At first, it may seem like the end of the world. Bills have piled up, and there appears to be no end in sight. Yet, this is far from the truth. Many Pennsylvania residents quickly discover that filing for Chapter 7 bankruptcy protection actually allows them to start over again.
Some mistakenly believe that bankruptcy will only have negative consequences. In reality, Chapter 7 bankruptcy allows the individual's debts to be discharged and provides an opportunity to start fresh. Rather than struggling to pay bills, the individual can focus on the future.
Once the bankruptcy has been completed, the individual will want to review his or her credit report. This is essential to make sure that all discharged balances have been cleared. This then gives the filer the opportunity to start rebuilding his or her credit.
One of the best ways to begin the credit rebuilding process is by opening a credit card account. While this may seem to be at odds with the bankruptcy process, it is a good way to show that the individual has learned how to handle credit. Often, it is necessary to begin with a secured credit card. One will want to use the card in a manner that allows it to be paid in full every month.
For Pennsylvania residents struggling to get out from under the never-ending cycle of debt, Chapter 7 bankruptcy may be the answer. Instead of worrying about how to pay the bills, one can focus on moving forward. Experienced legal counsel can review the situation and provide guidance as to the best way to proceed.
Source: wisebread.com, "How to Bounce Back From a Bankruptcy", Mikey Rox, Dec. 5, 2017