If you are struggling financially with debt and don’t know what to do, call us at (412) 904-1940. We can help you:

  • Act now to save your home from foreclosure
  • Stop sinking hundreds or thousands of dollars into credit card debt
  • Restructure your finances and budget for a fresh start

If you’re experiencing financial difficulty, you’re not alone. Whether you need a personal or business bankruptcy lawyer, contact Grudowski Law online today or call us at (412) 904-1940 for a free consultation.

Bankruptcy Relief

People generally feel significant relief under Bankruptcy protection. Bankruptcy is neither too difficult nor too expensive, and you’re not going to lose everything you have. The truth is, Bankruptcy is not typically about being irresponsible. It happens to well-run businesses, conscientious seniors, and successful professionals alike. Some of the most common reasons for filing Bankruptcy are loss of income, divorce, and poor health conditions. Bankruptcy is often a wise step to take when dealing with overwhelming debt.

There are many myths about bankruptcy, and you need a qualified bankruptcy lawyer to review your particular situation and recommend the proper type of bankruptcy.

Types of Bankruptcy

Chapter 7
Chapter 7 can be used for both for personal bankruptcy and the closing of a business. When a debtor simply does not have the necessary income or assets to pay creditors, Chapter 7 may be the right option.

For a troubled business, a Chapter 7 Bankruptcy results in the closing of the business and liquidation of assets. For a personal bankruptcy, Chapter 7 allows the individual to keep certain property and liquidate other property. It does not eliminate responsibility for certain obligations, such as child support and income taxes.

Chapter 13
During Chapter 13 Bankruptcy, a plan is put in place to pay creditors over a three to five year period. During a Chapter 13 case, you pay back part or all of the debt, often with no excessive interest.

Chapter 13 can enable you to stop home foreclosures and vehicle repossessions. In fact, you may be allowed to keep many possessions not allowed with a Chapter 7 Bankruptcy. As a debtor, you must make regular payments to an assigned trustee, which are then disbursed to creditors according to the agreed upon plan.

Chapter 11
You often hear of Chapter 11 Bankruptcy with regard to major corporations; however, it is available to small businesses too. Even sole-proprietorships and individuals can take advantage of Chapter 11 Bankruptcy under the right circumstances.

Chapter 11 can involve the reorganization or restructuring of a company, along with the repayment of all or part of the company’s debt. During restructuring, your company may be able to acquire financing or loans at more favorable terms, as well as cancel contracts which are no longer tenable.

Experienced Bankruptcy Counsel

The rules for bankruptcy vary from state to state, and your case must be reviewed by a qualified bankruptcy attorney to understand how each type of bankruptcy may apply to your situation. Call us today to help guide you.

Call Grudowski Law at 412-904-1940 or Contact Us online any time, we are here to help and we are waiting to hear from you.