Many Pennsylvania residents have their wages garnished each year due to creditors obtaining judgments against them. People can choose to pay off the debt in full or to keep paying the debt through garnishment if they are able to do so. For many people, this is not an affordable option, however.
No matter how long a company in Pennsylvania may have been in business, sometimes the economic climate or a change in the industry forces the business to shut its doors once and for all. This may be necessary if the business owner’s liabilities exceed his or her assets, and there seems to be no way of getting out of the financial hole. One company in a nearby state ended up filing for Chapter 7 bankruptcy recently.
Even though business owners in Pennsylvania may aspire to thrive for years and even decades, a company's financial status may quickly take a turn for the worst given the right situation. For instance, a dip in the economy may keep buyers from purchasing a company's services or products. One construction company in another state recently decided to file for a Chapter 7 bankruptcy after being unable to keep its doors open.