There are many small cities within Pennsylvania, but few are as well-known or prominent as Biglerville. Biglerville is a borough of Adams County, PA that has a total population that is just above 1,200. This community is small and has faced many economic struggles throughout recent years. Many residents of Biglerville are just striving to recover financial after the economic downturn that was recently experienced by all. For those residents of Biglerville that are looking to regain financial security, there is the option of bankruptcy. Bankruptcy filing in Biglerville, PA is something that can offer recovery from increasing debt. This type of action is not for all, but it is important to be more informed on the topic of bankruptcy filing in Biglerville.
Basic Bankruptcy Information
Before residents of Biglerville, PA can seek out bankruptcy as a viable option, it is important to fully understand exactly what bankruptcy is. In basic terms, a bankruptcy is defined as a legal proceeding that is only for individuals that are struggling to pay their bills and meet their minimal obligations. This type of legal action is designed to offer new beginnings for those Biglerville, PA residents that are drowning in debt. Every resident has the right by law to file for bankruptcy and begin to get back their financial freedom. Each and every bankruptcy case that is filed in Biglerville, PA is handled in federal court. This means that all individuals pursuing bankruptcy should look into finding an experienced attorney to help them with this procedure.
What Is The Person Who Files For Bankruptcy In Biglerville Called?
The person that actually files for bankruptcy is referred to as a debtor and there are many things that can happen during this type of legal filing. Filing for bankruptcy will enable Biglerville residents facing financial strain to have many of their debts completely removed. In some bankruptcy filings, the debtor even has the ability to retain their property and possessions, which is a better alternative than having them lost to creditors. Some bankruptcy filings even result in debtors being allowed to extend repayment of debt as long as regular income is maintained.
Which Kind Of Bankruptcy Filing Is Best For You?
Once you have decided to file for bankruptcy in Biglerville, PA, your next consideration must be for the type of filing that you want to choose. There are two main types of bankruptcy that are most popular and they are often referred to as Chapter 7 or Chapter 13. Each type of bankruptcy offers different advantages and disadvantages for Biglerville, PA residents looking to get rid of debt.
What Is A Chapter 13 Filing?
Filing for Chapter 13 allows debtors to have the most probability of retaining all their property and possessions. This type of bankruptcy filing involves creating a repayment plan that is designed to help you pay off your debt. This repayment plan is extended over a period of time that is often 3 to 5 years in length. At the end of the repayment plan, any debt that is not paid off will often be discharged. You plan of repayment must show how you will pay off both current and past debt based on your current income. This type of bankruptcy filing is so popular, because it is the best way to keep you property when getting out of debt.
Who In Biglerville, PA Should Look Into Chapter 13 Bankruptcy?
- If any of these are familiar to you, it is possible that Chapter 13 is the best option:
- Are a home owner, but are facing debt that might cost you your Biglerville, PA residence.
- Can’t get caught up with your payments and are constantly paying late or not paying at all.
- Have a regular income, which can also include government benefit packages.
These are all common scenarios from individuals that get the most benefit from filing for Chapter 13 bankruptcy. If these don’t completely explain your financial situation there might be a better option.
The Straight Bankruptcy Path
Historic Thomas Brothers General Store
Chapter 7 is the other type of Bankruptcy that is accessible to Biglerville, PA residents. This type of filing is referred to as a straight bankruptcy and involves getting your debts completely discharged. This means that you are filing to have all of your debt removed completely with no plan for repayment. This type of filing does leave individuals slightly open to property loss. In order for your debt to be fully discharged under a Chapter 7 filing, you must relinquish property that is not exempt by law. This means that some of your property will be sold to ensure the repayment of some of your debt before your debt is complete discharged.
What to Expect When Filing
Once you file for bankruptcy you should expect to pay a small fee. In order to have your debt discharged or a repayment schedule for your debt extended, you must pay a bankruptcy filing fee. The fee for filing bankruptcy in Biglerville, PA ranges deepening on the type of filing that you choose. This means that an approximate $306.00 standard fee comes with filing Chapter 7 bankruptcy and an approximate standard fee of $281.00 comes standard when filing Chapter 13 bankruptcy. Those individuals that can’t afford the entire fee upfront might be eligible for an installment plan or the ability to have the fee waived completely.
Secured Debt And Bankruptcy
Some of your debt might be secured and it might not be possible for you to file for bankruptcy without losing your home or other prized possessions. An attorney can help you learn more about your secured debt options when filing for bankruptcy in Biglerville, PA.
When Can Your Credit Be Restored?
No matter what type of bankruptcy you choose, you credit will be affected, but that is not permanent. Bankruptcy only stays on your credit report for 10 years, which means that you can work to rebuild your credit and regain your financial freedom. Filing for bankruptcy in Biglerville, PA is a way to get a fresh start and retain the financial security that you desire.
Bankruptcy can be a difficult time. Contact us today to get help with any part of the bankruptcy process. We have a convenient bankruptcy attorney location near you!