Suite 2800, Gulf Tower
Pittsburgh, PA 15219
412-391-8000
1-800-360-9392
Chapter 7
Chapter 7, commonly called "straight bankruptcy", is a bankruptcy one might consider filing if there is insufficient income and insufficient assets to pay creditors. An example of this might be a household whose net income per month is $3000.00, after taxes, but whose expenses total $3000.00 or more. By expenses, we mean fixed items like mortgage or rent payments, utilities, car or truck payments, and insurance, as well as other necessities like food, clothing, gasoline and car or truck repairs and maintenance. Expenses generally will not include charge cards, personal loans, and the like (unless secured by a lien on you property), because these are some of the items that you will be attempting to discharge in the bankruptcy.
One can keep a reasonable amount of property in a Chapter 7 bankruptcy, including certain amounts of equity in a house, car, furniture, tools, jewelry, and other items. See the above section entitled "What property can I keep?" for details, but you should consult with a skilled attorney for answers about your particular situation.
There are, of course, many other situations when a Chapter 7 Bankruptcy might be considered, including the closing of a business. We'll be glad to answer any questions you might have about your particular circumstances.
If this sounds like the right kind of filing for you, call us at (412) 391-8000 or 1-800-360-9392 to schedule an appointment.