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  • Toll Free: 800-360-9392
  • Pittsburgh: 412-391-8000
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Schedule Your Free Consultation

Contact Us
  • Toll Free: 800-360-9392
  • Pittsburgh: 412-391-8000
  • Erie: 814-451-1131
  • Why Steidl & Steinberg
    • Our Difference
    • Our History
    • Our Commercials
    • Attorneys Against Hunger
  • Areas of Practice
    • Overview
    • Personal Bankruptcy
    • Business Bankruptcy
    • Taxes
    • Assessment Appeals
    • Student Loan Management
  • Our Attorneys
    • Meet Our Attorneys
    • Ken Steidl
    • Julie Steidl
    • Christopher Frye
    • Lauren Lamb
    • Abagale Steidl
    • Brian Dodson
    • Nathan Chase
  • Our Locations
    • Steidl & Steinberg Offices
    • Beaver
    • Belle Vernon
    • Carnegie
    • Erie
    • Greensburg
    • Hermitage
    • Meadville
    • New Kensington
    • Pittsburgh
    • Uniontown
    • Washington
  • Blog
  • Reviews
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The Overspender

Life was good for Ollie. He had a fast car, a fast lifestyle, and he was fast with his cash. Live for the present was Ollie’s motto and he bought a lot of presents for a lot of people. Then, his present turned into a disaster.

His credit cards were pushed to the limit and he found himself deep in debt. He did not own any real estate and, other than some used furniture and clothing, Ollie had nothing of any real value. His bank account was empty. Ollie read some articles on the Internet and thought he was a perfect Chapter 7 bankruptcy candidate. He would come to find that the solution was Chapter 13 bankruptcy, not Chapter 7.

But Ollie had a problem. He made $57,000.00 last year and, after his monthly expenses were taken into consideration, he had a surplus of $400.00 remaining. He was not eligible to file a Chapter 7 bankruptcy because he was over the median yearly income in the state of Pennsylvania for one person, and he had a surplus of funds remaining at the end of the month.

Chapter 13 Bankruptcy

But he still had options, and a Chapter 13 bankruptcy was a very affordable and viable alternative.

By paying his surplus funds of $400.00 per month to the Chapter 13 Trustee, as part of his court enforced plan, Ollie was able to repay almost 80 percent of his outstanding unsecured debt. Since the pre-Chapter 13 payments to his creditors were over $1,100.00 a month, he was also able to save over $700.00 in his monthly payments. In addition, he was able to eliminate all of the interest that would be due to the credit card companies, saving tens of thousands of dollars over the years it would have taken him to pay his accounts in full without the Chapter 13 bankruptcy. He was able to pay his debts in five years as opposed to the 12 years it would have taken had he made the credit card minimum payments.

Debt Repaid

The Chapter 13 was a benefit to the creditors who would receive almost 80 percent of their debts repaid. It was also a significant benefit to Ollie, because he was able to eliminate the other 20 percent of the debt to these creditors. He was also able to eliminate interest and save thousands of dollars. For a change, it was Ollie who was getting a present.

For bankruptcy help, contact Steidl & Steinberg!

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Steidl & Steinberg PC BBB Business Review
  • Overview
  • Personal Bankruptcy
    • Types of Personal Bankruptcy
    • FAQs
      • Former Bankruptcy Client
      • Current Bankruptcy Client
      • Prospective Bankruptcy Client
    • Could This Be You?
      • The Choice: Debt Settlement vs. Bankruptcy
      • Retirees Who Paid Their Dues
      • The Divorce
      • The Small Business Break-up
      • The Typical Chapter 7
      • The Avalanche of Medical Bills
      • The Overspender
      • The Co-sign
      • The Mortgage Foreclosure
      • The Lost Job
    • Step-by-Step
    • Resources
      • Bankruptcy Resources
      • Bankruptcy Glossary
      • Helpful Financial Links
  • Business Bankruptcy
    • Types of Business Bankruptcy
  • Taxes
    • Overview
    • How We Can Help
    • FAQs
    • Could This Be You?
      • Business Withholding Tax
      • Currently Uncollectable
      • Taxes and Filing Bankruptcy
      • Offer in Compromise
  • Assessment Appeals
    • Overview
    • Assessment Appeals FAQs
  • Student Loan Management

Archives

Steidl & Steinberg PC BBB Business Review

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Southwestern PA Main Office - Pittsburgh - 412-391-8000

Northwestern PA Main Office - Erie - 814-451-1131

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