Bankruptcy

Bankruptcy-benefits-get your credit back

Bankruptcy-benefits

Considering bankruptcy? you have a lot on your mind. Let me help you start fresh. I can show you the bankruptcy-benefits.

I will evaluate your case, determine if you are eligible for bankruptcy, and tell you what type of bankruptcy you need. Then I will file it for you. Creditors will to stop calling. I will work to quickly stop put repossession of your belongings and the foreclosure of your home. I will work with you and your loan agents to put together a sensible, and doable, repayment plan. When all this is done you can begin the process of rebuilding credit.

http://www.pamb.uscourts.gov/

Bankruptcy will take the pressure off

Once we start working together the pressure is off. My years of experience have shown me that the bankruptcy benefits created by the process of filing for relief from debt is an important step you and your family to get control of your financial situation. I can bankruptcy-benefits, reorganize your debts and teach you how to avoid common pitfalls in the future.

http://www.uscourts.gov/about-federal-courts/types-cases/bankruptcy-cases

Let me help you begin again by filing for bankruptcy.

I will work with you to Get Your Financial Health Back. Remember what it was to be debt and worry free? When you slept at night? By working with the skilled bankruptcy attorney C. Stephen Gurdin, you can take back control of your financial life.

Call bankruptcy lawyer C. Stephen Gurdin Jr. at his Wilkes-Barre office today at 570.826.0481, toll free at 800-221-0618, fax 570-822-7780, email Stephen@gurdinlaw.com to schedule a free consultation.
Regular Office hours 2:30 and 7 p.m. Monday through Friday by appointment. Earlier appointments available upon request
Don’t hesitate to put your mind at ease with his help, call today.

Operating a business as a sole proprietor

Operating as a Proprietor

Operating as a proprietor you own your business assets and personally operate your business. You are treated as one with the business for tax purposes. A sole proprietor is personally liable for the contracts and activities of the business. Your personal and your business assets are exposed to all personal and business liabilities. If you are married, you and all personal and business assets are responsible for all claims arising upon dissolution of your marriage.

Proprietorship Formalities

You do not have to observe any formalities other than licensure, if any, imposed by governmental entities, and registration 
for the use of a fictitious name. There are no reporting requirements except for tax returns.

Proprietorship Ownership

Ownership is not separated from control. You have no limitation from liability for both contracts and your actions. The result of all of this is that if you transfer all or a portion of your business the buyer will inherit your liabilities. This will raise concerns as to the continued operation of the business by the buyer.

Selling your proprietorship business

Often the buyer will want to continue the business in the same location and under the same name. Therefore, the concern for all of this liability will be reflected in the price and in the advisability of purchasing the business. If you sell this form of business the buyer will get business assets that are subject to the claims of your spouse or a former spouse for equitable distribution the sale of This is particularly true where the business is continued in the samename at the same location and where the name of the business includes the name of the proprietor. The business assets sold may be subject to the claims of a spouse or former spouse upon a claim for equitable distribution of marital property which may survive the dissolution of a marriage

Financing your proprietorship business

If you finance this form of business, you will have to use all of the your personal as well 
as your business assets. This includes your home, your hunting cabin, your Harley and your condo.
if the business fails you loose all of these assets.

Taxation of your business

All profits are taxed whether they are held for use in the business or used for its operations. 

Bringing another person into your business

If you bring another person into the business the business becomes a partnership. 
This occurs even if no formal partnership agreement is ever spoken or written. 
All of the consequences of partnership then apply. This applies whether the person
 is a member of the family or a complete stranger.

For all of these reasons, frequently a business is started as a sole proprietorship, and later morphs into another form.
If you are operating a business, the assistance of a skilled professional can help you protect what you have while maximizing your success. Call me at 570-826-0481 or at 800-221-0618(in Pennsylvania only).
I can help!

Bankruptcy is it right for you ?

 

Filing for Bankruptcy is not right for everyone.  It provides relief from debt. If you struggle every day with mounting debt, find out if bankruptcy can provide you with the relief you deserve. Start with a knowledgeable lawyer on your side. This lawyer  can help you decide if bankruptcy is right for you. First you must qualify. If you do, you could be debt free in as little as three months. Further, if you can provide the required information, we can usually have a consumer cased filed in three business days for less than your interest only payments on your credit cards.

   Bankruptcy is a way out

So many people are hard hit by the economic recession. For these people debt relief is one of the only ways they can stay financially afloat. While, for some people, it possesses a negative stigma, more people are seeing it as a positive process. Bankruptcy allows them to start over. By doing the bankruptcy they learn to better manage their finances in future.

          After Bankruptcy you can get credit

People who who complete their bankruptcy have little or no debt. They frequently have access to low-limit credit s shortly after their debts are discharged. In two years they are eligible for a residential mortgage loan.

   Bankruptcy is also a way back

Most people or individuals who are suffering from too little money and too many bills find that they qualify for Chapter 7.

