Chapter 7 bankruptcy questions in Pittsburgh? Whether you’re an individual or a business debtor, the concept is basically the same. You report your assets, liabilities and financial affairs and your creditors are paid pursuant to the priority scheme set forth in the Bankruptcy Code from property of the debtor’s estate.
Consumer debtors are entitled to exemptions which vary from state to state. To further complicate matters, an individual debtor may be permitted to file in one jurisdiction but be required to follow the exemption rules of another state, depending on where that debtor has lived in the period preceding the filing of the bankruptcy case.
Before filing a Chapter 7 bankruptcy case, both businesses and individuals should consult with a qualified Chapter 7 bankruptcy lawyer in Pittsburgh.