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Key considerations before making a bankruptcy filing

Making the decision to file for bankruptcy, either as an individual or as a business, is never an easy decision to make. Although it is never the first choice out of the many options one has when first encountering financial difficulties, it can allow people and commercial entities to win back their freedom by successfully paying off their debts.

It is wise that any person considering bankruptcy first looks at the differing options available to him or her. The various bankruptcy chapters have pros and cons depending on your specific situation and needs. The following are some key things to note before filing, whatever scenario you find yourself in.

You don't necessarily have to give up your assets

It is common for people to have very drastic assumptions when it comes to filing for bankruptcy, such as the conviction that they will need to give up assets like their home or their car. This does not need to be the case, depending on which chapter of bankruptcy you file with.

Bankruptcy is not filed for impulsively

Bankruptcy is never a decision that should be taken lightly. It is thought that some of the most common reasons for a person filing for bankruptcy is he or she is struggling with unemployment or when he or she has built up hefty medical bills.

It matters where you live

It is also important to consider your location and what qualifies you for certain bankruptcy chapters. If you want to understand what can qualify you for different chapters in Pennsylvania, you should conduct research based on the chapter that you are considering filing. To learn more, contact a Quinn Law Firm attorney that specializes in bankruptcy matters at 814-833-2222. 

Source: Credit Cards, "14 bankruptcy tips," accessed Feb. 21, 2018

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