When you're filing for bankruptcy, it is critical to understand your legal rights. Bankruptcy laws protect consumers from financial ruin and the potential to be abused by creditors. By allowing consumers to have their qualifying debts eliminated, bankruptcy offers all Americans a second chance at controlling their debt.

As an experienced Somerset Bankruptcy Law Attorney, I have helped hundreds of clients in the Pittsburgh area and throughout Pennsylvania reorganize and eliminate debt, saving homes, cars and wages from overly aggressive creditors.

I can advise you of all your legal options and help you decide if bankruptcy is the best choice for you. I provide solid legal guidance in the following areas:

• New Bankruptcy Laws
  
• Chapter 7 Bankruptcy
  
• Chapter 13 Bankruptcy
  
• Foreclosures
• Commercial Bankruptcy
• Loan Workouts
• Short Sales
• Credit Counseling
• Debt Consolidation
• Petitions
• Adversary Proceedings
  

Harold Shepley & Associates, LLC is a full-service debt law firm dedicated to helping individuals, families, and businesses who are struggling with an over-burdening amount of debt. We can be found in the Better Business Bureau of Western Pennsylvania and are currently in good standing.

Bankruptcy law is a unique type of law based on forgiveness rather than punishment. As of October 17, 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act took effect, enforcing tougher restrictions on consumers trying to file under Chapter 7 bankruptcy. As a skilled Somerset Bankruptcy Law Attorney, I have the necessary expertise to determine the qualifications you must meet in order to file for bankruptcy.

My team will work hard for you to do what is in your best interest. Whether it is bankruptcy, debt negotiation or credit restoration that will best help you to get back on your feet financially, we will do whatever it takes to make that happen. Our first goal is to keep people and businesses out of bankruptcy if we can. If necessary, we obviously file the bankruptcy as needed.

We handle many corporate bankruptcy cases as well. We can work through the mail and over the phone to save you time and expense. Face-to-face consultations are available, but we try to eliminate the need for travel as much as we possibly can.

If you or someone you know in the Pittsburgh area or anywhere in Pennsylvania needs the assistance of an experienced Somerset Bankruptcy Law Attorney, call Harold Shepley today at 866-435-4295, or complete the contact form provided on this site to schedule your free consultation.

Practice Areas and Legal Definitions

Every year, more than 1,000,000 Americans file for protection under Federal bankruptcy laws. Although some bankruptcy claimants are deemed as credit abusers and/or considered financially irresponsible, many hardworking individuals and businesses can succumb to financial difficulty, and face irreperable economic crisis. Bankruptcy is designed as a legal option to help resolve such a crisis, and act as a financial life preserver for those drowning in debt. To discuss your bankruptcy options, or other areas of recourse that might be available to you, contact a qualified bankruptcy attorney who can advise you of your legal rights as stated under Bankruptcy Law and federal Bankruptcy courts.

New Bankruptcy Laws:
Bankruptcy is a federal court process designed to help individuals and businesses eliminate their debts or repay them under the protection of the bankruptcy court. Bankruptcies can generally be described as liquidation or reorganization. Under a liquidation bankruptcy (Chapter 7), a claimant files to eliminate debt through the bankruptcy court. Under a reorganization bankruptcy (Chapter 13), a claimant files a plan with the bankruptcy court proposing how to repay creditors.

As of October 17, 2005, the requirements under which a debtor may file Chapter 7 bankruptcy changed with the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act.  Debtors are now required to seek budget and credit counseling within six months of filing, financial “testing” is required to determine the debtor’s capacity for debt repayment, Chapter 7 cannot be filed if the household income is greater than the median household income as deemed by the state, and state exemptions cannot be applied unless the debtor has resided at current residence for over two years.

Due to the imposed requirements for Chapter 7 bankruptcy as set forth by the new laws, debtors who were eligible to file under Chapter 7 will now have to file under Chapter 13 bankruptcy instead, in which individuals and creditors agree to a court-imposed plan that requires some or all debts be repaid over five years, with an appointed trustee assigned to monitor the repayment process. Bankruptcy filings will continue to be recorded on an individual’s credit report for seven years in the case of Chapter 13, and up to ten years for Chapter 7.

Chapter 7:
Chapter 7 cases are commonly referred to as straight bankruptcy or liquidation cases, and may be filed by an individual, corporation, or a partnership. A Chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in Chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. Accordingly, potential debtors should realize that the filing of a petition under Chapter 7 may result in the loss of property.

