Financial struggles can feel like an insurmountable burden, casting a shadow over every aspect of daily life. For many individuals and families in Wilkes-Barre, Scranton, and Hazelton, mounting debt and persistent calls from creditors create constant stress and uncertainty about the future. Bankruptcy law exists to provide a fresh start for those facing these difficult circumstances.
Having Financial Struggles?
Having Financial Struggles, Gurdin Law Can HELP!
Bankruptcy is a legal process designed to help debtors—those unable to repay their debts—by either eliminating or restructuring what they owe under the protection of federal law. With several chapters under the bankruptcy code, including Chapter 7 (liquidation), Chapter 9 (municipalities), Chapter 11 (business reorganization), Chapter 12 (family farmers/fishermen), and Chapter 13 (individual restructuring), there are solutions tailored to different situations. A qualified chapter 7 attorney near you can evaluate your options based on your unique financial situation using tools like the means test—a calculation that determines eligibility for certain bankruptcy chapters.
During the bankruptcy process, you’ll encounter terms like “petition,” “trustee,” “discharge,” “secured debt,” “unsecured debt,” “lien,” “341 meeting” (a meeting where creditors may ask questions of the debtor), and more. Exempt property may be protected from liquidation, while priority claims—such as certain taxes or child support obligations—must be paid before unsecured debts can be discharged. Sometimes special concerns arise: reaffirmation agreements allow you to keep certain assets by agreeing to continue paying on a loan; fraudulent transfers or fraudulent conveyances involve assets moved in bad faith; proof of claim documents are required by creditors seeking payment; preference payments made right before filing may face scrutiny by the trustee assigned to supervise your case.
There are advanced options too: prepackaged bankruptcies expedite business reorganizations; protections for retirees exist under laws such as the Retired Benefits Bankruptcy Protection Act; unliquidated claims or dividends dictate how much, if any, equity may return to creditors if asset liquidation occurs.
A knowledgeable attorney like Attorney C. Stephen Gurdin Jr., at Gurdin Law in northeastern Pennsylvania, can help guide you through these complexities with compassion and expertise. Whether it’s personal bankruptcy consultation or defending against foreclosure actions with chapter-based strategies—including understanding property of the estate exemptions—a good advisor provides clarity amid confusion.
You could be debt free in as little as three months with certain types of filings such as Chapter 7. The ultimate goal is simple but powerful: helping people reclaim their financial lives so they can move forward without fear or overwhelming anxiety—securing peace of mind for themselves and their families while fulfilling all legal priorities owed under federal law.