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Know what you are getting into before filing for bankruptcy

Throughout life, everyone faces struggles. Even though some of those difficulties may seem similar in nature, your particular circumstances differ from everyone else's. For example, you may face struggles relating to your finances, and while numerous other individuals also land in this predicament, the details of your situation are unique to you.

Because of your specific predicament, you may not know the best options for finding debt relief. The types of debt you have as well as the amounts of those debts may be playing a significant role in your decision. Still, it may be worth your while to give bankruptcy its due consideration.

Pros and cons

Bankruptcy may have crossed your mind at one point, but you may not have considered it your most viable option. After all, you have likely heard many negative opinions regarding this debt relief method. Certainly, bankruptcy does have its pros and cons, but having the right information may allow you to make an informed decision about whether it could suit your needs. You may find it helpful to take the following information into account:

  • Bankruptcy requires full disclosure and honesty. You cannot simply pick and choose the financial information you want to report in your bankruptcy filing.
  • Bankruptcy can take a considerable amount of time to complete. Depending on the type of bankruptcy for which you qualify, your case could take months or years to complete.
  • Bankruptcy can have an effect on your credit score. Before you allow this detail to dissuade you from filing, consider whether your credit score is in a good place as it is.
  • Bankruptcy does come with legal fees and filing fees. In some cases, the court may waive certain fees if your income is below a specific level.
  • Bankruptcy involves a great deal of paperwork that you will need to fill out and file correctly. Mistakes could easily delay your case or even result in it being thrown out completely.
  • Bankruptcy can result in a discharge of your allowable debt.

This information is not meant to make you think unfavorably toward bankruptcy, but it is important to know what you are getting into before making the decision to file. As a result, it may benefit you to gain more insight specific to your case from a legal professional. A Pennsylvania attorney can review your information, answer any questions you may have and help you complete the bankruptcy process if you choose to move forward with it.

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