(814) 454-6345
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Erie, PA 16507

Personal Bankruptcy Attorneys in Erie, PA | Skiba & Brasco

Personal bankruptcy attorneys in Erie, PA - Skiba and BrascoSkiba and Brasco are specialized in bankruptcy legal matters. For many people, bankruptcy is a last resort after they have exhausted every other way of dealing with debt. Waiting too long to file for bankruptcy, however, can end up putting you in a deeper hole than you anticipated. Attorneys Skiba and Brasco can ensure that you'll receive proper guidance through the bankruptcy process and help you determine which bankruptcy option best fits your needs. Title 11 of the U.S. Bankruptcy code allows individuals to file straight bankruptcy under Chapter 7. Restructuring payment plans require filing Chapter 13 bankruptcy.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is for those individuals who need a fresh start.  A means test determines whether the debtor really needs debt relief.  Then, the court appointed trustee takes all qualifying assets and resells them to distribute money among creditors.  All remaining debts that can be expunged are erased.  The debtor now has a second chance to change financial fortunes.  

Chapter 13 Bankruptcy

Individuals wishing to retain property, pay their bills and receive a little help to make the payments more affordable opt to file for Chapter 13 bankruptcy. The court negotiates with creditors to bring the debt down to a reasonable amount.  Then, a payment plan is mandated to pay off debt during the next 5 years.  As long as the debtor meets court expectations and keeps all other bills current, assets are kept.  Nevertheless, the debtor cannot have more than $1,010,650 in secured debt and $336,900 in unsecured debt.

Contact Attorneys Skiba and Brasco today to get quality bankruptcy legal advice in Erie, PA.