Chapter 7 is preferred for individuals or families who need to begin the process of liquidating assets. Firstly, they do this in order to pay back accumulated debt. Secondly, the it allows for certain protections. Some of these protections are exemptions. These exemptions allow debtors to keep important things like a house and car. The exempt properties are kept from becoming part of the liquidation of assets in the bankruptcy. In Pennsylvania, we have of choice of either State or Federal exemptions. Both are extremely generous. Most debtors can keep their major assets and erase most of there debt, such as credit cards, health care bills and utility bills.

               Most bankruptcies are no asset cases: the debtor keeps most of their property

Most bankruptcies that are filed are “no asset” cases. This means the debtor who filed possesses no substantial assets that can be taken by the creditors.  Attorney Gurdin can help you determine what to exempt in your bankruptcy filing so that you can keep the possessions you hold dear when you file for bankruptcy.

At the Law Office of C. Stephen Gurdin, he has helped countless people struggling with debt, just like you. Working closely with you throughout the process, he will teach you your rights and all of your options, so you can make a well-informed decision regarding your financial future.

Is Bankruptcy Right for You?

Only an experienced PA Debt Relief lawyer can help you determine whether or not you meet the requirements for bankruptcy relief. It is also important to remember that there are different types of bankruptcy available. While one type of y may not meet your needs, another type may provide the answers you are looking for. C. Stephen Gurdin will help you explore all your options, determining if you qualify for Chapter 7, 11, or 13.

 

 

          If You Are Not Eligible for Bankruptcy!

If Attorney Gurdin looks at your financial situation and determines that bankruptcy is not right for you, he will let you know, and he will not urge you to file needlessly. Instead, he has the knowledge and experience to work with you in exploring alternatives to bankruptcy in order to get your financial affairs in order, and he will work to provide you with the effective legal counsel you need to get to get your and your family’s life back on sound financial footing.

Contact Pennsylvania Bankruptcy Attorney C. Stephen Gurdin today

http://www.pamb.uscourts.gov/…

Filing for debt relief is a big, life-altering decision, and it is one that could provide you with the relief you are so desperate for. Attorney Gurdin will take the time to look at your personal financial situation and help you find immediate relief and long-term financial stability.

Call Attorney C. Stephen Gurdin today at his office in Wilkes-Barre, Pennsylvania, 570.826.0481,
Toll Free at, 800.221.0618 to schedule a free initial consultation.

Don’t delay.

The 341 meeting

The 341 meeting

The debtor must appear and submit to oral examination, under oath, at a meeting of creditors convened (called brought together and conducted) under section 341 of the Bankruptcy Code. The meeting is convened (called and brought together and conducted) by a trustee appointed by the Office of the United States Trustee, a division of the United States Department of Justice. The purpose of this meeting is to enable the Trustee and creditors to discover and preserve assets. Any creditor may appear and examine the debtor. The debtor is required to attend. This obligation to attend is not satisfied by the appearance of counsel for the debtor. Under certain circumstances the debtor may be permitted to appear by phone for good cause shown such as illness, disability out of state residence, active service in the United States Armed Forces. The case may be dismissed if the debtor fails to appear or if the debtor exercises a Fifth Amendment right against self-incrimination (See further provisions dealing with self-incrimination below).The Court is forbidden to preside or attend the meeting. The Debtor and all creditors will receive 21 days written notice of the meeting. The meeting may be adjourned and reconvened in certain circumstances and the debtor will be required to attend additional meetings, although this seldom happens except in larger complex cases.

The Notice of the 341 meeting contains information about:
The chapter under which the debtor has filed for relief;
The date of the filing;
The debtors name and address and any other names used by the debtor in the last 8 years;
The last 4 digits of the debtors Social Security number;
The name, address and telephone number of the Trustee assigned to hear and administer the case;
The date, time, and place of the first meeting of creditors under section 341 of the Bankruptcy Code;
Whether or not there is a presumption of abuse;
Deadlines for objections to discharge of certain debts or to the discharge as to all debts, as well as to object to exemptions;
A short description of actions that creditors may not take (the effect of the automatic stay);
Whether creditors should file a claim and if so the bar dates for the filing of such claims;
The address of the Bankruptcy Clerk’s office

Self-Incrimination and immunity
Anyone who is required to submit to an examination to testify or to provide information in a bankruptcy case may be granted immunity. If immunity is granted the person may be compelled to testify. For example, suppose that either the debtor or a witness has been asked to testify as to a large and valuable asset that has not been disclosed in the bankruptcy papers as filed. The debtor or witness may wish to assert their fifth amendment right against self-incrimination. The trustee then has a choice. The trustee can file for dismissal and the Court will dismiss the case. The trustee may decide that it is in the public interest to obtain immunity from prosecution for the debtor or witness having knowledge of this asset. If immunity is granted, the debtor or witness can then be compelled to testify.
Four steps must be completed to obtain immunity:
a. The person must refuse to testify;
b. The trustee or other party in interest must enlist the aid of the U.S. Attorney;
c. The U.S. Attorney must be satisfied that the testimony of the person is in the public interest;
d. The U.S. Attorney must apply to the District Court for an order.

