While there are several types of bankruptcy that can be beneficial for Pittsburgh debtors, only Chapter 7 has the benefit of getting out of debt quickly without needing to pay back any money to unsecured creditors. Of course, Chapter 7 bankruptcy is not suitable to every situation, but for those who either do not have significant property and assets or have property that they are willing to allow to be part of a Chapter 7 liquidation, this is likely the best alternative. Understanding the foundational aspects of a Chapter 7 filing is imperative before deciding.
Chapter 7 is not a good idea for people who have secured debts and could lose a house or a car. However, if there are significant unsecured debts like credit cards, these can all be wiped away with a Chapter 7. If there is a home or a vehicle and the person wants to retain it, there are options to do so if the payments continue to be made. This will depend on the circumstances and creditors might object, making it important to discuss the possibility with a legal professional.
Those who file for Chapter 7 will retain items that are needed for daily living. Apart from the items that could be part of a liquidation, the person's wages will not be attached and after the discharge has been granted, they are free from those unsecured debts that were making it difficult to function. Chapter 7 is beneficial not only because it clears these debts, but because it is done quickly - often in around six months. Once the debts have been discharged, there will be a notice sent to that effect. Then the case is over.
A mistake people make when they are facing overwhelming debt is to keep trying to get ahead of it without considering the many benefits of bankruptcy. Simply discussing the situation with an experienced attorney will make the debtor feel better about the possibility of being debt free even if Chapter 7 is not the best course of action. There are many strategies to get out of debt. The first step to doing so is to call a lawyer who is experienced in Chapter 7 bankruptcy.