Warren Ohio Bankruptcy Attorney

It’s never easy to realize your finances are in a shambles and you may need to file bankruptcy. You may feel guilty or embarrassed, but you shouldn’t. In the United States, the bankruptcy laws were designed specifically to help you get out of financial trouble and protect those you love most. Chapter 7 and Chapter 13 Bankruptcy are the two most common types of bankruptcy filed by individuals.

Why People File Bankruptcy

Bankruptcy often surprises us during moments of great change in our lives. You’ve gone to college and taken out loans, you’ve purchased a house for your family or you’ve made some big-ticket purchases on credit cards. You pay on all your bills regularly and everything seems fine, until…Until you’re let go at work, your spouse asks for a divorce, or a loved one becomes seriously ill.

You aren’t alone if you’ve fallen into financial hard times and can’t keep up with your debts. In 2018 alone, over 750,000 individuals filed for personal bankruptcy. That may seem like a lot, but the reality is that there are many people who didn’t file for bankruptcy in 2018 and could have benefited greatly from it.

Bankruptcy as Forgiveness

If you qualify for bankruptcy, it can give you back control of your finances and your future. With the help of an expert, bankruptcy becomes the tool that returns order and sanity to your finances. During a bankruptcy proceeding, the government will step in and force creditors, banks, and finance companies to forgive the majority of your debts. This gives you the breathing room you need to rebuild financially while keeping the essentials of living, including a vehicle and your home.

No matter what has pushed you into a financial bind, whether it’s illness, a lost job, or unexpected expenses, you should seek help from a law firm that specializes in personal bankruptcy. During our initial consultation, we will provide you with a number of options after carefully evaluating your financial situation. Call Moseman Law Office, LLC or fill out the contact form today and we’ll be in touch.

The Unique Challenges of Ohio Bankruptcy Law

In these unsettling times, manufacturing jobs continue to fall by the wayside and more employees are being laid off for long periods of time. Many workers worry about how to move forward without falling into debt.

There are two different forms of personal bankruptcy that may help: Chapter 7 or Chapter 13. Our office can determine which kind is best for you and your situation. The best way to determine which would be best is to get in touch with us for a consultation. That said, let’s take a quick look at the differences between the two.

Chapter 7: Liquidation

Those who can’t see their way clear to pay their debts and don’t see any way to do so in their current circumstances usually file Chapter 7. The majority of debts will be wiped out including medical bills, credit card debt, and personal loans, and repossessed or foreclosed properties are eliminated. There are some financial obligations that will not be forgiven, which include taxes, child support, spousal support, and student loans.

The individual’s assets, however, will be sold and the money will be used to repay creditors as much as possible. In most cases, you will be allowed to keep some items such as your house and car if you can afford to keep paying for them. The plus side to Chapter 7 is the elimination of the majority of your debts.

Chapter 13: Restructuring

A less comprehensive form of bankruptcy filing is Chapter 13, which is the best approach if you have the resources to pay off your debt but can’t do it quickly enough to suit your creditors. Individuals who still have good jobs or other sources of income and prefer not to sell their assets can file for Chapter 13.

In Chapter 13, the individual will be put on a payment plan for up to five years to help pay off their debts. In order to keep any new debts under control, you will not be able to get new credit over $500 without permission from the bankruptcy court.

FAQs  

Common bankruptcy questions answered:

Does it cost a lot to file for bankruptcy?

At Moseman Law, we want to help you avoid additional debt, so we take a flexible approach to invoicing. The final cost will hinge on how complex your case is and how much work is involved.

How will bankruptcy affect my credit report?

All bankruptcies appear on credit reports and usually drop off after ten years. This does not mean you won’t be able to get credit or a loan. It won’t destroy your credit score indefinitely. Many individuals who file for Chapter 7 or Chapter 13 can still finance a car or house.

How long will bankruptcy take?

Because of the urgent nature of bankruptcy, most cases take place quickly and are resolved in just a few weeks. If your case is particularly urgent, we may be able to resolve your case in less time.

Do I have to go to court?

Yes, you will have to appear in court for a hearing, but it should be relatively simple and you won’t be alone. We’ll be with you the entire time.

Bankruptcy Attorney in Warren, Ohio

If you’re ready to turn your financial life around, we are here to help you do that. You need legal help you can trust and an advocate you are comfortable with. You’ll find it all at Moseman Law, LLC where Attorney Heather Moseman is a bankruptcy lawyer in Warren, OH. Ready to take the first step toward financial relief? Contact us today by calling or filling out the form below.