What does bankruptcy do, and what can it do for me is a question I get asked all the time, and here are some things bankruptcy can help with.
What Does Bankruptcy Do For Me;
BANKRUPTCY CAN ELIMINATE
- Credit Card Bills
- Personal Loans
- Payday Loans
- Medical Bills
- Utility Bill Arrears
- Foreclosure Balances
- Repossession Balances
- Certain Tax Debt
BANKRUPTCY CAN STOP
- Harassing Bill Collectors
- Collection Letters
- Wage Garnishments
- Bank Account Levies
- Sheriff Sales
- Utility Shutoffs
- IRS Seizures
BANKRUPTCY CAN HELP YOU KEEP
- Your Personal Property
- Your Home
- Your Vehicle
- Your Income
- Your Retirement Funds
Reasons to Consider Filing for Bankruptcy
Surveys agree that job loss and medical debt are the two biggest reasons for considering bankruptcy. Health problems can make it difficult or even impossible to do your job. The result is you either quit or are let go by your company.
You might be headed down that road if:
- You are getting a divorce.
- Creditors are suing you for payment of debts.
- The home you own is under water and in danger of foreclosure.
- You Have large credit card debt.
- You using one credit card to pay off another.
- You are considering withdrawing money from your retirement account to pay your bills.
There are two major forms of bankruptcy for individuals:
- Chapter 7 and Chapter 13 and each one has specific monetary qualifications.
Chapter 7, is designed for people who truly can’t afford to pay their bills. Some people have income too high for bankruptcy. To qualify, you must earn less than the median income for a family your size in your state.
Chapter 13, which is known as the “wage earner’s bankruptcy” because it requires that you have a steady source of income and unsecured debts (credit cards, medical bills, personal loans, etc.) of less than $394,725 and secured debts (home, car, property, etc.) of less than $1,184,200.
Call Bankruptcy and Business Attorney C. Stephen Gurdin at his Wilkes-Barre Office, 570.826.0481.
Attorney C. Stephen Gurdin Jr. Wilkes-Barre Law Firm
Contact To Answer The Question What Does Bankruptcy Do For Me?
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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