Filing Bankruptcy in Portage County, OH

What are the advantages of filing for bankruptcy in Portage County, OH? Is it the right choice for you?

The average American is $90,000 in debt. In Portage County, OH, the case is quite the same and if you find yourself as one of these Americans, you’ll need an experienced bankruptcy attorney who knows about your local law court policies.

If you’re looking for the advantages of bankruptcy, you’ve probably found yourself amassed in debt that you can’t afford to repay.. Between several financial crises, a pandemic, a career change, and/or student loans, you may find yourself feeling buried and stressed. With Portage County Attorney Mary Lou Burns, you can find your Fresh Start.

With Ohio Attorney, Mary Lou, you can find relief and the answers to your growing questions. Let’s walk through what would benefit you during a difficult financial situation when you are considering bankruptcy.

What are the advantages of filing bankruptcy?

Bankruptcy is complicated. When you are in a financial hardship, you are on the lookout for debt solutions, but it can be challenging to know where to begin. It may have become overwhelming for you to consider moving forward.

Crushing debt and overwhelming repayment plans can quickly become a burden. We have all been in financially difficult situations.
Bankruptcy is a system that has been set up by Congress to relieve you of your overwhelming debt.

You are safe from creditors the moment your petition is filed with the bankruptcy court in Portage County, OH. Filing for bankruptcy results in an immediate stay -or halt- on all collection actions. This means that all phone calls, garnishments, and collection letters must come to a halt.

It will also work to halt repossessions, evictions, and foreclosures for the time being.

Depending on your situation, it could be valuable for you to consider bankruptcy. The process can offer people much relief from the overbearing responsibilities of too much debt.

Many forms of debt, including credit card debt, medical costs, and personal loans, are dischargeable under Chapter 7 bankruptcy.

Why should you file for bankruptcy?

You should start by considering both sides of this solution.

The benefits of filing for bankruptcy far outweigh the costs. Your debt is eliminated through the bankruptcy process and your credit score goes up after you receive your discharge.

If you are straightforward about your finances with the Ohio bankruptcy court and the Portage County bankruptcy trustee, you could get your discharge in as early as four months and immediately begin rebuilding your credit..

It’s essentially automatic as long as you satisfy the conditions before and after filing your bankruptcy petition.

If you happen to feel like bankruptcy may be too extreme a measure for your situation, there are many free or not-for-profit debt counseling services in Portage County, OH. It is recommended that you enroll in one of these classes now, even if you decide filing for bankruptcy is the right choice.

Not only will this look great in court, but it will help you to make more proactive decisions about your money while going through the bankruptcy process. Making a positive change in your financial situation, no matter the case, is cause for celebration.

How to be Sure Bankruptcy is Right for You

There are gaps between the advantages and pitfalls of applying for bankruptcy. The majority of that is determined by an individual’s financial position, which a variety of factors can influence. Suppose you are someone with a wide range of assets.

Prepare yourself in knowing that your situation will be very complicated.

Your debtors may carry out negotiations. They could want to collect your assets or liquidate your holdings to satisfy the debt you owe.

If you think bankruptcy is the right choice for you, you should contact an Ohio bankruptcy lawyer right away.

Disadvantages of Filing for Bankruptcy

When you owe more than you can afford to repay, filing for bankruptcy can rid you of your duty to pay it all back. However, bankruptcy can sit on your credit records for seven to ten years. However, you will find that your credit score will go up rather quickly. In 2 years, your credit score should be in pretty good shape and you can begin thinking about the possibility of purchasing a home for yourself.

Following your bankruptcy filing, you will receive several offers to apply for an unsecured credit card. While this could help rebuild your credit score, they come with a high interest rate and annual fee.

Bankruptcy has an immediate impact on your credit score. A Chapter 7 bankruptcy declaration remains on the record for ten years. At the same time, a Chapter 13 bankruptcy declaration stays on the report for seven years. However, many people can qualify for home loan financing after 2 years.

When to Begin the Process of Filing

If you’re drowning in debt, bankruptcy is just one solution. If you have big loans that you cannot cover, are late in your mortgage payments, and danger of eviction, are being threatened by bill collectors—or all of the above—filing for bankruptcy might be your best option. Filing for bankruptcy will protect you from wage garnishments.

Bankruptcy can minimize or remove loans, save your property, and hold bill collectors at bay in some situations.
Individuals more often use Chapter 7 and Chapter 13, named after the federal bankruptcy code pages that define them. Chapter 11 bankruptcy, which is often in the news, is mainly about companies.

You should not wait to file bankruptcy if you are behind in your payments to the creditors. The creditor will file a lawsuit in a state court so that they can collect on the debt by garnishing your wages and bank accounts and placing a lien on your property. A Chapter 7 bankruptcy and a Chapter 13 bankruptcy will stop all lawsuits and garnishments.

Hiring an Ohio Bankruptcy Lawyer

A Canton bankruptcy lawyer will help you navigate the many exemptions. They know which ones will protect your property. The attorney can also customize the right combination of exemptions. This grouping of exemptions will save you the greatest amount of money.

