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Bankruptcy: The Basic Things You Need to Know About Bankruptcy

The concept of debt relief is critical when you seek to deal with issues like excessive unsecured debt from credits and medical bills. You may even have problems with tax debt or other unsecured debt ranging from payday loans to car loans. If you are confused about what bankruptcy entails, you are among many who seek to find out more about this concept.

You may want to look at all of your options, like working with a debt relief agency, but remember that it is best to work with a bankruptcy law firm to obtain the best results.

The Pittsburgh bankruptcy lawyers will understand debt relief because they know the bankruptcy code and can offer effective, comprehensive help on your bankruptcy case.

In this simple guide, we will talk about bankruptcy basics and give you ideas on things you should do when facing bankruptcy.

If you are looking to obtain more information and seek more information about Chapter 7 bankruptcy, our Pittsburgh bankruptcy law firm is here to help.

What Is Bankruptcy?

Bankruptcy is a court-approved plan that allows you to pay or get rid of overwhelming debt. It is designed to be a way out for people overwhelmed by debts they can’t pay.

However, deciding to declare bankruptcy is a decision you should consider thoroughly. It isn’t a magic bullet to eliminate all your financial burdens and responsibilities. 

If you consider bankruptcy for yourself or your loved one, you should know what declaring bankruptcy would do and what it won’t do.

This is where the legal services of a Pittsburgh bankruptcy attorney will help greatly. The bankruptcy lawyer can help out in bankruptcy court, bankruptcy filing, matters related to wage garnishments, and debt settlement.

What filing for bankruptcy can do for you

From the moment you file your petition for bankruptcy to the bankruptcy court, you can expect the following:

  • Debt collectors will stop breathing down your neck.
  • Repossession, eviction, foreclosure, wage garnishment, and similar actions will be on pause until your bankruptcy case has been settled.
  • Erasure of unsecured debts such as personal loans and credit card debts

Our bankruptcy lawyers at JP Ward are here for you if you need help with Chapter 13 bankruptcy, credit card debt, or need more information on the bankruptcy code.

Reach out to our team for a free consultation today.

What filing for Bankruptcy Will Not Do For You

Filing for bankruptcy is not the magic word to ending all your financial obligations. Here is a rundown of responsibilities and debts you will still have to handle after filing for bankruptcy.

  • Child support
  • Unpaid alimony
  • Tax debts
  • Student loans (except in cases where you qualify)
  • Debts that are not included in your bankruptcy filing
  • Loan or mortgage for properties you want to retain ownership of. You either create a repayment plan or forfeit the right of the property.

Is Bankruptcy The Right Choice For You?

Filing for bankruptcy is a personal decision. Only you know how much pressure you can bear before asking for help. However, here are some things to note before making your decision.

  • Bankruptcy will influence your credit score for between 7 to 10 years. It will also be on record forever that you’ve applied for bankruptcy.
  • Depending on the loan terms, you won’t be able to take a house loan or mortgage within the first 12 months of filing for bankruptcy.
  • You still have to pay. You can expect to pay court fees and attorney fees. Some programs can help out, but ultimately the bill is on you.
  • It is not a must you use an attorney, so beware of lawyers who will try to make money off your situation. If you choose an attorney, understand the financial costs before signing the hiring contract.

What Are The Types Of Bankruptcy?

There are two types of personal bankruptcy. You have to choose one when you decide to file bankruptcy. They are:

  • Chapter 7. This one lets you off from some or all of the debts you can’t pay. You will be required to sell your valuable items first to pay off as much debt as possible. This type of bankruptcy is hard to qualify for due to its income limits. If you don’t qualify for Chapter 7 bankruptcy, you can file for Chapter 13 bankruptcy.
  • Chapter 13. This type helps you create a payment plan to pay off all or some of your debt. The payment plan allows you to keep some of your monthly income for your daily expenses. In most cases, the payment plan lasts between three to five years.

How do you file for bankruptcy?

The first step is to go to an approved agency for credit counseling. This counseling aims to see if you have other viable options for dealing with your debts. You might have to take a personal finance course or undergo debtor education in some cases.

