Bankruptcy is Designed to Help

We are a bankruptcy firm located in Eastgate, Ohio.

Are you struggling with debt and do no know where to turn or what to do? Every month in the red, using more credit just to try and stay afloat? What you should do is contact our Eastgate, Ohio Bankruptcy Attorney. At this free consultation you will be able to discuss all of your options and see if bankruptcy could help you get a fresh financial start.

Bankruptcy laws are designed to help people get out of debt and protect them from the collection practices of creditors. This includes phone calls, mailings, court proceedings and garnishments. If you need to file for bankruptcy this does not mean that you are a bad person, just that you a person who got into a rough financial spot and needed help to get out. The old stigma of bankruptcy is not so much anymore. Bankruptcy is really quite common in todays economy. The law change of 2005 did make is a little harder to file for bankruptcy, but it is still available. What the law did was made attorneys do more due diligence and added income guidelines for the debtor, but most can still qualify for a Chapter 7.

What is the difference between the bankruptcy chapters? Chapter 7, referred to a straight bankruptcy or liquidation bankruptcy is a bankruptcy designed to discharge all of your unsecured debts and give you a fresh financial start. Chapter 7 is sometimes called a liquidation bankruptcy because the Chapter 7 Trustee may liquidate some of your assets. However, there are exemptions available to protect your assets and most people who file for Chapter 7 are happy to find out that they are able to keep all of their assets while clearing off all of their unsecured debt. If you have secured debt, such as a home or vehicle that you would like to keep, you will just keep making your payments on these items and will most likely sign a reaffirmation agreement. A reaffirmation agreement is a bankruptcy document that you sign which declares the debt non-discharged and guarantees everything stays the same as before you filed for bankruptcy. It also guarantess that the creditor will report your payments to the credit reporting agencies, helping to rebuild your credit.

Once you file for bankruptcy protection all collection proceedings must stop. This includes but is not limited to phone calls, mailings, court proceedings and garnishments. You will receive your discharge in approximately 4 months after you file for bankruptcy protection.

If you are over income or behind on a secured debt which you would like to keep, then Chapter 13 bankruptcy is available for you. Chapter 13 is often referred to as a wage earner plan as you must have reliable income to qualify for a Chapter 13 as you will be making monthly payments to the Chapter 13 Trustee and they will be disbursing your monthly payments to your creditors. A Chapter 13 Plan must be at least 3 years and no longer than 5 years.

Chapter 13 Bankruptcy will stop a foreclosure or repossession and allow you to make up the payments you are behind over the 3-5 year process.

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To find out if bankruptcy is the answer for you contact our Eastgate, Ohio Bankruptcy Attorney today for your free consultation.