Bankruptcy
Most individuals file for one of two types of bankruptcy: Chapter 7 or Chapter 13. Our office will help you determine which one to file, as it depends on your income and the assets you wish to keep. Please read below for more information.
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Bankruptcies are tried in the Ralph Regula Federal Building
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Chapter 7
Chapter 7
bankruptcy, also called liquidation, is the most common type of
bankruptcy and completely eliminates your dischargeable debts forever.
Individuals who qualify for Chapter 7 bankruptcy have proven to the
court that they have no realistic way to repay their debt over the
course of the next three to five years. With careful planning a Chapter 7
debtor is legally excused from having to repay any unsecured debts, and
most debtors are able to keep all of their assets. Typically it takes a
total of about four months for a Chapter 7 bankruptcy case to be filed
and discharged.
Certain debts cannot be cleared through Chapter 7 bankruptcy, such as student loans, child support, alimony, most taxes, and personal injury damages while intoxicated.
To determine if filing a Chapter 7 is right for you, please call our office at 330-452-8755 for a free initial consultation.
Certain debts cannot be cleared through Chapter 7 bankruptcy, such as student loans, child support, alimony, most taxes, and personal injury damages while intoxicated.
To determine if filing a Chapter 7 is right for you, please call our office at 330-452-8755 for a free initial consultation.
Chapter 13
When
an individual does not qualify for Chapter 7 bankruptcy, he or she is
most likely eligible to file for Chapter 13. In most cases, individuals
who file for Chapter 13 bankruptcy have suffered from a temporary loss
that has put them too far behind in debt to catch up on their own, or to
meet the unreasonable demands of creditors. The bankruptcy law is on
your side.
Chapter 13 bankruptcy will stop creditors in their tracks immediately. This type of bankruptcy allows you to consolidate debt and restructure it into a monthly payment plan that is affordable to you. Usually people awarded a Chapter 13 judgment make sufficient income to cover their living expenses, but not enough to pay off debts in full or according to the unreasonable demands of creditors. With careful planning with a skilled attorney, a debtor who files for chapter 13 bankruptcy pays for living expenses first, and then money left over is used to repay creditors on very affordable terms, often for just pennies on the dollar.
Chapter 13 bankruptcy cases typically last for three to five years from initial filing to discharge, depending on the individual’s ability to pay.
To determine if filing a Chapter 13 is right for you, please call our office at 330-452-8755 for a free initial consultation.
Chapter 13 bankruptcy will stop creditors in their tracks immediately. This type of bankruptcy allows you to consolidate debt and restructure it into a monthly payment plan that is affordable to you. Usually people awarded a Chapter 13 judgment make sufficient income to cover their living expenses, but not enough to pay off debts in full or according to the unreasonable demands of creditors. With careful planning with a skilled attorney, a debtor who files for chapter 13 bankruptcy pays for living expenses first, and then money left over is used to repay creditors on very affordable terms, often for just pennies on the dollar.
Chapter 13 bankruptcy cases typically last for three to five years from initial filing to discharge, depending on the individual’s ability to pay.
To determine if filing a Chapter 13 is right for you, please call our office at 330-452-8755 for a free initial consultation.