The Benefits of Bankruptcy – If mounting bills, the threat of foreclosure and the constant hounding of creditors have become a source of stress and worry in your life by filing for bankruptcy now you will be saving yourself money and heartache down the road. It will make a financial clean slate a reality. The bankruptcy filing will put a halt on the repossession of your belongings and the foreclosure of your home and or business assets and repossession of your car, enable you to get control of their financial situation, reorganize your debts or in some cases discharge them completely while retaining some or all of your property.
Benefits of Bankruptcy – Choosing Between the Different Types of Bankruptcies
The various types of bankruptcies available to individuals are based on the qualifications for each chapter of bankruptcy. The Bankruptcy Code sets forth the qualifications for each chapter of bankruptcy.
Benefits of Bankruptcy – Individuals may file under the following types of bankruptcies:
- Chapter 7 — Liquidation Bankruptcy*
- Chapter 13 — Repayment Plan*
- Chapter 11 — Large Reorganization
- Chapter 12 — Family Farmers
- Chapter 15 — Used In Foreign Cases
*The two most common types of bankruptcies for individuals in America are Chapter 7 and Chapter 13.
Is Filing For Bankruptcy The Solution?
If you’re like most people, when you borrow money, you have every intention of paying it back. But then something happens; perhaps you lose your job or your hours get cut, your small business slows down, you get sick or you have to stay home to care for your children or an elderly parent. Whatever the reason, you find yourself unable to keep up with your payments.
When you find yourself struggling with debt, you’re no doubt searching for solutions. But the one you avoid, Bankruptcy may be the one you need the most.
Call Bankruptcy and Business Attorney C. Stephen Gurdin Jr. in the Wilkes-Barre office, 570.826.0481.
Attorney C. Stephen Gurdin Jr. Wilkes-Barre, Scranton Bankruptcy Law Firm
Contact To Answer The Benefits of Bankruptcy?
Attorney C. Stephen Gurdin Jr.
LUZERNE BANK BUILDING
67 – 69 Public Square, Suite 501
Wilkes-Barre, PA 18701
570.826.0481 | Telephone
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