Your attorney will educate you on the laws limiting and regulating bankruptcy exemptions. The attorney will also be aware of any revised codes that are beneficial to you. This will save you lots of time researching the latest laws.

Contact Akron Bankruptcy Lawyer

Relief is around the corner. The easiest way to bankruptcy relief is hiring an Ohio bankruptcy lawyer. They know how to take you through the decision-making process. They also guide you through filing Chapter 7 or Chapter 13 based on your qualifications.

Simplify your life today. Contact Canton bankruptcy lawyer, Mary Lou Burns, and take advantage of our free consultation. This meeting will educate you on the exemptions most beneficial to you.

You will also be able to discuss a practical strategy. This will include what is important to you and your goals. Ohio bankruptcy lawyer, Mary Lou Burns, will be able to consider the next steps that are best suited for your circumstances.

You Will Need Some Specific Documents

Make sure you have all the appropriate forms and documentation. Your lawyer will be there with you in the bankruptcy process. You must collect all relevant records relating to your loans, personal property, monthly revenue, and expenses.

Your Portage County bankruptcy lawyer will use these records to review your final bankruptcy papers, which will consists of approximately 50 pages.

A trustee will be appointed to your bankruptcy. Your bankruptcy papers will be reviewed by your Ohio bankruptcy trustee. Bankruptcy trustees may determine whether filers are eligible for Chapter 7 bankruptcy.

In bankruptcy proceedings, the trustee will convene what’s called a 341 meeting of creditors. Typically no creditors attend this meeting. You’ll be asked questions about your bankruptcy petition and schedules that you filled with the Court..

Many Types of Bankruptcy

A bankruptcy filing is a civil process. In this case, a claimant petitions the court to declare bankruptcy. You will get a clean slate regarding your finances by declaring bankruptcy.

To avoid legal problems during the bankruptcy proceedings, it is recommended that you use a Portage County bankruptcy lawyer. Understanding the fundamentals of bankruptcy law is crucial when applying for bankruptcy.

Filing a bankruptcy petition that is not in your best interests or filing too fast may result in assets loss. These are assets you would have been able to protect otherwise (or a situation that could otherwise worsen a dire financial circumstance).

You could also be at a loss if you filed a Chapter 7 bankruptcy instead of a Chapter 13 bankruptcy. It will help if you arm yourself with a team that is familiar with bankruptcy law on a local level. Someone who represents the greater Akron and Canton areas if you live in Portage County, Ohio.

Unless you have an in-depth knowledge of the law and legislation surrounding bankruptcy in your region, you will almost undoubtedly need an Ohio bankruptcy lawyer to represent you. The best way to get the result you want is to have a knowledgeable person on your team.

Chapter 7

Chapter 7 bankruptcy, also known as liquidation bankruptcy, may be used to clear several debts. This is the most commonly-filed bankruptcy. An effective bankruptcy filing will discharge a debtor from the legal obligation to repay creditors for the debts he or she owes.

Individuals who file for Chapter 7 bankruptcy can get rid of unsecured loans. Debts that are not backed by property such as a home are referred to as unsecured debts. Credit card payments, prescription bills, and personal loans are examples. Specific forms of loans, such as tax debt, felony fines and fees, child care, alimony, and student loan debt, are not dischargeable.

Before you can apply for Chapter 7 bankruptcy, you must meet some requirements:

  1. You must pass the bankruptcy means test, which examines your monthly revenue, living costs, etc. If you don’t qualify for the Chapter 7 bankruptcy, you can file a Chapter 13 Bankruptcy.
  2. If you filed a prior bankruptcy, there will a required waiting period to file another bankruptcy.

Keep in mind that these are not the only requirements to filing a Chapter 7 bankruptcy claim in Portage County, Ohio. You will want to look into particular conditions and restrictions based on your specific circumstances.

Chapter 7 and Your Property

Most property is protected in a Chapter 7 bankruptcy. If you have unsecured loans, such as medical debt or credit card debt, Chapter 7 will help you get out of them and, in most circumstances, you will be able to keep all of your property by claiming exemptions.

When filing for Chapter 7 bankruptcy, your property becomes part of the bankruptcy estate for the time that your bankruptcy is open. You usually can keep your property, with a few exceptions which normally do not apply.

Filing for Chapter 7 bankruptcy discharges all of your debt, with a few exceptions. The bankruptcy relief from paying all of your dischargeable debts will free up money in your budget to pay off your non-dischargeable debts, such as student loans, taxes, or child support.

Chapter 13

A Chapter 13 Bankruptcy is not for all. There are a few conditions you should be aware of ahead of time.

Some individuals are unable to file for bankruptcy under Chapter 7 because their income is too high. If your annual income exceeds the Median Income for your family size, we must do further tests under the Means Test, which includes multiple variables. You cannot file for Chapter 7 bankruptcy if you have too much money left over after deducting certain expenses.

