3 Essential Things Before You File for a Chapter 7 Bankruptcy

Talking about bankruptcy is a fine way to start the day said no entrepreneur ever. As difficult as the decision is, though, it might turn out to be the right one for your organization. If you’re thinking of filing for chapter 7 bankruptcy in PA, here are 3 essential tips you’ll want to know before you get the ball rolling:

Hiring legal help

The first thing you’ll want to do is get legal help. Reach out and consult with The Law Offices of David M. Offen to know what your options. Do you even qualify for one? Between chapter 7 and chapter 13, what makes your business better suited to the first than the second option? By knowing these things, you’ll have a better idea of how to proceed.

Ask about the consequences

Filing for chapter 7 bankruptcy in PA is going to hurt your credit standing. There’s no way around that. It’s going to be a black mark on your credit report for about 10 years, says Simple Dollar. It’s going to haunt you when you look for future employers or sign medical forms and even when you fill out government reports. All these point to how irreversible, long-lasting and serious the ramifications could be. By hiring a bankruptcy attorney to help you through this process, you could look forward to making this a bit less stressful on you and your team.

Don’t put it off too late

There’s going to be plenty of signs along the way. If you think filing for bankruptcy is a possibility, your needs will be better served by scouting around for a bankruptcy attorney and putting in a call now for a free consultation. The sooner you make that call, the sooner you can explore your legal options and plan for your future.

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