Find the perfect lawyer for your specific legal needs at PittsburghAttorney.info.
Having trouble paying all of your bills? Are debt collector's calling you around the clock? Save time in finding the right Pittsburgh Lawyer, we've already done the work for you! You should consult a Bankruptcy Attorney to see what your legal options are regarding your outstanding debt. A Chapter 7 or Chapter 11 Bankruptcy filing may be the only way to get a "fresh" start with your life. We have searched for local Bankruptcy Attorneys to help serve your interests and protect your legal rights. Our featured Pittsburgh Bankruptcy Lawyer is listed below. For your convenience, our service is completely free to the public.
One of the most difficult decisions that you can face is whether
or not to file for bankruptcy. For individuals, there are basically
two types of personal bankruptcy, which includes Chapter 7 and
Chapter 13. Designed to give the filer a fresh start in life by
wiping out certain debts, a Chapter 7 bankruptcy will rid the filer
of credit card and other unsecured debt. A chapter 13 bankruptcy, on
the other hand, is a court-approved payment plan in which the filer
is required to repay a predetermined percentage of their debt. The
determination of which chapter to file will be based on the filer's
disposable income, if any, after paying their necessary monthly
bills.
When many people file for bankruptcy, their first thoughts are of
their assets and whether or not they may lose their home. In a
Chapter 13 repayment plan, the majority of filers are allowed to
keep their property in exchange for repaying a portion of their
debts. A Chapter 7, however, is designed to be a liquidation process
that often results in the sale of non-exempt property. Which
property is non-exempt in a bankruptcy proceeding? Each state has
it's own laws pertaining to the amount of property that an
individual or married couple can keep without having to worry about
it being liquidated.
The official bankruptcy process begins upon filing a petition with
the local bankruptcy court. This can either be done individually,
also known as pro se, or with the help of an attorney. For most,
hiring an attorney is the best way to make sure that every form is
completed accurately and in order to make sure their assets are
protected as much as possible. Upon the filing of a bankruptcy
petition, the court will assign a trustee to the case and will set a
date for a Meeting of the Creditors. Although creditors of the filer
are invited to attend, they are not required to do so. The filer,
however, is required to attend and will be questioned by the
trustee, under oath, while having the meeting recorded. This meeting
is typically the only appearance required of the filer unless
special circumstances are present.
Following the Meeting of the Creditors, often referred to as the 341
meeting, the creditors will have 30 days to object to the filers
property exemptions and another 30 days to object to the discharge
if the filing is a Chapter 7 bankruptcy. In a Chapter 13 proceeding,
creditors may object to the payment plan but the discharge will not
be granted until the payment plan is complete. A Chapter 13
bankruptcy can last for up to 5 years before the payments are
completed and a discharge is issued. Following the discharge, the
bankruptcy case will be closed and the process will be complete.
This article is to be used for informational purposes only. It
should not be used as, in place of or in conjunction with
professional legal advice regarding bankruptcy. Anyone who is
considering filing a petition for either personal or business
bankruptcy should consult a licensed attorney in their area for
additional information and/or legal advice. "Article Source:
http://www.articlecat.com"