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Chapter 7, Chapter 11 and Chapter 13 Bankruptcy | Credit Rehabilitation
Foster Law Offices offers comprehensive bankruptcy legal services to Western Pennsylvania, including the
following: 
Bankruptcy law provides the groundwork for any business or any individual who may find themselves in a position where they can no longer make payments on the debts they owe. There are several types of bankruptcy available, many of which provide relief from paying heavy debts in a short amount of time.
Bankruptcy is the last resort for many people. Though, that should not necessarily be the case. Foster Law Offices finds that MOST of our past clients wish they would have sought bankruptcy relief MUCH earlier. Our past clients avoided filing bankruptcy for a variety of reasons including: misinformation, rumors or simply pride. For the most part, we find that our clients eliminate bankruptcy as an option due to reliance on bad information from the internet, television, radio, friends and even misinformed family. We invite you to visit our Bankruptcy Myths Page, to learn the facts about filing bankruptcy in the state of Pennsylvania.
In the United States, there are several types of bankruptcy that can be filed. These are called bankruptcy chapters. Each chapter operates differently or defines who, or what type of entity can file. Each chapter is a specific location in the bankruptcy code. A brief laymen explanation of each chapter:
- Chapter 7 Bankruptcy: This is the most common relief sought by individuals. This particular chapter is designed for individuals and businesses. It allows for total discharge of debts or a potential liquidation of assets to pay for debts. However, a debtor does NOT typically lose everything under this Chapter. There are specific exemptions that a potential debtor can use to protect the most basic assets. Proper exemption planning allows a debtor to protect his or her most basic assets including: residential real estate, vehicles, basic household goods, “simple” bank accounts and a variety of other assets that are clearly defined in the bankruptcy code. Proper exemption planning is critical at the onset of a case and experienced counsel can provide the necessary guidance and representation.
- Chapter 11 Bankruptcy: This chapter of bankruptcy is for the reorganization, or rehabilitation, of a business. In some cases, individuals can file this form of bankruptcy when they have substantial debts as well as a large amount of assets In general a business must secure approval from specific creditors on a reorganization plan.
- Chapter 12 Bankruptcy: This form of bankruptcy is designed specifically for family farmers. It is a type of bankruptcy that allows for the reorganization or financial rehabilitation of these specific working families.
- Chapter 13 Bankruptcy: This chapter is for rehabilitation or reorganization of debt for individuals and sole proprietors. So long as the debtor has some form of steady income or has the ability to generate income, he or she qualifies. In general, this Chapter tends to be a “home saver” or “asset protector”. A Chapter 13 bankruptcy will stop all foreclosure proceedings regardless of the status, even if there is a pending Sheriff Sale of said real estate. A Chapter 13 affords the debtor an opportunity to cure and reinstate a mortgage, if that is truly the problem.
In addition to the above mentioned services, Foster Law Offices is pleased to offer additional bankruptcy legal services including: bankruptcy advice, debt counseling, relief from credit card debt, debt negotiation, relief from debt scams, fair debt collection, free bankruptcy evaluation, advice in dealing with medical bill debt, mortgage foreclosure, tax issues and small business reorganization.
Contact Us today for a free, personalized consultation.
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