Bankruptcy can be a great way to restore financial stability for individuals who feel like they’re drowning in debt. Because bankruptcy laws have changed, fewer people find they qualify for Chapter 7 but still need some assistance getting back on their feet. If you don’t qualify for Chapter 7 and are looking for other options, it’s important to explore Philadelphia Chapter 13 bankruptcy.
You Are Struggling with Current Payments
There are many reasons people get into a situation where they are struggling to make even the minimum payments on their debts. This can cause a lot of stress and can make you feel trapped. However, Philadelphia Chapter 13 bankruptcy can actually improve your ability to make your payments and move you towards financial freedom.
You Can Make Some Payments
The changes to bankruptcy laws were designed to stop individuals who could otherwise make some payments, from filing for Chapter 7 bankruptcy. If you are currently struggling with your debt payments but have the income to make some effort, a Philadelphia Chapter 13 bankruptcy can be the right decision. This type of bankruptcy consolidates your debts and creates lower payments with reduced interest rates so you can pay off the debt easier.
In many cases, a full discharge of your debts isn’t possible if you can’t pass the means test for Chapter 7 bankruptcy. However, Philadelphia Chapter 13 bankruptcy can be the perfect solution to make paying off your debts more feasible. With this loan restructuring, you will reduce your payments and make your financial situation more bearable.
Are you considering Philadelphia Chapter 13 bankruptcy? Visit the Law Offices of David M. Offen to find out how they can help.
