Serving Allegheny, Butler, Beaver, Fayette, Lawrence, Washington and Westmoreland Counties
Pittsburgh, PA | Veteran Owned Law Firm
Russ@BurdelskiLaw.com | (412) 366-1511
Chapter 7
Chapter 7 Bankruptcy
25 Years' ExperienceExperienced Bankruptcy Attorney
What is a Chapter 7 Bankruptcy?
Are you late on your credit card payments? Do unpleasant collection agents harass you and your family? Did you just go through a bitter divorce and did your ex-spouse dump a load of bills on you? Did an unforeseen medical illness leave a ton of unpayable medical bills? Did a change in your employment make those once “E-Z payments” impossible to make? Does all this make you feel like you are under a mountain of never-ending debt?
Don’t Panic! There is a way out! Through the use of the Federal Bankruptcy Laws, our Attorneys can help you unload this mountain of debt so that you can get a Fresh Start in life. Plus, we may be able to give you some peace by stopping those pesky bill collectors.
What Options do I have in My Situation?
Right now, you are facing a mountain-load of debt. There are a number of things which you might decide to do.
You could (1) Try to pay off your debt. However, if all you can make are the minimum payments, your balance will actually go up!!
Or (2) You could try to work with those nice folks in the collections departments and give them say $5.00 a month or whatever you can afford. But that’s like being stranded in the ocean and saying “I’ll just give the sharks a little blood, then they’ll swim away!”
(3) Some people have even tried Consumer Credit Counseling. Frankly, that is like throwing good money after bad. Those folks are sponsored by credit companies and are not exactly looking out for your interests. Further, they will put you on a budget that allows you to “live on peanut butter this month.” Then they give you such useful advice as “don’t spend so much money.”
The 4th option many people exercise is one of the worst options of all; that is DO NOTHING! If you do nothing, you will ensure that you never again have a good credit rating. This may be important if you want to buy a Home or a car someday. Further, you may come into some money or possessions (i.e inheritance, a better job, or even gifts from family or friends). These could be attached and seized by your creditors even years after you originally made the debt!
What Types of Bankruptcies are there?
Most people think of Bankruptcy as one process in which you go to court and your debts are erased. But in fact, there are various ways one may file for bankruptcy: For instance, a Chapter 11 for Businesses and Individuals with at least $1,000,000.00 of debt to reorganize (payback), Chapter 12 for Family Farmers & Fisherman with debt to repay; Chapter 13 Individual and small business Reorganization for those that may make too much money to file a Chapter 7 and still need relief from their creditors. These folks may also have equity to protect such as in a house or car that has been put on the auction block for Sheriff's Sale. If you need additional information about these types of bankruptcy, call our office. Lastly, there is a Chapter 7 Liquidation Bankruptcy.
But Won’t I Lose All my Property?
One of the biggest misconceptions concerning Bankruptcy is that you must lose all of your possessions. However, that is simply not the case. The Federal Bankruptcy Exemptions allow you to keep a generous amount of property. Further, if the debt on your property is held by a secured loan, it can be reaffirmed if you wish to keep paying on it. Reaffirming such debt could allow you to keep your Home and stay in good standing with your bank. A similar arrangement can be worked out concerning your vehicle. This reaffirmation is accomplished by one of our Attorneys executing a Reaffirmation Agreement from your creditors.
You may have a Judgment or other lien against you that is secured by your household goods or your house. It is possible that we can avoid those liens and allow you to keep that property as well.
Is a Chapter 7 Bankruptcy right for me?
Consult with an Attorney. Chapter 7 Bankruptcy isn’t for everyone. Certain restrictions apply to different types of debt. These restrictions affect whether or not the debt can be discharged. Certain Tax Debts, Student Loans, Utility Bills and certain Judgments all have conditions and / or restrictions that we advise you to discuss with one of our Attorneys.
So How do I Find Out More Information?
If you have additional questions please make a no obligation call (412) 366-1511
or email Russ@BurdelskiLaw.com
to set up an appointment today!
Federal Law requires us to tell you that Burdelski Law Offices is a Debt Relief Agency and that we have proudly helped people file for Bankruptcy Protection over the past 25 years.