Pittsburgh BankruptcY ATTORNEY bankruptcy legal service to Western Pennsylvania.
Pittsburgh BankruptcY ATTORNEY bankruptcy legal service to Western Pennsylvania.
Chapter 7 bankruptcy is designed to help people who are unable to pay their existing debts. It allows you to “discharge” (i.e., eliminate) most typical consumer debts including, credit cards, personal loans, checking account overdrafts, certain tax debts, medical bills and utility bills.
Frequently, people try to make minimum payments for years and attempt to work with their creditors, only to find themselves no better off than when they started. Chapter 7 bankruptcy is a responsible way for you to reorganize your finances, liquidate your debt, and have one chance to hit the reset button on their financial lives.
When you file a Chapter 7 bankruptcy, you are allowed to keep certain possessions that are “exempt.” Exemptions tell you what assets you can keep and protect. Exemptions are the bankruptcy law’s way of recognizing that people need a minimum level of food, clothing, shelter, transportation, etc. to be able to survive and earn a living. While there are limitations to these exemptions, many clients are able to discharge all of their credit card debt in Chapter 7 and in most circumstances they can keep their home, cars and all of their possessions.
Unfortunately, not every debt can be eliminated. Debts that cannot be discharged include: Most taxes, Child support, Maintenance, Alimony, Most matrimonial settlements, Debts obtained through fraud or false pretenses, Court-ordered fines and criminal restitution, and Most student loans.
The “Means Test” In 2005, Congress created a new bankruptcy law. One of the new requirements in the law is that anyone who files for Chapter 7 must show that their monthly income is below the average income for people in their area. This is called the “means test.” If your income is above the average, then if you want to file for bankruptcy, you’ll be required to file for Chapter 13 instead of Chapter 7. At your initial consultation, we’ll help you figure out if you’re eligible for filing under Chapter 7, or whether it makes more sense to file under Chapter 13.
The cost of filing a bankruptcy case is an important consideration. Therefore, we always let our clients know that we will work with any budget. Typically, a bankruptcy attorney’s fee ends up being a small percentage compared to the total amount of debt the client is able to eliminate.
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Willis & Associates
201 Penn Center Blvd
Suite 310
Pittsburgh PA 15235
Toll Free: 855.733.9455
FAX: 412.542.1704