Pittsburgh Bankruptcy Attorney

Save My House, Save My Car

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Can I save my house from foreclosure?  Can I keep my car in bankruptcy?  Probably.  Your Pittsburgh Bankruptcy Attorney will know how to apply your exemptions properly.

If you want to keep an asset on which you owe money, like a car loan or a mortgage, you generally need to keep paying the underlying debt.  Bankruptcy can make that easier by clearing off other debt that does not involve the property (think credit card debt and medical bills).  If you are not behind on your mortgage or car loan, it might make sense for you to file a bankruptcy under Chapter 7.  Under Chapter 7, you will be able to liquidate your debts without the requirement of making payments to unsecured creditors.

If you are behind on your payments and can’t catch up, even after you take out the unsecured debt, it could make sense for you to file a Chapter 13 bankruptcy.  You will have 3 to 5 years to pay the overdue payments on your mortgage.  In Chapter 13, you could end up paying your creditors a fraction of what you owe them while you catch up on the mortgage or car payment.  In either event, a bankruptcy filing imposes the automatic stay–stopping efforts by creditors to foreclose upon or repossess your property.

In any bankruptcy case, it’s important to properly apply your exemptions.  Exemptions are statutory and common law protections in place to permit you to shield property from the reach of your creditors in a bankruptcy case.  Exemptions vary by state.  In Pittsburgh, if you’ve lived in the Commonwealth of Pennsylvania for the majority of the 180-day period preceding the bankruptcy case, you can select between the Pennsylvania exemptions and the Federal Exemptions.  Your choice will have very important consequences.  Contact a Pittsburgh Bankruptcy Lawyer to determine how to apply your exemptions and save your house and save your car.

Call anytime for a free consultation:  412-925-8194.

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