Filing Bankruptcy In Ohio Can Help!
Bankruptcy Is a Practical & Effective Solution
to a variety of financial difficulties and is every Americans constitutional right. If you are making ends meet but just can't seem to make any progress toward paying down debt balances, bankruptcy can be a practical solution that allows you to start using your money to get ahead. On the other hand, if your condition is serious and you're struggling to make ends meet, bankruptcy is the most powerful debt relief solution available. Filing a bankruptcy petition immediately stabilizes your finances by providing relief from collection efforts against you, such as home foreclosure or eviction, utility shut-offs, car repossession, lawsuits and judgments, wage and bank garnishments, and nasty creditor calls.
Bankruptcy Has a High Success Rate
&
Provides Enforceable Protection
Alternatives to bankruptcy, such as debt settlement, debt consolidation, and loan modification outside of bankruptcy, don't provide the benefit and protection of bankruptcy's automatic stay. The automatic stay protects against creditor collection actions, such as suits, garnishments, foreclosures, evictions, utility disconnections, and harassing phone calls. Further, the protections afforded under bankruptcy's automatic stay are enforceable under federal law by the federal court. Additionally, bankruptcy boasts a high success rate, whereas alternatives to bankruptcy have very low success rates and can leave you in dire straits when they fail. Whether you're in a severe financial freefall or you need some relief to finally get ahead, bankruptcy can relieve financial stress and provide you with the breathing room needed to get focused on your future.
Bankruptcy Relieves the Toll of Debt
On You & Your Family
Sometimes people ignore problems they don't know how to fix. Debt is not a problem that can be ignored. Debt doesn't just take a toll on your finances, it can take a serious toll on many aspects of your life. Debt, along with the stress it creates, can lead to both physical and mental health problems, marital problems, work-related problems, and other harsh consequences.
The interest and fees treadmill is part of the business plan of many credit card companies and other lenders. While many lenders consider consumer bankruptcy a cost of doing business, they count on many consumers running the treadmill and making payments first, which mainly pay only fees and interest. Although you may believe you're paying down your debt, a closer look often reveals very little progress. People trapped on the debt treadmill will hand over their hard earned money and may repay their debt many times over until they choose to stop. Until then, they often can't spend money on essentials, such as an annual physical exam, car maintenance, or even a much needed rejuvenating vacation. They also can't save for important things, such as retirement or their children's education.
Chapter 7 & 13 Bankruptcy Benefits
Chapter 7 and 13 bankruptcy will eliminate most debts, including those already in collections. Additionally, filing under either chapter provides instant relief by immediately stopping all collection efforts, including creditor calls and letters, car repossessions, foreclosures, evictions, wage and bank garnishments, and utility disconnections. Keeping creditors at bay, provides immediate breathing room and gives you an opportunity to stabilize your finances.
Chapter 7 allows you to eliminate most debts without making payments to your creditors, with the exception being when you choose to continue making payments to a particular creditor by electing to retain a house and/or vehicle that you owe money on. Under certain circumstances, Chapter 7 also provides an opportunity to redeem personal property, allowing you to keep a vehicle or other personal property and pay only the property's current replacement value, rather than the full amount due on the loan. Typically, Chapter 7 is also a very speedy process, lasting around four months.
Chapter 13 provides a dignified method to repay an affordable portion of your debt under the protection of the bankruptcy court. The amount repaid to unsecured creditors under a Chapter 13 plan is typically interest free and is usually a small percentage of the amount actually owed to creditors. The payment is determined by your income, expenses, and assets. The portion of the balance that isn't required to be repaid under the Chapter 13 plan will be discharged at the end of the plan, and you will no longer be personally responsible for paying it. If you own property that exceeds the amount protected under state exemptions, Chapter 13 can allow you to keep the unprotected property, and it can also allow you to catch up on vehicle and/or house payments that are behind. Some Chapter 13 filers are able to reduce the principal balance on vehicle loans or other personal property and/or remove second and/or third mortgages through their Chapter 13.
It's important to note that not every bankruptcy benefit applies under all circumstances, and you should contact us to discuss your own unique options and potential benefits of filing under either chapter.
The Vanishing Stigma of Bankruptcy
The negative stigma of bankruptcy has long faded into a modern view that recognizes bankruptcy as an effective solution when unexpected events happen and finances go south. We live in a society where time is money, and we're expected to get things done quickly. When unexpected events occur, we need to recover quickly too. Millions of people have filed bankruptcy and have successfully emerged just fine with a fresh financial start. Most people would be surprised to know just how many of their own friends, family, neighbors, acquaintances, and colleagues have filed for bankruptcy protection.
Choosing Bankruptcy
We understand that bankruptcy isn't right for everyone, but it's very often the most direct, practical, and effective path to debt relief. Because we offer a free consultation, there's absolutely no reason to ignore the problem or worse, make uninformed decisions. You don't have to be in this alone, make the right decision for you, your family, and your future. Contact us today and we'll listen and talk about your situation and your solutions. We'll start making a plan to get you back in control of your finances, your life, and your future.