If you are considering filing for Chapter 7 bankruptcy, you'll want to compare the pros and cons before pushing forward. Only then will you feel 100 percent confident in your decision and comfortable with what's to come in the near future.
Have you been out of college for a few years? Have you found it a challenge to remain on the right financial track? For example, you may feel bogged down by mounds of student loan debt, other bills, and of course, a low starting salary.
If you've been living paycheck to paycheck for years, debt can accumulate quickly. It's far too easy for the average Pennsylvanian to reach a point where their level of debt is simply unsustainable. A single event, like a car accident or a medical issue, can make maintaining your payments impossible. Even those who have worked for years in the same field may find that cost of living increases simply aren't enough to cover their ever-expanding debt.
The thought of filing for bankruptcy is enough to scare many people. While this isn't something you want to do, it's good to know that the process can help you improve your financial situation.