Ohio Debt Reorganization Lawyers
Chapter 13 bankruptcy is usually for people whose income is above the median income in Ohio for a household of their size. Small proprietary businesses may also be eligible for Chapter 13. If you are hoping to keep more of your assets, such as your house, Chapter 13 bankruptcy is a better option than Chapter 7. It is also better for your credit rating than Chapter 7 because creditors will receive most of the money you owe them.
Colella & Weir, P.L.L., can help you decide which solution is right for you. We will discuss your debt relief options, including those that do not involve bankruptcy. You can count on us for personal service tailored to your individual needs. You will work with an experienced attorney from start to finish. Please call our office at 440-387-4038 to schedule an appointment. We offer fixed fees for individuals and small businesses.
A Good Option for Mortgage Arrears
While Chapter 7 bankruptcy discharges debt, Chapter 13 restructures debt into a repayment plan of three or five years. The monthly payments on your loans will be lowered, so you will be able to continue making payments.
However, there are some debts you will most likely have to pay in full, such as secured debt, alimony, child support, taxes and earnings you owe employees.
One of the benefits of bankruptcy is that you receive an automatic stay. This action puts a stop to all collection activities during the bankruptcy process. The automatic stay will end creditor phone calls and prevent creditors from wage garnishment, filing and foreclosing on liens, and seizing collateral or property.
For a free consultation with a Lorain Chapter 13 bankruptcy lawyer, please call 440-387-4038 or contact us online.
