WHAT IS BANKRUPTCY?
To start, let’s address the main question you probably have right now: what is bankruptcy?
Bankruptcy is a way to give a person and their family a “fresh start” - a new beginning. It’s a way to put an end to harassing creditor and debt collector phone calls, collection letters, and lawsuits. It's a way to obtain financial freedom.
The Truth About Bankruptcy
Many people have negative associations with bankruptcy. They see it as humiliating and are afraid they will lose all their money and possessions. This is not true!
The truth is that bankruptcy can actually do the following for you:
ELIMINATE
- Credit Card Debt
- Personal Loans
- Payday Loans
- Some Tax Debt
- Medical Bills
- Late Utility Bills
- Judgments
- Repossession Debt
- Bad Mortgage Debt
STOP
- Harassing Bill Collectors
- Collection Letters
- Lawsuits
- Wage Garnishments
- Bank Account Levies
- Sheriff Sales
- Foreclosures
- Reposessions
- Utility Shutoffs
- IRS Seizures
KEEP
- Your Home
- Your Vehicle
- Your Furniture
- Your Jewelry
- Your Savings
- Your Income
- Your Tax Refunds
- Your Retirement Funds
- Your Personal Property
What Are Chapter 7 & Chapter 13 Bankruptcy?
You now understand that bankruptcy is a legal process that can help you manage your debts when they become overwhelming.
But did you know there are many types of bankruptcy? Two of the most common types for which individuals file are Chapter 7 and Chapter 13.
You may be able to eliminate completely (Chapter 7) or restructure your debt (Chapter 13) so that it is easier to pay. Filing bankruptcy can also stop legal procedures such as the repossession of your car or foreclosure on your house.
Creditor harassment will also stop through the bankruptcy process. A skilled Wilkes-Barre bankruptcy attorney can help you to understand your legal options, decide between a Chapter 7 or a Chapter 13 bankruptcy, and navigate the process without issue.
Let’s take a moment to get into more details about the two most popular types of bankruptcy.
CHAPTER 7 BANKRUPTCY
Chapter 7 bankruptcy eliminates most of your debt very quickly and efficiently. From the time your case is filed to the time you receive a discharge, it usually takes around five months. Unsecured debts, such as credit cards, loans, and medical bills, may be discharged completely. Secured debt, such as car loans and mortgages, can be retained so you can keep your belongings.
CHAPTER 13 BANKRUPTCY
Chapter 13 bankruptcy allows you to develop a manageable repayment plan over a period of either thirty-six month or sixty months. Generally, only a very small portion of unsecured debts, such as credit cards, loans, and medical bills, get repaid. Chapter 13 bankruptcy is commonly used as a tool to save homes that are in foreclosure, or homes that are soon to be in foreclosure.
Contact Our Wilkes-Barre Bankruptcy Attorneys Today
JPP Law’s Jason P. Provinzano has helped countless clients achieve financial freedom and security by filing for bankruptcy.
And even though we are based in downtown Wilkes-Barre, we help people from all over Northeastern Pennsylvania. If you have been looking for a Scranton bankruptcy attorney, we will be there for you. The same applies if you’re located in Mechanicsville, Dunmore, or Weatherly.
Call us today at 570-822-5771 for a free and confidential consultation.
John Fisher
Relationship: Fellow lawyer in community
"Jason is an excellent attorney committed to providing the highest quality representation to clients. I endorse this attorney without reservation."
Adam Weaver
Relationship: Fellow lawyer in community
"I highly recommend Attorney Provinzano. Excellent attorney in Wilkes-Barre area and works hard for his clients."
HONORS & ACHIEVEMENTS
Our Promise
There are many myths, misconceptions, and misleading information out there about bankruptcy and the bankruptcy process. Attorney Jason P. Provinzano will listen to your concerns, answer your questions, and immediately help put your mind at ease.
You will quickly understand that you are not trapped and that there absolutely is a way out from underneath your debt. We will discuss options with you so that we can come up with a game plan and start working toward fixing your financial situation. You will feel much better after speaking with Attorney Provinzano!