Bankruptcy Scranton
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Benefits of Chapter 7 Bankruptcy:
Debt Relief: Discharges unsecured debts like credit card balances, medical bills, and personal loans.
Quick Process: Typically, a Chapter 7 case takes only a few months to complete, giving you a fast path to financial freedom.
No Repayment Plan: Unlike Chapter 13, there is no repayment plan, so once your case is discharged, your debts are eliminated.
Eligibility for Chapter 7 Bankruptcy: To qualify for Chapter 7, you must pass the means test, which compares your income to the median income for your household size in Pennsylvania. If your income is too high, you may need to consider Chapter 13 bankruptcy instead.

What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is designed for individuals with a regular income who want to repay all or part of their debts through a manageable repayment plan. Instead of liquidating assets, you will work with the bankruptcy court to create a repayment plan that typically lasts 3 to 5 years.

Benefits of Chapter 13 Bankruptcy:
Debt Repayment Plan: Helps reorganize your debts into a manageable monthly payment, based on your income and financial situation.
Keep Your Property: Unlike Chapter 7, Chapter 13 allows you to keep your home and other assets while you catch up on missed payments or make partial repayments.
Protection from Creditors: The automatic stay prevents creditors from taking further collection actions, including wage garnishment, foreclosure, or lawsuits.
Relief from Tax Debt: Chapter 13 may offer relief for back taxes or overdue child support, allowing you to repay them over time.
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