Pittsburgh Bankruptcy Attorneys

Drowning in debt? Does it seem like there is no escape from the unfortunate financial situation that you now find yourself in? Bankruptcy might be the only solution for your current dilemma. Once one is filed, all debts are cleared and creditors paid for the money they are owed in some manner. People are then free to begin their financial lives anew. The United States provides several options to clear debt. In order to best understand the intricacies of the law regarding this matter, it is recommended that you consult attorneys trained in all aspects of bankruptcy law. Our experienced Pittsburgh attorneys have the knowledge regarding all the Pennsylvania bankruptcy laws.

Have you found yourself to be in an unfortunate financial situation? If so, contact one of our Pittsburgh Bankruptcy Attorneys today!

The types of bankruptcy available include:

• Chapter 7 - Basic liquidation involving individuals and corporate entities
• Chapter 11 - Reorganization of debt for corporate and individual debtors with substantial debts and assets
• Chapter 12 - Rehabilitation for fisherman and farmers
• Chapter 13 - Debt adjustment for debtors with a regular source of income
• Chapter 15 - Cases involving international assets

When it comes to going bankrupt, you are not alone. In the state of Pennsylvania, thousands have undergone insolvency. In 2002, 54,801 people filed in Pennsylvania, many of which resided in Pittsburgh. Of those, 37,632 filed for Chapter 7, 383 filed for Chapter 11, and 16,781 filed for Chapter 13. Chapter 7 is the most common form used by individual debtors who simply have no other means to pay off creditors. In a Chapter 7, an individual is permitted to keep certain property that is exempt from the process. Other assets and property are sold in order to pay off creditors. However, some debts such as child support, taxes, and student loans are not discharged under Chapter 7. Most others are filed under Chapter 13.

Unlike Chapter 7 which is often used as a last resort, the goal of Chapter 13 is to enable debtors with steady income a way in which to rehabilitate their credit and finances. In the case of Chapter 13, an individual or business will propose a plan to pay their creditors over a 3 to 5 year period wherein the creditors are not permitted to collect on their previous debt except through court. Whichever your needs may be, it is important to understand the details involved with these issues.

Have you found yourself to be in an unfortunate financial situation? If so, contact one of our Pittsburgh Bankruptcy Attorneys today!