Youngstown Ohio Bankruptcy Attorney
Compassionate, Experienced Bankruptcy Lawyer Serving Youngstown, Ohio
Admitting you might need to file for bankruptcy is hard. But bankruptcy laws in America, including Chapter 7 and Chapter 13, are a fantastic set of laws that were created to protect people who needed help getting out of insurmountable financial trouble.
None of us plan to get into debt. Sure, we take out loans for paying for college or buying a home, but we have a clear plan of action to pay it back. Sometimes we rack up a bit of credit card debt but we have no trouble making minimum payments on all of our bills.
But sometimes life happens. We get sick, or we lose our jobs, or our marriages fall apart. And then our financial situation changes rapidly and we aren’t able to pay our bills.
It happens to a lot of people. 12.8 million people filed for bankruptcy in America from 2005 through 2017. That’s roughly a million people per year filing during that time, which certainly wasn’t helped by the Great Recession.
But the more interesting fact? More should have.
For people who qualify, bankruptcy is an amazing tool that gives individuals the ability to take back their financial lives. With bankruptcy, the government is willing to step in to force businesses, including credit card companies and banks, to forgive some of your debt so that you can get out a financial pit.
If you’ve recently lost or job or find yourself in a difficult financial situation because of any reason, don’t hesitate to reach out today for a consultation where we’ll assess your situation and lay out your options. You can give us a call at (440) 255-0832 or fill out our quick contact form below to get started.
Understanding Ohio Bankruptcy Laws
As manufacturing jobs continue to be lost throughout the country, including in Ohio, many laid-off workers find themselves in a tough financial situation, wondering what their options are.
When it comes to bankruptcy, there are two types you can file: Chapter 7 and Chapter 13. The best way to determine which would be best is to get in touch with us for a consultation. That said, let’s take a quick look at the differences between the two.
Chapter 7: The Liquidation Bankruptcy
If you’re unable to pay your bills and have no clear path for being able to do so, a Chapter 7 will likely be the best option for you. With Chapter 7, most of your debt is removed, including credit card debt, most loans, medical bills, and repossessed and/or foreclosed upon property is eliminated. There are a few types of loans that cannot be removed, however, including some taxes, student loans, and spousal/child support.
The catch is that most of your assets will be liquidated and the funds will be used to pay back creditors what you can. You’ll likely be able to keep some assets, including your home and your car, provided you can continue making payments on them. For many, though, this is a small price to pay for the forgiveness of most of their debt.
Chapter 13: The Restructuring Bankruptcy
Chapter 13 is less intensive than Chapter 7. Generally, it’s used when you’re able to pay off your debt, just not at the pace your creditors are asking. Usually, you still have a solid income and don’t want to liquidate any of your assets and are filing for Chapter 13 as a means of not losing your house or other assets.
When you file for Chapter 13, if you qualify, you’ll be put on a payment plan that can last up to five years to pay back what you owe. During that time, you won’t be allowed to obtain any new credit of $500 or more without the court’s explicit permission.
Some of our clients’ top questions, answered.
How expensive is it to file for bankruptcy?
Ultimately, how much your bankruptcy will cost in legal fees depends on the complexity of your case. That said, we understand your situation and take a flexible approach to make sure that we don’t add to your financial burden.
How long with my bankruptcy stay on my credit report?
Bankruptcies stay on your credit report for 10 years. However, this doesn’t mean that you won’t be able to obtain a loan or that it will forever wreck your credit score. Many people who file for bankruptcy are still able to obtain financing for a house or vehicle, and some people’s credit scores actually get better after a bankruptcy. It’s not common, but it depends greatly on your individual situation.
How long with a bankruptcy take?
Bankruptcy cases, being sensitive financial matters, need to happen quickly. Generally, cases take a couple of weeks but we can sometimes get them done even more quickly.
Will I have to go to court?
Yes, whether you file for Chapter 7 or Chapter 13, you will be required to go to at least one hearing, but these hearings are typically pretty simple and we’ll be there with you.
Start on Your Path to Financial Freedom
Whether you’ve been hit by the recent loss of manufacturing jobs in Youngstown or are thinking about filing for bankruptcy for any other reason, reach out to talk with us today! We offer free consultations to anyone interested in our help, and we’d love to help bring some clarity for you around this difficult situation.
Bankruptcy Attorney in Youngstown
Our offices are located in Mentor, about an hour and fifteen minutes north of Youngstown. When it comes to something like bankruptcy, we believe that people need attorneys they can trust and feel comfortable with, which is exactly what we pride ourselves on providing, each and every time. Contact Moseman Law, LLC, caring bankruptcy attorneys serving Youngstown and surrounding areas.
Moseman Law Office, LLC
Moseman Law Office, LLC is a full-service legal firm located in Mentor, Ohio, serving nearby counties, and providing personalized legal solutions to its clients.
Moseman Law Office, LLC
8500 Station St., Ste 210
Mentor, OH 44060
Phone: (440) 255-0832