Getting to the point in your finances where bankruptcy becomes a consideration is extremely stressful. It may seem that filing bankruptcy is your only viable option to get out from under a mountain of debt. However, before you call that lawyer, you should take a few things into consideration.
Chapter 7 or Chapter 13
One of the things to consider is whether you want to file Chapter 7 or Chapter 13 bankruptcy. A Chapter 7 bankruptcy stays on your credit for 10 years, while Chapter 13 only stays on your credit for 7 years.  
Beyond this difference is the difference in how the debt is handled. With Chapter 7 your debts are mostly dismissed. With a Chapter 13, your debts are paid off at a reduced amount with monthly payments made to the court.
Not everyone qualifies for Chapter 7 bankruptcy. You may be required to file Chapter 13. For some people, Chapter 13 is more beneficial, as it sometimes allows you to keep some property like your primary car or primary home.
Reasons Not to File
Before you decide to file for bankruptcy, try to think of what other options you might have. Bankruptcy should be a last resort. If you have sufficient income to make some payments on your debt, you might look into credit counseling, debt consolidation, or asking for new terms from your creditors. When you file bankruptcy, it affects not only your ability to get new credit, but it can also affect your ability to rent an apartment or get a job. You shouldn’t do it unless it is absolutely necessary.
When to File
When to file your bankruptcy is another consideration you must make. If you have a large chunk of money coming, like a tax refund, you might want to wait until after you receive it to file so that you can use that money to pay for a lawyer and filing fees. Many people wait until the end of the month because you have to provide 60 days of paystubs when you file.
Another consideration for when to file is to try to make sure that your immediate needs are taken care of, and your bank balances are as low as possible before you file. This ensures you don't do without any nonessential items, and your bank balances won't prevent you from qualifying for a Chapter 7 bankruptcy.
When It’s Time to File
When it is time to file your bankruptcy, you’ll need to contact bankruptcy lawyers in PA to assist you. You should not try to file the bankruptcy on your own. An attorney can help you gather all of the required information and file promptly that best suits your situation.  

You should contact the bankruptcy lawyer as soon as possible after you decide that this is your best course of action. Even if you don’t think you’re ready to file right away, it will take time for the lawyer to gather the required information.

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