You Don’t Need to be a Philadelphia Lawyer to Understand what Bankruptcy is All About

Bankruptcy is a simple legal procedure that has its origins in the bible. It’s written in the American constitution and guarantees your right to “wipe out” your debts or reorganize the debts so that you can pay them back.

By law, certain debts can’t be wiped out such as recent IRS debts, child support obligations, alimony, government fines and debts obtained by fraud.

Under a chapter 7 bankruptcy, you generally pay nothing back to your creditors and eliminate debt like credit card debt, medical bills and even mortgage.

If you want to keep your car or house, you have to pay on a timely basis and do what is called a chapter 13 bankruptcy. Whether chapter 7 or chapter 13 bankruptcy is right for you is based on your unique and individual circumstances. At Sunshine State Bankruptcy we offer you a free, thirty minute consultation so that you can learn more about whether bankruptcy is right for you and how you can hit your financial restart button.

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