Bankruptcy is an important legal process that allows individuals to take control over their debts and work toward securing financial freedom. As readers of this Pittsburgh bankruptcy and debt relief blog may know, there is more than one form of bankruptcy that may serve the needs of debtors.
Pittsburgh residents who file for Chapter 7 bankruptcy do so under the belief that their debts will be cleared after the process is completed. Once they have followed all the requirements of a Chapter 7 liquidation, they have a reasonable belief that they can move forward. Still, there are concerns that debtors might have even after they have completed their filing. One concern is that the Chapter 7 approval might be revoked.
When a person is dealing with significant debt in Pittsburgh, they might feel a reluctance to consider personal bankruptcy. Television, the internet and other media entities have many advertisements that extol the virtues of alternatives to bankruptcy, while claiming that bankruptcy will be a negative. It is important to understand the truth about Chapter 13 bankruptcy and Chapter 7 bankruptcy before turning to ideas that can do little more than make the financial problems worse.
For those in Pittsburgh who are experiencing financial trouble and are considering bankruptcy, their concerns go beyond the process of bankruptcy itself. Their worries extend to what happens after they have filed. This is true whether it is a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. When considering how to get back into a better financial situation after the bankruptcy filing has been completed and approved by the court, it is wise to know the fundamental ways to rebound.
While there are several types of bankruptcy that can be beneficial for Pittsburgh debtors, only Chapter 7 has the benefit of getting out of debt quickly without needing to pay back any money to unsecured creditors. Of course, Chapter 7 bankruptcy is not suitable to every situation, but for those who either do not have significant property and assets or have property that they are willing to allow to be part of a Chapter 7 liquidation, this is likely the best alternative. Understanding the foundational aspects of a Chapter 7 filing is imperative before deciding.
For Pittsburghers who are facing overwhelming debt and do not have property they want to retain, a Chapter 7 bankruptcy liquidation is the easiest and fastest way to clear debt and get back on stronger financial footing. However, there are basic requirements when filing for Chapter 7. One is the means test. Understanding what the means test is and what steps must be taken is critical to a case.
When Pittsburghers suffer an illness, condition or injury, their main concern should be getting the proper treatment and getting well. Whether that requires hospitalization, surgery, or ongoing care, finances should not factor in the equation. In practice, however, finances are a constant worry, and with good reason. People who need medical care can accrue massive medical costs. This is when bankruptcy may be a wise decision to get back on stronger financial footing.
Pittsburgh residents who have found themselves facing financial struggles that they cannot handle and see no other alternative will consider Chapter 7 bankruptcy. For many, this is a wise decision so they can restart their financial lives and move on without the endless worry and creditor harassment they were confronted with at the apex of the situation. However, when deciding to file for Chapter 7, it is important to understand that the entire process is based on liquidation of any property that is of value after which the debtor will no longer be responsible for the various debts. If there are properties that the person wants to retain, it is possible to do so by reaffirming it and paying it.
There are many myths out there about retirement. One is that once a person is in retirement and in his or her later years, his or her credit score stops being impactful.
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.