Going Through Bankruptcy

Local Bankruptcy Attorney PA

Going through bankruptcy during the holidays can be hard.

Families throughout the country continue to face financial struggles. The holiday season can be particularly stressful, but some simple tips can help reduce the stress of going through bankruptcy during the holidays.

Going Through Bankruptcy

Santa Going Through Bankruptcy

The instability of the American economy has reduced most Americans to a state of simply trying to make ends meet. If you, like many Pennsylvania residents, maybe you lost your job, or are you struggling with your small business bills, are behind on your car or mortgage payments, or are overwhelmed by massive credit card debt, declaring bankruptcy can help get your life back on track. At the Pennsylvania Bankruptcy and Business Law Office of C. Stephen Gurdin, he has assisted countless Pennsylvania clients start over by filing for Chapter 7, Ch. 11, or Chapter 13. Local Attorney Wilkes-Barre, PA  Attorney C. Stephen Gurdin Jr. both assists you with your current financial situation, and helps you plan for a better future.

It is important to note that those considering filing for bankruptcy should tread carefully during the holidays. Although a Chapter 7 petition generally leads to discharge of credit card debts, courts frown upon excessive spending prior to filing for relief. This can lead to allegations of bankruptcy fraud.

Who Can File Chapter 7?
Not everyone qualifies for a Chapter 7 discharge. You’ll qualify if your gross income is lower than your state’s median income. If it’s higher, you’ll still qualify if, after paying allowed monthly debts, you don’t have enough left over to feasibly complete a Chapter 13 repayment plan.

Other requirements exist, too. For instance, you won’t be able to use Chapter 7 if you already received a bankruptcy discharge in the last six to eight years (depending on which type of bankruptcy you filed). And where you can file will depend on how long you’ve lived in the state.