Bankruptcy in Cleveland, OH
When choosing a bankruptcy attorney it is important to consider the commitment of the lawyer. I am a licensed Cleveland, Ohio Bankruptcy Attorney who will take your case seriously. This website contains information regarding Cleveland bankruptcy law and will assist the reader in determining if they can and/or should file bankruptcy. This site will give information on the bankruptcy process in general and to help assessment of an individual or family’s financial situation if bankruptcy or an alternative plan would be best suited to their needs.
Bankruptcy laws have a tendency to change often and it is important to seek an attorney who keeps up with ever-changing case law. It has been my experience that many of my clients who came into the process believing that they would not qualify for Chapter 7 Bankruptcy ended up being able to file Chapter 7 when all of their expenses and situations were properly analyzed.
A fear that I have seen is the fear of losing of a house, automobile, tools and household belongings or keepsakes when filing bankruptcy. The fact is Ohio Law is very liberal in its exemptions of such property in bankruptcy. In other words, under Cleveland, Ohio Law, in most cases you will not lose these things. It is vital to consult an experienced Bankruptcy Attorney in Cleveland, Ohio who can analyze and apply Location Law to your situation. There is also a common fear or perhaps reservation many people have regarding bankruptcy, especially among Cleveland, Ohio. That reservation is engrained in Cleveland’s character. The Desire to Pay Back What they owe! What I would say to that is this. Even the most determined, the well-intended & the most honest of us simply cannot withstand credit card interest rates that top 23% and the ridiculous fees and penalties that they charge. The government has made bankruptcy relief to its citizens not merely out of charity. It is vitally important to the economy of the United States that its hard-working citizens get back on their feet and become good public servants, doctors, truck drivers, nurses etc. again. Keep this in mind when determining your need for relief . . . your family, Country and Community is counting on you to pick yourself up by your bootstraps and get back on your feet. Bankruptcy just might be the best solution for you right now. This site has pages explaining the two most common types of bankruptcy available to individuals, Chapter 7 and Chapter 13. I encourage you to read these pages to get a background to the process.
YOU CAN SAVE MORE THAN
YOU CAN SAVE MORE THAN
You can discharge most, if not all, your unsecured debts (e.g., medical debt and credit card balances). You can catch up on past due mortgage payments. You may be able to avoid second mortgages in some cases. You can cram down loans for cars and investment property under certain circumstances.
Your score will bottom out, but that may not be as big a drop as you think. We have even seen cases where a filing can actually improve ones score. Many of our clients work with a consultant while emerging from bankruptcy to bring the score up significantly in 2-3 years.
A Chapter 7 case usually lasts 4-5 months, but can extend to as much as a year if the estate is complex or difficult; A Chapter 11 case can take from approximately a year to several years; A Chapter 13 case typically extends 3-5 years.
If you have property that is largely exempt and your household income is at or below the median, you might benefit most by filing a Chapter 7 case.
A Chapter 7 case generally has the most economic benefit because most unsecured debt can be discharged in full. However, a Chapter 13 case can provide significant benefit in the form of avoided or reduced secured debts. A Chapter 11 case is generally the most expensive since it is utilized primarily by corporations or individuals with significant income and debt/assets.
No. Every debt must be reported in your bankruptcy case, along with all of your assets.
Phone: (216) 241 2510
Address: 1422 Euclid Avenue, Suite 970, Cleveland, OH 44115