A Philadelphia bankruptcy claim may not get far without the help of a Philadelphia bankruptcy lawyer. The help they can be provided for you through Philadelphia bankruptcy lawyers can make a big difference in whether or not your claim is accepted. There are several forms of bankruptcy. Filing for personal bankruptcy is unique from filing for business bankruptcy. Two different chapters of personal bankruptcy exist for every state in the union, even though each state has its own rules when it comes to how much bankruptcy will cover your existing debt. Bankruptcy will eradicate certain death, but it is not a total answer to all of your financial problems.

If you are not able to cover the cost of your debt, make sure that a Philadelphia bankruptcy attorney helps you understand each chapter of bankruptcy. Chapter 7 bankruptcy refers to liquidation of assets in order to cover debts. Chapter 13 bankruptcy refers to restructuring debt so that you can make payments over a period of three years or over a period of five years to pay back the money that you owe creditors. A means test is typically provided by a Philadelphia bankruptcy attorney before you will be considered for bankruptcy. A means test determines your current income, financial net worth and whether or not you are a high risk factor for paying off your debt moving forward. Learn more about how to improve your chances of passing a means test by working with a Philadelphia bankruptcy attorney.