Tag Archives: chapter 13 bankruptcy

Filing a Chapter 7 Bankruptcy Fall Pittsburgh 2016

Summer is Over, Isn’t it Time For Your Debt to Fall Away?

With the change of the season, it may be time to evaluate your financial condition and to think about your financial goals.  If your credit is poor but you would still like to purchase a car or become a home owner, bankruptcy could be your best option for eliminating debt that is well beyond your ability to pay.

File Chapter 7 Bankruptcy in Pittsburgh – Finding a Pittsburgh Bankruptcy Lawyer

Chapter 7 of the Bankruptcy Code is often the most sensible approach for individual debtors with credit card or medical debt that has ballooned beyond their ability to pay.  The chapter 7 bankruptcy process is streamlined.  Your first step should be to meet with a qualified chapter 7 bankruptcy lawyer in Pittsburgh.  If you decide after a consultation with your bankruptcy lawyer that filing chapter 7 is right for you, you will need to take a course in prepetition credit counseling before you are eligible to file.  Your bankruptcy attorney will prepare your petition and statement of financial affairs and you must review them thoroughly to make sure that they are complete and accurate.  Your lawyer will help you with difficult bankruptcy decisions regarding valuations of property, treatment of creditor claims and application of exemptions to protect your interests in property.

After you’ve signed your bankruptcy petition and the case is filed, you will have a meeting of creditors before a chapter 7 trustee.  Your bankruptcy lawyer will help you prepare for that meeting and he or she will attend the meeting with you.  You will present your photo ID and social security card and the trustee will ask you a series of questions.  In a simple case, the meeting can be as short as five minutes.  When the meeting before the trustee is concluded, you must then complete a second course in debtor education and await your discharge.  When the discharge order and your case closes, you will be unburdened from all of your dischargeable debts.  Certain debts may survive discharge or may still fix as liens on your property.  Your bankruptcy lawyer will discuss those issues with you long before you file the case.

File Chapter 13 Bankruptcy in Pittsburgh – Locate the Best Chapter 13 Lawyer for You

Chapter 13 is a form of bankruptcy that allows debtors to reorganize under federal law.  Defaults on mortgages and car payments can be cured and the loans reinstated through chapter 13.  Even if you’ve experienced a mortgage foreclosure or a vehicle repossession, you may be entitled to have cure your loan and restore and preserve your property rights.

Chapter 13 bankruptcy follows many of the steps of a chapter 13 case except that it includes a new focus, a chapter 13 plan.  Your plan describes how you will repay creditors to restore your interest in property.  You may end up paying a small percentage to the holders of unsecured claims or you may end up paying no distribution at all to them.   The rules applicable to chapter 13 plans are complex but your bankruptcy lawyer can guide you through successful plan confirmation and position you to complete your plan and earn a discharge.

If you are ready to put your debt behind you and move forward with fresh start, contact an experienced bankruptcy attorney today.

(412) 925-8194

Avoid Vehicle Repossession

repoStop Vehicle Repossession By Filing A Bankruptcy Case

An automobile can be among the most important assets for a working person.  Wage earners often need reliable transportation for the commute to work and car repossession can make a bad financial situation disastrous.  Thankfully, the United States Bankruptcy Code provides for an automatic stay that can prevent your lender taking back your car and selling it through a repo sale.  In almost all circumstances, the filing of a bankruptcy case effects an immediate stay of most creditor collection efforts, including vehicle repossession.

A borrower who is dramatically behind on his or her car payments may wish to take advantage of a federally sanction repayment plan under chapter 13.  A debtor in a chapter 13 bankruptcy repays some or all debts over a period of three to five years.  A chapter 13 plan also allows debtors to cure the arrearages on car payments.  Debtors who successfully complete all payments under their chapter 13 plans are awarded a completion discharge.  With certain exceptions, a discharge in a case under chapter 13 eliminates most unsecured debts.

A chapter 7 bankruptcy filing will also trigger the automatic stay.  Similarly, the successful conclusion of a chapter 7 case includes a discharge.  While a debtor’s personal obligation to pay a vehicle can be discharged in a bankruptcy case, a bankruptcy discharge alone does not avoid a lien on a debtor’s automobile that was perfected prior to the filing of the bankruptcy case.  For that reason, a debtor who receives a discharge but does not make any car payments may have his or her vehicle repossessed when the automatic stay is modified or dissolved.

An individual confronted with a possible vehicle repo should consult with an experienced bankruptcy attorney.  Bankruptcy lawyers may also be able to review past vehicle repossessions to determine whether borrowers may have claims against their lenders for their conduct in repossessing and selling vehicles.  For example, a recent class action in the United States District Court for the Western District of Pennsylvania asserts claims against Wells Fargo on behalf of borrowers who had their vehicles repossessed in Pennsylvania.  A Pittsburgh bankruptcy attorney can quite often help people who want to avoid a vehicle repossession.  Call today for a free consultation.

(412) 925-8194