Geauga County Bankruptcy Law Firm
If you’ve found yourself overwhelmed by debt and unable to pay your bills, you aren’t the first. In fact, hundreds of thousands of Americans file for bankruptcy every year, and some argue that not enough actually do because of the perceived obstacles, such as hiring and paying for an attorney, compiling all the appropriate documents and forms to file, and the embarrassment around the situation.
But, if you’re like most, the reason for needing to file for bankruptcy is probably completely understandable. In fact, the most common cause of bankruptcy declarations is medical bills. Other causes include jobs loss, leaving an abusive partner, divorce, student loans, and unexpected expenses.
It’s not only others who see these causes as sympathetic – the courts do, too! Bankruptcy laws were created so that people who are crushed by financial debt have an out. It’s not a “Get out of jail free” card, per se – there are some consequences. But these consequences are far outweighed by the benefits, including wiping your financial slate clean, helping you get a job if needed, and improving your credit score.
Hence, while many people get uncomfortable at the thought of filing for bankruptcy, it might also be the smartest and best financial move they can make and not doing so will do nothing but make their financial situation increasingly worse.
If you’re ready to get out of debt and develop a smart financial plan that starts with a simple declaration that you simply can’t pay your bills, don’t hesitate to get in touch today.
What’s Right for Me: Chapter 7 or Chapter 13?
Of course, there are two types of bankruptcy: Chapter 7 and Chapter 13. Which one is appropriate for you depends on a handful of factors, including your income.
The biggest difference between the two is that, with Chapter 7, most of your assets are liquidated so that you can pay back some of your debt. The courts will forgive some of that debt, but you’ll have to do what you can to pay back what you owe. The good news is, after that, you’ll be able to get back on your feet and move on with your life.
With Chapter 13, on the other hand, you aren’t required to liquidate any assets. Chapter 13 is often referred to as a reorganization or restructuring of debt. Unlike those who qualify for Chapter 7, Chapter 13 filers do have the ability to pay back their debt, just not at the pace their creditors are asking. Hence, you will create a repayment plan, which usually lasts from 3 to 5 years, to pay back what you owe.
Ultimately, which one makes the most sense for you might be obvious or it might end up being a complicated decision. Either way, the best move is to talk to a bankruptcy attorney that can give you an accurate picture of your options and help you make a decision for moving forward.
Legal Services Offered by Moseman Law Office, LLC
Beyond bankruptcy, we help Geauga County residents with other legal matters, including:
- Probate & Estate Planning: Whether you’re creating an estate plan or you’re entering a potential legal matter after the passing of a loved one, we’re here to make sure everything is done properly and within your interests.
- Real Estate: Legal matters around properties are both complicated and personal. Our goal is to help our clients by being a strong, insightful advocate who understands the nuances of the law while keeping your goals and needs at the forefront.
- Business Startups: Starting a business is never easy, which is why so many young small businesses fail. That’s why we provide startups with the legal help they need so they can focus on what they do best.
Bankruptcy Law Firm in Geauga County
Whether you’re thinking about filing for bankruptcy in Geauga County or have a legal situation related to our other areas of practice, give us a call at (440) 255-0832 or fill out our quick contact form to get started. We always offer free consultations so we can begin to evaluate your situation at no charge to you.
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