Making the decision to file for bankruptcy can be extremely painful and difficult to come to, but if you are having a hard time paying your bills and you’re getting constant phone calls and letters from creditors, the reality is hard to escape. That’s when you need help from an experienced bankruptcy lawyer in Philadelphia. The knowledgeable, understanding attorneys of Reinherz Law will help you feel comfortable with your decision, help you understand the best approach to take, and guide you through the entire process.

Though many people try to avoid bankruptcy, and spend tremendous amounts of time trying to negotiate loan workouts or payment plans, there are some times that Chapter 7 or Chapter 13 filings are simply your best option. When you’re facing repossession of your belongings, foreclosure, wage garnishment and other debt collection, the attorneys of Reinherz Law have the experience and knowledge of bankruptcy law to help you see choose the correct path. We’ll guide you through determining which of the two is most appropriate for your circumstances and help you with all of the paperwork and documentation needed to put you back in control of your finances.

• Chapter 7 bankruptcy is most appropriate for those who are struggling with high credit card or medical bills or paying off unsecured loans or mortgages. This type of bankruptcy is also known as a liquidation, and though in some cases exemptions can be claimed to allow you to remain in your home and retain some of your personal property, in other cases many of these items need to be liquidated.
• Chapter 13 bankruptcy is suitable when your debts have gotten ahead of you and you’re looking to restructure them over a three-to-five year period. Choosing Chapter 13 effectively lets you catch your breath while still holding on to your possessions. It stops foreclosure and debt collectors, and in many cases lowers your overall debt.

Bankruptcy allows a person who is drowning in debt to get a fresh start and free themselves of the stress and worry of your finances, but it is important to understand that life after bankruptcy will represent a change. Once you have filed for bankruptcy you will find that your credit has been negatively affected. Your bankruptcy will be reflected on your credit report for a period of seven to ten years depending upon whether you file for Chapter 7 or Chapter 13, and this could mean that you will be unable to obtain new lines of credit. It will also be evident to potential employers, who often run a credit report on new hires. Though your debt would also appear on a credit report, this is still something that you should be aware of. Also, filing for bankruptcy does not eliminate liability for paying alimony, child support, loans obtained fraudulently, and certain debts.

The experienced Philadelphia bankruptcy lawyers at Reinherz Law are available to discuss all of the advantages and disadvantages of filing for bankruptcy specific to your situation, and advise you as to the most prudent course of action. Call us today to put a knowledgeable professional on your side.

Learn more here – https://reinherzlaw.com/philadelphia-bankruptcy-lawyer/