While dealing with a severe unfortunate situation with finances, people do not the powerful financial tool that bankruptcy has to offer. It can potentially wipe off your debts, delays your foreclosure, and finally help you get back on your feet. For more details, you need to talk to our Pittsburgh bankruptcy lawyer today.Get Relief From the Fear of Foreclosure, Sleepless Nights and Harassing Calls
With bad finances and credit, you get to face a lot of other issues too which can include foreclosure and repossession of your property, harassing phone calls from the creditors and their debt collectors, lawsuits and so on.
When you are filing for bankruptcy, you will be automatically granted an automatic stay which will immediately and effectively stop all of these. The founding fathers of the US Constitution had this idea in mind that having good finances always cannot be possible. Hence, the right of bankruptcy offers the debtors the fresh start that they deserve. There is nothing to be ashamed of in filing for bankruptcy. Everyone deserves a fresh start and most importantly, not living their entire lives as slaves for the creditors. With bankruptcy, you get a fresh start by wiping off the unsecured debts or with a reorganized plan for payment. There are many business people, entertainers and athletes who have done the same in the past.Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the most common type of process which is also known as liquidation. This helps you get a discharge on your unsecured debts including your credit card bills, medical bills, personal loans, and utility bills. With the help of state and federal exemptions, you can even keep your home, car and other assets while continuing payment for a home mortgage or car loan. No need to pay monthly to the trustee. No need to think of consolidation loans or fees. Chapter 7 bankruptcy is considered to be the most cost-effective option for everyone. Along with other significant benefits, it also doesn’t have any federal tax obligation. If the creditors forgive your credit, you don’t have to pay for any tax obligation for that.Chapter 13 Bankruptcy
Chapter 13 bankruptcy comes with a reorganization plan. This process can last for three to five years. The plan is a repayment plan approved by the court while the court-appointed trustee oversees how you are maintaining the plan by making all the monthly payments at the right time. With this process, the trustee will consider the disposable income of the debtor and decide how the debts are going to be paid on a priority basis. The benefit of this process is that you can stop the foreclosure effectively for five years while you get back on your feet financially and pay the creditors. As long as you, the debtor can afford the plan, your creditors must accept the court-determined payments from you.
In addition to stopping foreclosure, you can avoid sheriff’s sale too. You are getting a fresh chance to pay your home loan which will help you avoid the risk of sheriff’s sale.Mortgage Foreclosure Defense
Foreclosure feels like a nightmare to many. So, when you are facing a process like this, it is obvious that you will lose all hope. However, with our Pittsburgh bankruptcy lawyer, you can find the right way to deal with this.
Depending on your current financial situation, there are several strategies that can help you effectively avoid the foreclosure process of your Pennsylvania property. These strategies will include:
- Filing for chapter 7 bankruptcy
- Filing for chapter 13 bankruptcy
- Forbearance agreements
- Short sale
- Mortgage modification
We have years of experience that will help you to avoid such a nightmarish incident.Same-Day Filing
Foreclosure can be stopped even within one day of the sheriff’s sale. Maybe you have tried to pay off the money but could not manage. In such a case, you can think of same-day filing. At Pittsburgh Bankruptcy Law Group, we offer same-day filing for bankruptcy, even one evening prior to your foreclosure so that you can save your home from getting auctioned. For stopping the repossession of your car, come to us too.Myths and Misconception About Bankruptcy
Even though the constitution of the United States grants people the provision of bankruptcy, people still find it daunting to go for this. Steer clear of the following myths and misconceptions about bankruptcy.
- People believe that after filing for bankruptcy, they will never be able to get credit or any loan. However, you need to know that the information regarding bankruptcy will only stay in your record for up to 10 years. And once you get the discharge, you can immediately start working on your credit building.
- Often couple believes that if they are married, they have to file for bankruptcy together. This is also not true. In fact, in many cases, it makes more sense if only one spouse files for bankruptcy, if the debts are in one person’s name.
- Unlike what you think, filing for bankruptcy can increase your credit too. While you are considering it, your credit score might be low. But after filing, you will get a fresh start and in no time, your credit score will become high.
- Often people think that bankruptcy might bring in more harassment from creditors. However, it is quite the opposite. Once you file for bankruptcy, your creditors won’t get a chance to connect you and if they do it will be a violation of federal law. In fact, if they sue you, bankruptcy can stop the proceedings too.
- Your income is not going to stop you from filing for bankruptcy. Rather it will be a deciding factor for which chapter you will be filing.
- Often families break due to financial stress. Couples end up getting divorced. We understand your situation and are sympathetic to you. We help you get the best outcome.
So, if you are looking for an experienced Pittsburgh bankruptcy lawyer for filing your bankruptcy claim, come to us. We, Pittsburgh Bankruptcy Law Group, are here for you.
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