Bankruptcy is a term that conjures up all kinds of negative emotions and judgments, but for those who are struggling to pay bills and make ends meet, it can offer a path back to solid ground and a new start on life. If you are receiving call after call from bill collectors and wondering what to do, the Philadelphia Chapter 7 lawyers at Reinherz Law are here to help. We will spend all the time you need to the specifics of your situation, including how you got there and what options you have for restoring your peace of mind and financial well being. There are a lot of myths and misconceptions that surround filing for a Chapter 7 bankruptcy, but when you work with Reinherz Law you can feel confident that you fully understand the process and are in control of your future.

Chapter 7 is one of the most straightforward ways that a person who is drowning in bills can put themselves right and provide themselves with a new beginning. Though Chapter 7 is largely a path taken by individuals, there are some businesses that can take advantage of it as well. The goal of filing for Chapter 7 is to have all debts that can be, discharged. When a debt is discharged that means that the debtor is no longer obligated to pay it.

The thing that people fear the most about filing for Chapter 7 bankruptcy is the loss of their personal property, but in truth that rarely happens. Most people are able to hold on to their car, their bank accounts and their personal household possessions, though this is not always the case.  Moreover, though people believe that filing for bankruptcy is difficult, doing so is often much easier than attempting to pay a crushing debt burden.  The limitations and challenges that are created by filing for Chapter 7 do not create the same kind of challenges that living with debt do: Though filing for bankruptcy will hurt your ability to get credit in the future, that impact only lasts for ten years, and if you are unable to pay your bills then your credit will have been damaged anyway. Filing for bankruptcy stops your creditors from attempting to collect money from you and harassing you, and gives you the opportunity to start over again.

Filing for Chapter 7 bankruptcy relieves you of the responsibility for paying for all debts that have been discharged and prevents your creditors from taking any further action, and this is often all that is needed for people to get back on their feet again. It is important to note that there are certain debts that cannot be discharged. These include recent real estate and income taxes, student loans, some fines and costs, judgments against you, and consumer debts for luxury goods in excess of $500. Alimony and child support are also not dischargable.

For more information on how a Philadelphia Chapter 7 lawyer can help put you back on your feet, contact the attorneys at Reinherz Law today.

Learn More About Chapter 7 Bankruptcy HERE.