Income in respect of discharge of indebtedness
The discharge of debts in bankruptcy does not result in imputed income taxable to the debtor.

If a creditor or its representative (such as a collection agency or collection attorney) supplies the debtor with 2 communications within 90 days prior to the bankruptcy filing, provides the debtor’s account number, and the address to which correspondence should be sent, such creditor or representative is entitled to notice. For this reason it is important that the debtor provide to their bankruptcy attorney with copies of all communications received from creditors or their representatives within 90 days prior to their bankruptcy filing.

with the help of an experience bankruptcy lawyer, many debtors can keep their property and discharge their debts. This gives them a fresh start.
Call bankruptcy lawyer C. Stephen Gurdin Jr. at his Wilkes-Barre-Scranton office today at 570.826.0481, toll free at 800-221-0618, fax 570-822-7780, email Stephen@gurdinlaw.com to schedule a free consultation.
Regular Office hours 2:30 and 7 p.m. Monday through Friday by appointment. Earlier appointments available upon request.

THE FEDERAL EXEMPTIONS AS ESTABLISHED BY CONGRESS

THE FEDERAL EXEMPTIONS AS ESTABLISHED BY CONGRESS

Certain property which falls within the description of property of the estate is exempted either by exemptions established by the U.S. Congress, called Federal Exemptions, or by exemptions established by states, called State Exemptions. in some states Debtors are free to choose either the Federal or the State Exemptions. Pennsylvania allows such a choice. Property exempted from the bankrupt estate is not subject to the claims of creditors.
The federal exemptions are found in section 522(b) of the Bankruptcy Code.
The Debtor’s interest (value minus secured debt, as an example, if the debtor owns a house worth $50,000 subject to a mortgage of $50,000 the debtor’s interest is $10,000) in the following:
(1) residential exemption: Real(such as a house) or personal property(such as a mobile home or trailer) used as a residence $23,675.00;
(2) motor vehicle exemption: A motor vehicle $3775.00;
(3) household goods exemption: Any particular household goods(such as furnishings, wearing apparel, appliances, books, animals, crops, musical instruments that are held for personal, family, or household use of the debtor or a dependent of the debtor, $600.00 or in the aggregate $12,625;
(4) personal jewelry exemption: Jewelry held for family or household use $1600.00 of the debtor or a dependent of the debtor; also a life insurance policy with a cash value of up to $12,625.00.
(5) wildcard exemption :Aggregate interest in any property not to exceed a value of $1250.00 plus up to $11,850.00 an any unused portion of the residential exemption.
(6) tools of the trade exemption: Implements, professional books, or tools of the trade of the debtor or a dependent of the debtor $2,375.00;
(7) life insurance exemption: Any unmatured life insurance contract owned by the debtor other than a credit life insurance contract( a life insurance policy designed to pay off a borrower’s debt if that borrower dies).
(8) health aids exemption: Professionally prescribed health aids for the debtor or a dependent of the debtor.
(9) transfer exemption: certain transfer by a life insurance company such as a provisions for an automatic policy loan to prevent forfeiture of a policy, see section 542(d) of the Bankruptcy Code.
(10) The debtor’s right to receive—
(A) a social security benefit, unemployment compensation, or a local public assistance benefit;
(B) a veterans’ benefit;
(C) a disability, illness, or unemployment benefit;
(D) alimony, support, or separate maintenance, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor;
(E) a payment under a stock bonus, pension, profit sharing, annuity, or similar plan or contract on account of illness, disability, death, age, or length of service, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor, but subject to some exception.

(11) The debtor’s right to receive, or property that is traceable to—
(A) an award under a crime victim’s reparation law;
(B) a payment on account of the wrongful death of an individual of whom the debtor was a dependent, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor;
(C) a payment under a life insurance contract that insured the life of an individual of whom the debtor was a dependent on the date of such individual’s death, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor;
(D) a payment, not to exceed $23,675, on account of personal bodily injury, but subject to some exception; or
(E) a payment in compensation of loss of future earnings of the debtor or an individual of whom the debtor is or was a dependent, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor.
(12) Retirement funds to the extent that those funds are in a fund or account that is exempt from taxation under section 401, 403, 408, 408A, 414, 457, or 501(a) of the Internal Revenue Code of 1986.

WAIVER OF EXEMPTIONS
A waiver of any of the above exemptions is unenforceable in a bankruptcy proceeding.

with the help of an experience bankruptcy lawyer, many debtors can keep their property and discharge their debts. This gives them a fresh start.
Call bankruptcy lawyer C. Stephen Gurdin Jr. at his Wilkes-Barre-Scranton office today at 570.826.0481, toll free at 800-221-0618, fax 570-822-7780, email Stephen@gurdinlaw.com to schedule a free consultation.
Regular Office hours 2:30 and 7 p.m. Monday through Friday by appointment. Earlier appointments available upon request.