Ohio Debt Assistance

Most individuals come to discover bankruptcy as a method of debt assistance. In fact, when we remove the stigma, this is exactly what bankruptcy was designed to do. 

While each chapter of bankruptcy has its own criteria, the main take-aways are as follows:

Chapter 7

This is a liquidation plan. In order to break even on your debts, valuable possessions will be sold to cover your costs. For many individuals, most of their unsecured debts such as medical bills and credit cards are ultimately forgiven. 

While this plan might seem scary, there are actually several exemptions individuals can take advantage of, reducing, or eliminating, how much of personal property is put at-risk.

Chapter 13 

Chapter 13 is a debt reorganization plan. This means that while some of your debts may be discharged, the ultimate goal is to repay as many of them as possible. 

Because of this repayment structure, Chapter 13 gives individuals a second chance at making up missed mortgage payments, usually helping them avoid foreclosure to save their home.

Chapter 11

This is the business version of Chapter 13, as it incorporates a payment plan but can also, unlike Chapter 13, be filed by corporations. As such, this type of bankruptcy has specific perks such as allowing your business to maintain operation during proceedings in addition to having fewer debt limits and time constraints.

Bankruptcy, however, is not the only method of managing debt. There are several other options available to individuals such as seeking a loan modification in addition to seeking debt counseling, consolidation, and even debt settlement. 

Your Bankruptcy Attorney in Cleveland, Ohio

To know which option is truly best for you, take a look around our site and contact one of our attorneys. We will review your case and give you a seasoned legal opinion regarding which debt management options will put you on the safest path toward financial freedom.

Contact us at 216-241-2510 to speak with a bankruptcy expert in Cleveland, Ohio.