Financial problems can do more than just damage the credit of a Pennsylvania resident. They can disrupt one's life with the constant collection calls and cause the individual to lose sleep worrying about how to resolve the current dilemma. Many find that filing for Chapter 7 bankruptcy protection is actually more of a relief than an additional burden.
By taking no action at all, it may take years to gradually climb out from under the current debt burden. However, with a Chapter 7 bankruptcy, the matter can be resolved within just a few months. Additionally, as one is gradually attempting to climb out of debt, additional debt, late payments and other credit marks are being accumulated. Although the bankruptcy will have a negative impact on one's credit history, it allows the individual to begin rebuilding his or her credit sooner rather than later.
Another concern many individuals express is that they will not be able to keep their home or other assets under a Chapter 7 bankruptcy. In fact, numerous items are considered exempt from this process. Federal exemptions apply to all bankruptcy proceedings, while state exemptions apply to those proceeding filed in a bankruptcy court in a particular state.
Chapter 7 bankruptcy offers a Pennsylvania resident the opportunity to start over. Rather than continuing to worry and sink further into debt, the individual can soon begin to re-establish his or her credit and move on with life. An experienced bankruptcy attorney can assist by reviewing the individual's particular situation and making recommendations regarding the best way to proceed.
Source: bankruptcy.findlaw.com, "Pros and Cons of Declaring Bankruptcy under Chapter 7", Accessed on Jan. 27, 2018