The next step is to file for bankruptcy. You or your attorney (if you have one) will file a petition for bankruptcy along with some easy paperwork at the bankruptcy courts after you have decided that declaring bankruptcy is your only viable option. 

The court will appoint a trustee to go through your paperwork and organize the process. The process includes meeting with your creditors and answering questions about finances and related issues.

The remaining steps depend on the nature of your case.

When Do You Complete The Bankruptcy Process?

You only complete the bankruptcy process when you have paid off all your debts or are released from paying any debt. You should get a confirmation letter for proof that you are off the hook. 

You should also ensure your credit report is updated to show the bankruptcy process is complete. It can take up to three months for your credit reports to update on completing your bankruptcy process.

What Do You Do When You Are Facing Bankruptcy?

Ideally, you want to ensure you are exploring all your options. Speaking with a professional can seem like an extra expense. However, a professional, such as a personal finance analyst, can help you evaluate your financial position, plug financial holes and get your finances back on track.

If you are recovering from bankruptcy, then you should focus on the following:

  • Obtain a job and a home: Getting a stable job and home address will show creditors you are responsible and build trust. If you can’t get home due to your credit references, stay with a family member or a friend. You might not have much choice for jobs, so settle with any legal option you find in the meantime.
  • Pay your bills: You have to keep paying your bills. One way to do this is to pay your bills first before spending on other things. This includes utility bills, rent, and other payments. This way, you can begin to rebuild your credit record.
  • Opening a bank account: Look for a bank that offers second chance programs and open an account with them. Maintain positive balance at all times. This will help you access financial options and show creditors you are reliable.

Need Help with Bankruptcy Relief? Reach Out To Our Bankruptcy Lawyers Today

Declaring bankruptcy might be your only choice, but it isn’t the world’s end. Rebuilding your income, maintaining a positive balance, and keeping employment records can help you get back on your feet and bounce back once again.

If you require assistance with bankruptcy law and need help from legal professionals that understand the bankruptcy code, reach out to the law offices of JP Ward today.

Our bankruptcy attorneys are here to help with our comprehensive bankruptcy services.

The concept of debt relief is critical when you seek to deal with issues like excessive unsecured debt from credits and medical bills. You may even have problems with tax debt or other unsecured debt ranging from payday loans to car loans. If you are confused about what bankruptcy entails, you are among many who seek to find out more about this concept.

You may want to look at all of your options, like working with a debt relief agency, but remember that it is best to work with a bankruptcy law firm to obtain the best results.

The Pittsburgh bankruptcy lawyers will understand debt relief because they know the bankruptcy code and can offer effective, comprehensive help on your bankruptcy case.

In this simple guide, we will talk about bankruptcy basics and give you ideas on things you should do when faced with bankruptcy.

If you are looking to obtain more information and seek more information about Chapter 7 bankruptcy, our Pittsburgh bankruptcy law firm is here to help.

What Is Bankruptcy?

Bankruptcy is a court-approved plan that allows you to pay or get rid of overwhelming debt. It is designed to be a way out for people overwhelmed by debts they can’t pay.

However, deciding to declare bankruptcy is a decision you should consider thoroughly. It isn’t a magic bullet to eliminate all your financial burdens and responsibilities. 

If you consider bankruptcy for yourself or your loved one, you should know what declaring bankruptcy would do and what it won’t do.

This is where the legal services of a Pittsburgh bankruptcy attorney will help greatly. The bankruptcy lawyer can help out in bankruptcy court, bankruptcy filing, matters related to wage garnishments, and debt settlement.

What filing for bankruptcy can do for you

From the moment you file your petition for bankruptcy to the bankruptcy court, you can expect the following:

  • Debt collectors will stop breathing down your neck.
  • Repossession, eviction, foreclosure, wage garnishment, and similar actions will be on pause until your bankruptcy case has been settled.
  • Erasure of unsecured debts such as personal loans and credit card debts

Our bankruptcy lawyers at JP Ward are here for you if you need help with Chapter 13 bankruptcy, credit card debt, or need more information on the bankruptcy code.

Reach out to our team for a free consultation today.

