Debt Relief Tips With Pittsburgh Bankruptcy Lawyers Bryan P. Keenan & Associates
Understanding the ins and outs of bankruptcy 101 is something debtors often desire before making the decision to file. Educating yourself is not only the smart route to take, but selecting a qualified bankruptcy attorney to help you should also be part of your decision-making process.
At the law firm of Bryan P. Keenan & Associates, debt relief is the only thing we do. We know the law and we know how to use it to your advantage. We are dedicated to helping you understand it and make informed decisions that will put you in a better position for the future.
Want to Learn More About Bankruptcy 101? Set Up a Free Consultation Today.
Contact us online [Link to Contact Us] or by calling 1-866-753-6857 for a free consultation with an experienced lawyer.
Basic Background Bankruptcy Information
The concept of having a release from debt goes back as far as the book of Deuteronomy in the Old Testament. Bankruptcy, or the idea of forgiving debt in timely intervals through a legal process, was founded hundreds of years ago. In fact, in the ancient days of Rome, there was also a concept of bankruptcy.
The bankruptcy concept of releasing debt through legal measures has been present in democracies for quite some time and in America it was memorialized through laws passed by the United States Congress as far back as 1800. The laws concerning how to file and who qualifies has periodically changed over time to meet societal needs. Even quite recently, the law was substantially changed by the Bankruptcy Reform Act of 2005, which is commonly referred to as the new bankruptcy law.
Bankruptcy 101 Information on Chapter 7 and Chapter 13 Bankruptcy
Chapter 7 and Chapter 13 of the United States Bankruptcy Laws can provide valuable debt relief to qualified debtors. Chapter 7 allows for the discharge of many types of common unsecured debt and is available to people who qualify under the means test. A Chapter 13 bankruptcy is sometimes referred to as a wage-earner's plan since it works out a plan for the payment of debt over a period of time.
Chapter 7 Bankruptcy
A Chapter 7 bankruptcy filing is only available to qualified debtors. However, to see if you qualify, a full evaluation of a debtor's situation, including the means test, which evaluates income and acceptable exceptions, much be conducted before there can be a determination of a debtor's eligibility for Chapter 7 relief.
If you do qualify you may also be able to stop creditor harassment and the process of foreclosure, repossession, garnishment and/or other debt relief problems. It is important to note that there are certain debts that cannot be discharged, such as spousal support, child support, some types of taxes, student loans except in narrow circumstances, and other types of debt as well.
There can be an individual filing or a joint filing by spouses, but if parties are contemplating a divorce, the husband and wife should speak to separate bankruptcy lawyers about their financial goals and current situation in order to assess the best path and avoid potential conflicts of interest.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy allows for the establishment of a debt repayment plan to a qualified debtor. This repayment plan is subject to court approval and allows a debtor to enter into a repayment plan to catch up on past due payments on their mortgages, car loans, real estate taxes, income taxes. The repayment plan may or may not involve repaying a portion of his or her debt, usually pennies on the dollar, over a set period that often varies from 36 to 60 months.
When the repayment period has concluded any remaining unsecured debt such as credit card debt, personal loans, medical bills, covered under the Chapter 13 plan is often discharged or forgiven. Like Chapter 7, some debts are not subject to discharge, such as spousal and child support obligations, taxes, student loans, and some other types of debt as well. Chapter 13 applies to debt relief for individuals but can also be used by businesses that are not incorporated. A qualified debtor should have a regular source of income and his or her debt must fall within the limits set by law.
Schedule a Free Appointment With a Pittsburgh Bankruptcy Lawyer
We can help you assess which option is the right type of filing for you as well as other situations you may be presented with, including if you are sued or seeking a mortgage modification to save your home. Our firm is committed to helping you solve your financial problems, and we will thoroughly explain the bankruptcy process from the paperwork, the filings and any other questions you may have.
E-mail us [Link to Contact Us] or call us at 1-866-753-6857 to discuss your unique situation with our experienced bankruptcy lawyer in Pittsburgh, Pennsylvania, during a free consultation. We offer competitive pricing, payment plans and free parking at our office.