Pennsylvania residents may not have heard about the recent recommendations from the Federal Trade Commission about ads in newspapers, telephone directories and magazines discussing the consolidation of debt. According to the FTC, consumer debt is at an all-time high and individuals should use caution when a seemingly quick fix is offered in a publication. Many companies offer the assurance of debt relief; however, often the bankruptcy option is recommended, which can cause a long-term negative impact on a person's credit history and stays on a credit report for 10 years. This can result in difficulty being able to get insurance, housing, credit and even a job for years to come.
Pennsylvania businesses considering filing for business bankruptcy often have concerns regarding what will happen to the business if they choose to file for bankruptcy. The outcome of the bankruptcy will depend on the chapter under which the business files its bankruptcy.
Pennsylvania residents who are faced with overwhelming consumer or medical debt may sometimes consider filing for bankruptcy as a method of obtaining some relief from these obligations. The ultimate goal is to obtain a discharge from the bankruptcy court, as the effect of a discharge releases the filer from personal liability from some of these debts. The affected creditors are also prohibited from further communications with the debtor and from instituting or continuing any form of collection activity with respect to those obligations.
When debt seems to linger like an unshakeable cloud, a consumer in Pennsylvania may begin to feel desperate for help. Personal bankruptcy protection is available for those who wish to eliminate unsecured debts that have simply become unmanageable. However, it’s worth noting that filing for bankruptcy may have an impact on a friend or family member who cosigned a loan for a person who subsequently files for bankruptcy.
The thought of finishing college with a new degree can naturally be exciting. The idea of paying tens of thousands of borrowed dollars back to the government over the course of two or more decades -- not so thrilling. For some people in Pennsylvania, the process can seem downright dreadful if they can’t earn enough wages to cover their debt or can’t find work at all. People facing these scenarios may understandably be ready for automatic debt relief.
For the average consumer, finances and debt constitute some of the greatest stresses in life. However, debt may be a much larger issue for one person versus another. Those who are facing a sizable amount of debt may benefit from either a Chapter 7 or Chapter 13 bankruptcy filing in Pennsylvania.