What filing for Bankruptcy Will Not Do For You

Filing for bankruptcy is not the magic word to ending all your financial obligations. Here is a rundown of responsibilities and debts you will still have to handle after filing for bankruptcy.

  • Child support
  • Unpaid alimony
  • Tax debts
  • Student loans (except in cases where you qualify)
  • Debts that are not included in your bankruptcy filing
  • Loan or mortgage for properties you want to retain ownership of. You either create a repayment plan or forfeit ownership of the property.

Is Bankruptcy The Right Choice For You?

Filing for bankruptcy is a personal decision. Only you know how much pressure you can bear before asking for help. However, here are some things to note before making your decision.

  • Bankruptcy will influence your credit score for between 7 to 10 years. It will also be on record forever that you’ve applied for bankruptcy.
  • You won’t be able to take a house loan or mortgage within the first 12 months of filing for bankruptcy, depending on the loan terms.
  • You still have to pay. You can expect to pay court fees and attorney fees. Some programs can help out, but ultimately the bill is on you.
  • It is not a must you use an attorney, so beware of lawyers who will try to make money off your situation. If you choose an attorney, understand the financial costs before signing the hiring contract.

What Are The Types Of Bankruptcy?

There are two types of personal bankruptcy. You have to choose one when you decide to file bankruptcy. They are:

  • Chapter 7. This one lets you off from some or all of the debts you can’t pay. You will be required to sell your valuable items first to pay off as much debt as possible. This type of bankruptcy is hard to qualify for due to its income limits. If you don’t qualify for Chapter 7 bankruptcy, you can file for Chapter 13 bankruptcy.
  • Chapter 13. This type helps you create a payment plan to pay off all or some of your debt. The payment plan allows you to keep some of your monthly income for your daily expenses. In most cases, the payment plan lasts between three to five years.

How do you file for bankruptcy?

The first step is to go to an approved agency for credit counseling. This counseling aims to see if you have other viable options for dealing with your debts. You might have to take a personal finance course or undergo debtor education in some cases.

The next step is to file for bankruptcy. You or your attorney (if you have one) will file a petition for bankruptcy along with some easy paperwork at the bankruptcy courts. This is after you have decided that declaring bankruptcy is your only viable option. 

The court will appoint a trustee to go through your paperwork and organize the process. The process includes meeting with your creditors and answering questions about finances and related issues.

The remaining steps depend on the nature of your case.

When Do You Complete The Bankruptcy Process?

You only complete the bankruptcy process when you have paid off all your debts or are released from paying any debt. You should get a confirmation letter for proof that you are off the hook. 

You should also ensure your credit report is updated to show the bankruptcy process is complete. It can take up to three months for your credit reports to update on completing your bankruptcy process.

What Do You Do When You Are Facing Bankruptcy?

Ideally, you want to ensure you are exploring all your options. Speaking with a professional can seem like an extra expense. However, a professional, such as a personal finance analyst, can help you evaluate your financial position, plug financial holes and get your finances back on track.

If you are recovering from bankruptcy, then you should focus on the following:

  • Obtain a job and a home: Getting a stable job and home address will show creditors you are responsible and build trust. If you can’t get home due to your credit references, stay with a family member or a friend. You might not have much choice for jobs, so settle with any legal option you find in the meantime.
  • Pay your bills: You have to keep paying your bills. One way to do this is to pay your bills first before spending on other things. This includes utility bills, rent, and other payments. This way, you can begin to rebuild your credit record.
  • Opening a bank account: Look for a bank that offers second chance programs and open an account with them. Maintain positive balance at all times. This will help you access financial options and show creditors you are reliable.

Need Help with Bankruptcy Relief? Reach Out To Our Bankruptcy Lawyers Today

Declaring bankruptcy might be your only choice, but it isn’t the world’s end. Rebuilding your income, maintaining a positive balance, and keeping employment records can help you get back on your feet and bounce back once again.

If you require assistance with bankruptcy law and need help from legal professionals that understand the bankruptcy code, reach out to the law offices of JP Ward today.

Our bankruptcy attorneys are here to help with our comprehensive bankruptcy services.