Mentor Ohio Bankruptcy Attorney

What is Bankruptcy?

There are two primary forms of Bankruptcy – Chapter 7 and Chapter 13. They vary differently. Bankruptcy Code was first put into place by the United States Congress in 1978. Changes have been made over time to the code, with the most recent changes made in October 2005.

The newest changes to Bankruptcy Code require educating those who may be considering bankruptcy to ensure that they understand their options, the processes, the consequences, and any restrictions or limitations.

If you’re struggling and looking for financial relief, bankruptcy is a viable solution. It is not the right answer for everyone. This is why you should work with an experienced bankruptcy attorney to get started.

You don’t have to continue to struggle. Reach out today and see if we can find a solution for you! Our Mentor, OH bankruptcy attorney is ready to help you find the relief that you need, today. Fill out our online form or give us a call!

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy has little room for maneuverability or asset protection, although there is some. Chapter 7 has set limitations from the Bankruptcy Code in regards to income. These limits are solely based on household size as well as average household income.

Initially, we will need to determine whether you qualify based on these limitations. If you qualify, we can move forward to the next step, which is analyzing your financial situation. We will assess your assets and first determine whether they would be protected from the filing.

The state of Ohio was deemed certain assets as exempt from collection or creditor, apart from the federal government. These exemptions have since been adopted by the Bankruptcy Code. These exemptions include your home and car, if you are making payments as agreed.

When Chapter 7 Bankruptcy proceedings begin, you will be required to attend a “meeting of creditors” with the appointed Bankruptcy Trustee. The creditors are rarely present at this meeting.

Depending upon the status of assets and equity, Chapter 7 Bankruptcy proceedings could be completed in about 90 days.

Chapter 13 Bankruptcy

Chapter 13 Bankruptcy allows a bit more control over your assets as well as protection than Chapter 7 does.

Qualifying for Chapter 13 would include the following scenarios.

• You receive income and continue to pay some debts while others are discharged
• Non-exempt value in assets could be protected
• You’ve fallen behind on payment for home or car and are working to catch payments up
• You have adjustments or elimination of property due to a divorce

Chapter 13 Bankruptcy requires a minimum of a 3-year commitment to a plan. This plan is established through the Court with your creditors. The term of the plan can be 3-5 years. When the plan has been completed as agreed, debts are then discharged as agreed in the filing.

While Chapter 13 Bankruptcy does allow a bit more flexibility, it is not a short-term solution. It does require a minimum commitment of 3 years to complete.

We Can Help Find the Best Plan for You!

This information provides you with a simple preview of Chapter 7 and Chapter 13 bankruptcy. Ultimately, you should sit down with a knowledgeable bankruptcy attorney to discuss your situation and find out which mode of debt relief will be best for you.

Our trained attorneys understand bankruptcy law and we’re here to help you!

Bankruptcy Attorney in Mentor, OH

If you are a resident of Mentor, OH and you’re considering your debt relief options, please reach out to us! Heather Moseman of Moseman Law Office, LLC, is a bankruptcy attorney and she can help understand your options.

Complete our online form or give us a call today to get started.