Pittsburgh Bankruptcy Lawyers
Helping You Achieve a Fresh Financial Start
If you are considering filing for bankruptcy, remember that bankruptcy is not necessarily a bad thing. Sure, you may be in a tough financial position, but that doesn’t mean bankruptcy is another problem on your plate. Instead, you can look at bankruptcy as a solution for your overwhelming debt. It can help you discharge your debts or create a plan to repay those debts.
As such individuals, businesses, and municipalities can file a bankruptcy petition and work with their lawyer to help achieve the financial relief they’ve long-awaited. Believe it or not, courts want to help you manage your financial crisis, not make it worse, so you have a significant chance of achieving a favorable outcome in your situation with the help of an attorney. With this in mind, our Pittsburgh bankruptcy lawyers represent clients who want to file for chapter 7, chapter 11, or chapter 13 bankruptcy.
To discuss your situation with us and learn your next steps, contact us online or at (888) 458-0991!
Chapter 7 Bankruptcy
Chapter 7 bankruptcy allows for most, if not all of your debt to be discharged if you’re successful. Individuals, partnerships, and business entities can get relief from their unsecured debts such as credit card balances, auto loans, mortgage payments, etc. through chapter 7 bankruptcy.
A chapter 7 bankruptcy case does not involve a repayment plan as in chapter 13. Instead, your nonexempt assets are collected and sold, and the proceeds of such assets are paid to creditors. Part of your property may be subject to liens and mortgages as well. However, you will be allowed to keep certain "exempt" property, but your remaining assets will be liquidated.
Chapter 13 Bankruptcy
Also called a wage earner’s plan, chapter 13 bankruptcy allows for a repayment plan for individuals earning a regular income. Unsecured debts must be less than $394,725 and secured debts must be less than $1,184,200 to be eligible for this type of relief. With the repayment plan, you can propose to make installments to creditors over 3 to 5 years. If your current monthly income is less than the state average, your plan will last for 3 years but if it is greater than the state average, your plan will last for 5 years.
Chapter 11 Bankruptcy
Chapter 11 bankruptcy, or reorganization bankruptcy, allows Businesses such as corporations, sole proprietorships, and partnerships to keep their doors open, but it can come at a cost, which is why you should consult with a lawyer to learn if chapter 11 bankruptcy is right for you. If your attorney sees this as a viable pathway for you, you will be able to work on a plan of action to help your business get back on track. Unlike chapter 7 and chapter 13 bankruptcy, creditors may be able to file for chapter 11 bankruptcy. Once you file the petition, you will be allowed to maintain control of your assets while reorganizing your debts, allowing you to continue running your business while working to resolve your debt.
Get the Legal Help You Need Today
Our Pittsburgh bankruptcy attorneys can provide you with personalized legal counsel at all stages of the bankruptcy process, helping you keep track of all your debts, file the paperwork correctly, and deal with harassing creditors. Our mission is to give you peace of mind knowing you are on the path to financial relief.
Schedule your free consultation online or at (888) 458-0991 to get started!