Getting out of debt is hard, and you did everything you could to avoid it. You cut back on spending. You sold stuff to make payments. You’ve been eating rice and beans for months now. But even with all the work, you’ve come to one painful conclusion, you may need to file bankruptcy.
Bankruptcy is confusing, not to mention emotionally devastating. It’s a serious decision, and we don’t want you to have surprises along the way. Here are some things you need to know before you take the first step.
What is bankruptcy?
Bankruptcy is a court proceeding where you tell a judge you can’t pay your debts. The judge and court trustee examine your assets and liabilities to decide whether to discharge those debts. If the court finds that you really have no means to pay back your debt, you declare bankruptcy.
Bankruptcy can stop foreclosure on your home, repossession of property, or garnishment of your wages. Bankruptcy cancels many, not all, of your debts.
As a Bankruptcy Attorney NEPA Attorney C. Stephen Gurdin Jr’s. practice focuses on bankruptcy, contractual law, all interactions of business matters, Corporations, LLCs, LLPs, Partnerships, and Limited Partnerships, formation, purchase and sale, change of form, sale of a financed transaction, assumption of existing financing, commercial and industrial real estate closing, structure of debt, lender workouts both debtor and creditor, commercial litigation, bankruptcy, creditor rights, and bankruptcy litigation both debtor and creditor. Complex litigation, commercial transactions and real estate transfers, extraordinary results.
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.
Contact us about getting out of debt.
Attorney C. Stephen Gurdin Jr. Bankruptcy Law
LUZERNE BANK BUILDING
67 – 69 Public Square, Suite 501
Wilkes-Barre, PA 18701
570.826.0481 | Telephone
570.822.7780 | Fax
Source, https://www.daveramsey.com/blog/the-truth-about-bankruptcy