We are bankruptcy attorneys located in Eastgate, Ohio. We specialize in Chapter 7 and Chapter 13 bankruptcy filings.
Not sure what bankruptcy is? Bankruptcy is a process in which consumers and businesses can eliminate or re-pay some or all of their debts under the federal protection of the bankruptcy stay. Basically, there are two types of bankruptcy available for the consumer: Chapter 7 Bankruptcy and Chapter 13 Bankruptcy.
Chapter 7 is designed to clear off or discharge all of your unsecured debt. This will give you a fresh financial start. Creditors can no longer collect on debts by telephone calls or court proceedings. If there were secured items that you wish to keep such as your home or vehicle you would re-sign on these items under a reaffirmation agreement.
A reaffirmation agreement is a bankruptcy document you would sign to reaffirm debts that you do not want to discharge through your case. The debts that are re-signed on will report to the credit reporting agencies and help to re-build your credit.
Chapter 7 is also referred to as a “liquidation bankruptcy” because the trustee may take and sell or liquidate some of your property to pay back some of your debt. However, you will be able to keep most if not all of your property due to the protection of the bankruptcy exemptions. These include such things as your home, vehicle, cash on hand, jewelry, household items, retirement plans, and most other assets. The exemptions vary so you should contact our Eastgate, Ohio bankruptcy attorney for further details.
Are you eligible for Chapter 7. Not everyone can qualify for Chapter 7, there are several factors to consider, but most can qualify. Contact our office today for your free consultation to see if you qualify for Chapter 7 Bankruptcy.
Chapter 13 is also referred to as a “wage earner” plan because in order to file for Chapter 13 protection you must have a reliable source of income so that you can repay all or a portion of your debt.
In Chapter 13 you will pay back a percentage of your unsecured debts, this can range from 1% to 100% depending on your individual situation. Chapter 13 bankruptcy can also stop a foreclosure action and a vehicle repossession and allow you to make up your missed payments through the chapter 13 plan.
If you file for Chapter 13 be prepared to be in the case for minimum of 3 years and a maximum of 5 years. It will be up to the creditors to file a claim in order to be paid during this case. During this time period you will repay a percentage of your unsecured debts, your secured debts and any missed payments you had on your house or vehicle. At the end of the case you will receive a discharge as to all remaining debt.
For more information check out our website at Keegan .
If you are thinking of filing for bankruptcy, contact your Eastgate, Ohio bankruptcy attorneys today. We offer a free consultation, fair fees and monthly payment plans.