Harrisburg Bankruptcy Lawyer

The Advantages of Declaring Chapter 7 Bankruptcy

• Immediate liquidation of all debts and assets, reducing financial stress immediately
• Cancellation of many types of debt, including credit cards, medical bills, and personal loans
• Nearly automatic discharge of most debts, with some exceptions (e.g. taxes, student loans)

The Advantages of Declaring Chapter 13 Bankruptcy

1. Flexible repayment plan allows for a mix of regular payments and temporary hardship relief
2. Cancellation of up to 25% of secured debt (e.g. car loans, mortgages) in exchange for a repayment plan
3. Maintenance of assets during the repayment period, as long as they remain liquid and easily sold