Companies are not permitted to apply for Chapter 13 bankruptcy, only individuals may do so. However, your business-related debts on which you are directly liable will be discharged, so a sole proprietorship will be able to benefit from this chapter from a realistic perspective.

When you file a Chapter 13 bankruptcy, you must show that you can afford to fulfill both your monthly household commitments and your monthly Chapter 13 plan contributions. Once the court confirms (approves) your proposed repayment plan, it is legally binding on your creditors.

In a Chapter 13 bankruptcy, you can pay back as little as 1% of your unsecured debt, and the remaining 99% of your dischargeable debt goes away. As in a Chapter 7 bankruptcy, you would still be responsible for the non-dischargeable debt.

In a Chapter 13 bankruptcy, a “secured loan” must be paid by in its entirety if you want to keep it. However, sometimes the terms on a vehicle can be changed in the Chapter 13 bankruptcy or the mortgage on a home can we wiped out, if certain criteria are met.

You must inform the court that you are compliant with your child support and alimony payments and that you have fulfilled the budget counseling course.

Your mortgage can be paid through the Chapter 13 bankruptcy. Most school loans are also paid within the Chapter 13 bankruptcy plan at only a small portion of what the normal monthly payment would be.

Getting Set-Up for Repayment

The monthly repayment proposal you’ll present to your creditors, and the court is the most important aspect of your Chapter 13 bankruptcy. The plan would outline how your debts will be paid and how much will be paid. Your creditors and the Chapter 13 trustee will have the option to object to the plan. However, most do not object to your repayment plan.

Before any loans are forgiven in a Chapter 13 situation, the debtor must fulfill the 3 or 5-year repayment period commitment. The debtor and creditors enter into new arrangements as a result of the confirmation, which is legally binding on the creditors.

The duration of your plan depends on your income. It is most desirable to file a 3-year plan, A 5-year commitment is required if your income exceeds the median income in your state. However, in the case of a foreclosure on your home, you may need the extra time of a 5-year plan to repay the mortgage arrearages. And make your plan payment more affordable.

Bankruptcy Exemptions

You must follow all guidelines and specific requirements to have a viable bankruptcy case. Make sure you have a plan and execute it in the order you discuss it with your lawyer.

The judge will award you a discharge, which will clear away your debts. When you file for bankruptcy, though, not all forms of loans are forgiven or washed out. Child support, alimony, certain taxes, school loan debt, and court fines are non-dischargeable debts.

Engage the services of a reputable bankruptcy lawyer who does bankruptcies in Portage County and who has years of experience in dealing with complicated financial issues.

Ohio Bankruptcy Attorney, Mary Lou Burns will help you interpret the bankruptcy laws for each chapter. She will help you decide which choice is better for you and will inform you of the appropriate process for filing bankruptcy. The more informed you are, the more likely you will be able to achieve your financial goals.

Weigh All Your Options in Portage County, OH

Your credit rating financial security is one of the most valuable assets you can protect as a modern consumer. You need lines of credit and a good financial standing to make the most important life-changing decisions.

If you are considering filing bankruptcy in Portage County, OH, this could very well be a viable option for you to give your finances the jumpstart they need. Filing for bankruptcy is one of the best ways to rebuild your credit.

You can count on Ohio Bankruptcy Lawyer, Mary Lou Burns to help you in deciding upon your best possible options. She can educate you on the laws limiting and regulating bankruptcy exemptions. She will help you to take advantage of all options available to you that are most beneficial in helping you attain your fresh start.

Contact Portage County Bankruptcy Lawyer

Relief is around the corner. The easiest way to bankruptcy relief is hiring an Ohio bankruptcy lawyer. Fresh Start Bankruptcy can guide you through filing Chapter 7 or Chapter 13 based on your qualifications. Contact us today to schedule your free consultation.

You will also be able to discuss a practical strategy. This will include what is important to you and your goals. Ohio bankruptcy lawyer, Mary Lou Burns, will be able to consider the next steps that are best suited for your circumstances.

Portage County Areas Attorney Mary Lou Burns Serves

  • Aurora
  • Kent
  • Ravenna
  • Streetsboro
  • Tallmadge
  • Garrettsville
  • Hiram
  • Mantua
  • Mogadore
  • Sugar Bush Knolls
  • Windham
  • Atwater
  • Brimfield
  • Charlestown
  • Deerfield
  • Edinburg
  • Franklin
  • Freedom
  • Hiram
  • Mantua
  • Nelson
  • Palmyra
  • Paris
  • Randolph
  • Ravenna
  • Rootstown
  • Shalersville
  • Suffield
  • Windham

Is debt ruining your life?

  • At risk of wage garnishment?
  • Overwhelmed with collection calls?
  • Scared of losing your house or car?
  • Facing a home foreclosure?

If you answered “Yes” to any of these questions, you are not alone. I will help you get your fresh start through bankruptcy.

Fill out the form below to schedule your free consultation.

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