, bankruptcy can be a way to reclaim financial freedom. To request this bankruptcy option, the courts require submission of a debt repayment plan that will pay off a significant portion of your debts within a three-to-five-year time frame.

Types of debt

There are several types of debt you will need to consider when drafting your repayment plan to submit to the court system for debt relief assistance. The types of debt include the following:

The bankruptcy process is complex and requires that you consider many options. However, if you are in need of a new financial beginning, filing for bankruptcy may help you toward a path of future financial stability.