Overwhelming debt can leave you not knowing where to turn. That’s where the Mansfield bankruptcy lawyers at Kademenos, Wisehart, Hines, Dolyk & Wright Co. LPA come in. We offer quick relief so that you can begin rebuilding your life one step at a time.
We’ll Help Reduce Your Stress
You have already been stressed with collection calls and past-due notices for months or even years. Put an end to that by hiring a Mansfield bankruptcy attorney to handle your case. We will collect all the information we need, listen to your goals, and draft necessary legal documents on your behalf.
We will also appear at court hearings and conferences for you. You will only have to show up when it’s required.
We Understand Bankruptcy Law
Bankruptcy law is complex. You might not know which type of bankruptcy you qualify for or how to proceed with a case. Our Mansfield bankruptcy lawyers will review your debts, assets, and other finances to determine the best course of action.
We understand Ohio bankruptcy law and guide you through every step.
We’ll File Complex Legal Documents
Bankruptcies require hundreds of pages of legal documents to proceed. Instead of downloading them and trying to figure out which forms go with your case, an attorney can handle that for you. We have prepared templates that are ready for your information.
This will expedite the process and ensure the information is presented correctly.
Common Types of Consumer Bankruptcy
There are two primary forms of consumer bankruptcy used in the United States – Chapter 7 and Chapter 13. There are different requirements to qualify for each of these types, and they each function uniquely.
Chapter 7 Bankruptcy
Chapter 7 helps eliminate all your debts through discharge. These debts include medical bills, credit card debt, unsecured personal loans, and more.
However, you must first qualify for Chapter 7 with low income or via the Means Test. If you make under a certain income level, you can expedite the bankruptcy process through Chapter 7. Chapter 7 usually takes between four and six months to complete, compared to years like other types of bankruptcy.
Chapter 7 can also stop garnishments, evictions, and car repossessions. In many cases, you will be able to keep your home or car when you file Chapter 7. In some cases, if you have some high asset items, they will be sold to pay some of your creditors.
Chapter 13 Bankruptcy
Chapter 13 is available to people who do not qualify for Chapter 7 through the low-income provisions. If you make enough to repay all or some of your debts, then Chapter 13 may be available to you. You will be required to establish a three-to-five-year payment plan and repay your debts over time.
With Chapter 13, you will still be able to keep your home, car, and many other assets. You can even use your payment plan to catch up on past-due payments for these assets. You may be required to pay other creditors an amount lower than what you owe, and some of them may be discharged at the end of your payment plan.
How Filing Bankruptcy Can Benefit You
Filing bankruptcy can give you a fresh start if you are juggling too much debt. Whether you opt for Chapter 7 or Chapter 13, you may see immediate benefits, including the following:
- Wage garnishments will stop
- Evictions and repossessions will halt
- An automatic stay will be placed on all lawsuits against you
- Debts may be discharged
- Utility shut-offs will stop
- Foreclosure will stop
What Types of Debt Can Be Eliminated?
Many different types of debt can be eliminated, including:
- Credit card debt
- Medical bills
- Personal loans
- Car loans
- Past-due mortgage payments
- Lawsuit judgments
- Some types of tax debt
What Types of Debt Cannot Be Eliminated?
Not everything can be eliminated. Debts that cannot be eliminated would include:
- Student loans
- Child support
- Alimony (spousal support)
- Criminal fines and restitution
- Some types of taxes
- Wrongful death or personal injury judgments if you were driving under the influence
Bankruptcy Process: What to Expect?
There are many steps in the bankruptcy process. It can be complex and should be undertaken with the help of a trustworthy Mansfield bankruptcy attorney.
Some of the steps we can help you with include:
You should gather all your financial documents and bring them to your attorney. That includes taxes for past years, bank statements, and a list of all your debts, expenses, and assets.
You will have to file a plethora of legal paperwork when you submit your bankruptcy to a U.S. Bankruptcy Court. Once filed, your creditors will be sent notice, and an automatic stay will be in effect.
Meeting of the Creditors
This is also known as a 341 Hearing and takes place about 30 to 45 days after you file your paperwork. You will be asked questions under oath to verify information in your paperwork.
Chapter 13 Confirmation Hearing
If you filed a Chapter 13, you would have to attend a hearing where the court will review your proposed payment plan.
If you filed Chapter 7, you would receive a complete discharge within a few months after you filed your paperwork. Discharge for Chapter 13 does not occur until your payment plan is complete.