Filing for Bankruptcy in Chardon, OH

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Bankruptcy Explained

The United States Congress enacted Bankruptcy Code in 1978. The most recent changes made to Bankruptcy Code were completed in October 2005. From the time, the code was first enacted, things have changed dramatically.

Some things have become more restrictive while other restrictions have been removed completely.

Ultimately, the newest changes enforced educating individuals considering bankruptcy on restrictions, limitations, and consequences.

Bankruptcy is not the solution for everyone. There are many things to consider before choosing this option but seeking the assistance of a knowledgeable and experienced attorney in the field is definitely the place to start.

There are two primary types of bankruptcy, which we will discuss further below.

Your finances don’t have to get the better of you. There are solutions! Reach out to us Northeast Ohio Bankruptcy Attorney today! You can fill out our online contact form or reach out to us via email or phone.

Chapter 7 Bankruptcy

The Bankruptcy Code enforces income limitations for filing Chapter 7 Bankruptcy. These limits are based on the county in which you live as well as your average household income and family size.

The first step is to determine whether or not you qualify based on these limitations. From there, we move on to assessing and analyzing your financial situation. This part of the process includes going through your assets and determining whether or not they would be protected during bankruptcy proceedings.

In the state of Ohio, there are specific assets that have been qualified as exempt from collection or creditor, except for the federal government. This selection allows you potential protection of your home and your vehicle if payments are made as agreed.

After beginning Chapter 7 Bankruptcy, you will be required to attend a meeting of creditors. This meeting is conducted by the assigned Bankruptcy Trustee. Most of the time, the creditors are not present at this meeting.

Depending on equity and the progression through your required counseling, it’s possible to be discharged from debts about 90 days from the date of filing for Chapter 7 Bankruptcy.

Chapter 13 Bankruptcy

If you do not qualify for Chapter 7, Chapter 13 Bankruptcy has other options and limitations. Here are the standard scenarios under Chapter 13.

  • You receive income and are able to continue paying some debts while others are discharged.
  • Protection of non-exempt value in assets.
  • You are working to catch up on payments for which you’ve fallen behind for your home or car.
  • Adjustments or eliminations of property settlements related to a divorce.

Chapter 13 Bankruptcy is not a quick solution. It requires establishing a plan with the Court and your creditors. This plan can last anywhere from 3-5 years. After the plan has been completed, you will be granted relief from the debts as laid out in the Bankruptcy filing.

Chapter 13 provides a little more control over the management of your assets and provides a modicum of protection that Chapter 7 simply does not provide. Keep in mind, it will last a minimum of 3 years before relief.

Let’s Find the Best Plan for YOU!

We’ve provided you a simple overview of the Bankruptcy proceedings but we want to choose the path that will be best for you. Bankruptcy is not a one-size-fits-all solution. We invite you to reach out today and get in touch with us so we can assess your individual needs.

Let our firm work for you, using skilled attorneys who understand bankruptcy law.

Bankruptcy Attorney in Chardon, OH

If you are a resident of Chardon, OH and you need relief, please don’t hesitate to reach out today. Heather Moseman of Moseman Law Office, LLC. will be happy to meet with you and discuss your options.

Complete our online form or give us a call!

Speak to an experienced bankruptcy attorney today!

We are a debt relief agency.

We help people file for bankruptcy relief under the Bankruptcy code. The laws governing legal advertising in the state of Ohio require the following statement in any publication of this kind: “THIS IS AN ADVERTISEMENT.” This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.