Chapter 13 Bankruptcy Lawyer Serving Greater Erie, & Pittsburgh, PA
Our firm is a Chapter 13 Bankruptcy Law firm who proudly serves greater Erie & Pittsburgh, PA. Chapter 13 bankruptcy is available for individuals/consumers and not businesses. Individuals that are sole proprietors still may qualify, however. More often than not, a Chapter 13 filing and plan are used as a “home-saver”. Meaning the payment and retention of a home usually takes a high priority in a Chapter 13 plan. The Chapter 13 repayment plan also allows you to combine your debts (secured and unsecured) and repay all or part of them, while protecting you from creditor harassment and liquidation. Rather than “robbing from Peter to pay Paul” to pay your mortgage, car payments and credit cards each week; Chapter 13 creates one reasonable, monthly payment plan.
One is the biggest keys to Chapter 13 is that unsecured creditors are addressed INTEREST FREE. This means an end to the excessive interest rates on consumer credit cards. This is an excellent alternative for individuals who do not qualify for Chapter 7, as it still provides an option for a debt-free future.
There are a variety of reasons that an individual would choose Chapter 13 over a Chapter 7. More often than not, I see individuals in a Chapter 13 bankruptcy if there is EXCESS INCOME or EXCESS ASSETS. Chapter 7 bankruptcy filings usually evidence an individual’s inability to pay unsecured debts. However, this evidence might not be available, meaning that the individual has SOME monies to pay to unsecured creditors. A Chapter 13 bankruptcy would help an individual that has SOMETHING to pay to creditors, just not enough to meet the excessive contractual obligations of the credit card companies.