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Experienced lawyers, driven to succeed on your behalf.


Experienced lawyers, driven to succeed on your behalf.

Taking on debt is not an easy thing to do; however, it is a fairly common necessity for many residents in Pennsylvania and elsewhere. Whether it is a mortgage for buying a home, a car loan, student loans, medical bills or charging necessities on a credit card, these debts are often taken on. While many are able to timely pay these debts, others find it difficult to keep up with all the debts they have taken on. When debt gets overwhelming, individuals and families will seek out methods to work through it. However, budgeting and debt counseling may not alleviate one’s growing debt, making it vital to consider other options, such as filing for bankruptcy.

Benefits of Chapter 13 Bankruptcy

Whether you have been dealing with debt for months or years, when one hits a point where they can no longer do it anymore, it may be time to consider filing for bankruptcy. For many, this means filing for a Chapter 13 bankruptcy. Bankruptcy is stressful on its own, so by understanding the process and the benefits it can provide, some of this stress is alleviated.

To begin, this type of bankruptcy allows for one to develop a payment plan. This means that all debts included in this payment plan are consolidated to just one payment. One will no longer have to make multiple payments a month and risk missing a payment. Next, this type of bankruptcy filing can stop a foreclosure of a home. While this may only be temporary, one does not need to worry about losing their home while they address their debt consolidation.

Debt reduction

While a chapter 13 filing does not eliminate debt the same way as a Chapter 7 filing does, it does allow one to pay a fraction of their debt, having any remaining debt left after their payment plan to be wiped clean. Finally, it can stop late fees from occurring, preventing from additional debt to be added to their total.

Being debt free is often the objective; however, it is often easier said than done. Regaining control of one’s finances and debt is a real possibility, and filing for bankruptcy could provide this. While it is an overwhelming time, and it may be challenging to take the plunge, it may be the most beneficial option for a debtor, allowing them to obtain a fresh financial start.