- 564 Forbes Avenue · Pittsburgh, PA 15219
- Phone: (412) 281-0200 · Fax: (412) 281-3866
- Toll-free Phone: (866) 745-0200
If it were not for Fives & Duchene, we would still be struggling financially to make ends meet. We found ourselves in serious debt and had a mortgage we could no longer afford.
- Todd & Lisa B, Pittsburgh, PA
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The Basics of Bankruptcy
Bankruptcy is a way for individuals and businesses to perform a financial reorganization supervised by a federal bankruptcy court.
An individual who is in debt may file for bankruptcy under Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code.
A Chapter 7 bankruptcy relieves individuals from having to pay their unsecured debts, such as credit card balances and medical bills and payday loans. Chapter 7 is often referred to as a “fresh start” bankruptcy
A Chapter 13 bankruptcy reorganizes your debts and allows you to pay creditors in full, or a portion of what is owed, at a slower rate than normal through a plan, involving a regular monthly payment. Chapter 13 is often described as providing “breathing room.”