Chapter 13:
A Chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. Chapter 13 permits individuals to keep their property by repaying creditors out of their future income.  It is not available to corporations or partnerships. After completion of payments under the plan, Chapter 13 debtors receive a discharge of most debts.

Foreclosure:
Foreclosure is the legal proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that "the lender has foreclosed its mortgage or lien".

A Foreclosure by Sale ends in the posting of a sign advertising the auction of your home on the sale date. The only ways to stop a foreclosure are full payment of the arrearage, or the filing of a Chapter 13 bankruptcy. Full Payment: If you are able to obtain and tender the full amount of your arrearage, including fees and costs, you can stop the foreclosure of a standard residential mortgage. Most people lack the money to make full payment. This process stops the foreclosure and allows you to repay your arrearage over a three-to-five year period. The arrearage is paid through a court-appointed official, while you resume your regular monthly payments to the bank in order to keep your home. A Chapter 13 can be filed at any time prior to the law day or sale date, and it is often the only avenue to save your home.

Bankruptcy Fraud:
Bankruptcy fraud is a business crime of filing for bankruptcy with criminal intent, that is with the intention of evading payment for goods even though the buyer has funds that could be used to pay for them, or accepting payment for goods or services but not supplying them. Common types of bankruptcy fraud include petition mills, false oath, concealment of assets, and fraudulent conveyance. Multiple filings are not per se fraudulent; as with all things in the law, it depends on the circumstances. Bankruptcy fraud should be distinguished from strategic bankruptcy, which is not a criminal act (but may prejudice a judge against the filer if there is evidence that bankruptcy is being used strategically).

Debt Consolidation:
Contrary to popular belief, debt consolidation is not a loan. Debt consolidation is a process in which debt is restructured into one low monthly payment. It further enables a consumer to reduce the amount owed and thereby eliminate interest. Very often a consumer can detect warning signs of being in too much debt long before any collection notices are received. If more than two of the following signs apply to you, you are probably in too much debt:

• You have begun charging to your credit card essential expenses like food and daily expenditures
• You are making only the minimum payments on your credit cards each month
• You are near the limit of your credit cards
• You have too many credit cards
• You are unsure how much money you owe creditors

Chapter 11:
Chapter 11 is typically used for business bankruptcies and restructuring. It is not commonly used by individual consumers since it is far more complex and expensive to pursue. It allows businesses to reorganize themselves, giving them an opportunity to restructure debt and get out from under certain burdensome leases and contracts. Typically a business is allowed to continue to operate while it is in Chapter 11, although it does so under the supervision of the Bankruptcy Court and its appointees.

If you or someone you know in the Pittsburgh area or anywhere in Pennsylvania needs the assistance of an experienced Somerset Bankruptcy Law Attorney, call Harold Shepley today at 866-435-4295, or complete the contact form provided on this site to schedule your free consultation.

If you or someone you know in the Pittsburgh area or anywhere in Pennsylvania needs the assistance of an experienced Somerset Bankruptcy Law Attorney, call Harold Shepley today at 866-435-4295, or complete the contact form provided on this site to schedule your free consultation.

ADDRESS OF THE FIRM:
Harold Shepley & Associates, LLC
485 Berlin Plank Road
Somerset, PA 15501
Telephone: 866-435-4295
Fax: 814-445-3976

MEMBERS OF THE FIRM:

Harold W. Shepley
Attorney Harold W. Shepley graduated from Washington and Jefferson College with dual majors in both business administration and political science. As a member of Delta Tau Delta Fraternity, he developed and chaired the Chapter's first community service committee which earned national distinction in its very first year of development. He was also a founding member of the fraternity's judicial board.

In addition, Attorney Shepley served as Community Service Chairman for the entire College. During his tenure he developed the "umbrella" system currently used by the United Way. This system of organization was promoted and explained in a country-wide forum of civic leaders and reshaped the way many charitable organizations currently operate.

Attorney Shepley received his Juris Doctorate from Capital Law School. In his efforts to provide affordable legal protection to as many families as possible, he chose to promote Pre-Paid Legal Services, Inc. immediately upon graduating from Law School. Attorney Shepley quickly became an Executive Director within the organization and the first attorney to ever accomplish this goal.

Attorney Shepley now devotes his entire attention to helping individuals, families and businesses overcome the burdens of financial distress.

Harold Shepley resides in Somerset with his wife and two children and is an active member in the Somerset Christian and Missionary Alliance Church.