Bankruptcy is intended to give people a fresh start – free of debt. The bankruptcy laws provide an opportunity for a fresh start to those individuals whose financial difficulties have left them unable to pay their bills and have put them at risk of losing their house, cars, or other property.
Why do people file bankruptcy in Pennsylvania? In my experience as a bankruptcy lawyer, these are some common scenarios:
- You are trying to keep debts current but are borrowing money from one card to pay another (robbing Peter to pay Paul).
- You are trying to keep debts current by using your savings but can see the day when your savings will run out (don’t wait until it does).
- You have defaulted on credit card debt and are dealing with debt collectors who are not willing to help you and are rude and harassing.
- You have defaulted on credit card debt and are being sued or already have civil judgments against you.
- You have looked into credit counseling and found that they demanded a payment you could not afford.
- You have lost a job or had a sudden reduction in income.
- You have incurred substantial medical debt because of illness or an accident.
- You have fallen behind on house or car payments and are facing foreclosure or repossession.
- You had a business that failed or is failing.
People often feel embarrassed and feel like there is no hope when they find themselves in situations like these. They may know that bankruptcy exists but are scared by it. Bankruptcy is not something to take lightly, but it is not as scary as you might think.
You owe it to yourself to at least know your options.
Dunne Law Offices, P.C.
1500 John F Kennedy Boulevard, Suite 200
Philadelphia, PA 19102
(215) 854-6342 (Office)