Bankruptcy & Garnishments
serving all northeast
When you find yourself in a difficult financial situation, the challenge of keeping up with your bills can be difficult enough. Add wage garnishment on top of that, and you can find yourself in an impossible position. Dealing with wage garnishment can also cause some embarrassment and awkwardness at your job since your employer will be aware of your financial situation and be required to fill out paperwork for your case.
We understand how difficult this can be. We’ve helped many Ohioans in this very spot, primarily through utilizing bankruptcy laws. Bankruptcy, both Chapter 7 and Chapter 13, can be great options for those facing garnishment from creditors, and we at Moseman Law are here to help evaluate your situation and provide the legal support needed to help get you back on your feet.
To get in touch, give us a call at (440) 255-0832 or fill out our contact form and we’ll get back to you as soon as possible! We look forward to helping you through your circumstances.
Why Bankruptcy Is Often the Best Option for Stopping Garnishments
Whenever there is a legal case surrounding your finances, it’s important to know that you have options, whether you’re facing foreclosure, repossession, or wage garnishment. If you have debt you cannot pay you can work with your creditors before a garnishment is filed to establish a payment plan. You can use a legitimate credit counseling service to establish a payment plan for your creditors. Once a wage garnishment has been filed the only option remaining is bankruptcy. Bankruptcy will not only stop garnishments, but it will give you the opportunity to find a debt-free path forward.
Which Is Best: Chapter 7 or Chapter 13?
There are two types of bankruptcy you can file for – Chapter 7 and Chapter 13. Chapter 7 is what is known as “liquidation bankruptcy,” meaning if you have unprotected equity in an asset you will have to liquidate (sell) that assets, use that money to pay back creditors. If you do not have any unprotected equity in an asset your will receive your discharge of all of your debt without any funds going to your creditors. There are certain types of debt, including child support, student loans and most taxes, that will not be erased. However, it will eliminate credit card debt, medical bills, personal loans, old utility bills and more.
Chapter 13, on the other hand, is what’s known as “restructuring bankruptcy.” With Chapter 13, you aren’t required to liquidate your property; instead, you’ll work with the court to come up with a three to five-year payment plan to pay off what you owe either in full or only a percentage of what you owe.
The rules around each can be pretty complicated, which is why it’s important you speak with an attorney if you’re considering filing for bankruptcy.
Together, Let’s Find a Clear Path Forward
The very idea of filing for bankruptcy is terrible for most. Not only do many of us feel embarrassed, but we’re also worried about practical things, like the effect on our credit. But the truth is, filing for bankruptcy actually improves most people’s credit after a relatively short period of time. It might take a downward turn in the short term, but you need a long-term plan for the future, and chances are your credit is already in a bad spot.
And here’s the thing – filing for bankruptcy doesn’t make you a bad or irresponsible person. Bankruptcy laws were created to help people unable to pay their bills in the face of insurmountable debt, and we should take full advantage of them if we are able. Besides, it’s likely the cause of your debt is related to something out of your control, whether it be medical bills, loss of a source of income, or a pay cut. Regardless, we’re lucky to have laws in place that can help us recover.
If you’d like to discuss your situation with us and begin to review the options, please don’t hesitate to reach out anytime. You can call us a call at (440) 255-0832 or fill out our contact form to get in touch.
We are a debt relief agency.
Moseman Law Office, LLC
Moseman Law Office, LLC is a full-service legal firm located in Mentor, Ohio, serving all of Northeast Ohio and providing personalized legal solutions to its clients.
Moseman Law Office, LLC
8500 Station St., Ste 210
Mentor, OH 44060
Phone: (440) 255-0832