Filing Bankruptcy in Murrysville PA
Bankruptcy is a process that allows leniency when paying back a debt. While it is a great help to any person struggling to make ends meet when repaying debts, it is a complex process that can easily become confusing. Understanding how bankruptcy works, especially in your own state, can make the entire process much easier.
What is Bankruptcy?
Bankruptcy is a legal proceeding that involves a person or business that is no longer able to repay their neglected debts. This process, provided for by federal law and handled by a federal court, allows a person in debt to have a fresh start. If all goes well, you will be granted a discharge that excuses you from paying your debts. Bankruptcy, however, will remain on your record for a number of years that depends on the type of bankruptcy you filed for.
Types of Bankruptcy
There are two different types of bankruptcy: Chapter 7 and Chapter 13. Those with no assets will file for Chapter 7 bankruptcy. This will allow you to dispose of your unsecured debts, like credit cards or medical bills. You may have to liquidate your property to pay for these debts. Most of the time, almost all of your property is exempt from being sold, but some assets do qualify. These assets could range from your stocks to antiques that have been carried through your family for years.
Chapter 13 bankruptcy involves those who have a high enough income that they do not qualify for Chapter 7 bankruptcy. This type of bankruptcy is also known as a wage earner’s plan. Chapter 13 bankruptcy is a bit more intricate because you must file a plan that maps out exactly how you intend to pay off your previous and current debts in the coming three to five years. This plan will wipe out certain debts and will also allow you to keep your property, including your home.
Requirements for Bankruptcy in Murrysville, PA
In all parts of Pennsylvania, including Murrysville, PA, you will find that there are various requirements to meet before you file bankruptcy. For one, you must have been a resident of Pennsylvania for at least 91 days before your filing date. Federal bankruptcy laws also require that you receive pre-bankruptcy credit counseling before filing. The credit counseling provider that aids you must also be approved by the Department of Justice. This meeting should give you a clear indication as to what steps you should take next, such as hiring an attorney.
Pennsylvania Bankruptcy Tips
One of the first tasks you should complete before filing for bankruptcy is to check your credit report. By checking your credit report, you can identify your debts. This is why checking your credit report is important, as some of your debts can be eliminated before filing for bankruptcy. Medical bills, credit card bills, business loans, personal loans, and more can be eliminated from your debts.
Considering the help of an attorney is another good idea to consider when filing for bankruptcy. An attorney can help make the process easy and even more beneficial to you. Bankruptcy is very complex, so help from an attorney is recommended. An attorney will not only help you figure out what paperwork to gather, but they will take you through options that you could use to repay your loans, as well as help you file for bankruptcy.
Help For Bankruptcy in Murrysville, PA
If you are looking for an attorney, Murrysville, PA is home to Bartifay Law Offices. At Bartifay Law Offices, not only will you find services for Chapter 13 bankruptcy, but also Chapter 7. Filing for bankruptcy is no small task and requires a lot of understanding. Our expert attorneys have represented and helped many struggling with bankruptcy, therefore they have a lot of knowledge over the process and its options. With our help, filing for bankruptcy will be a breeze.