If you are looking for debt relief, you may have considered bankruptcy as an option. If so, you are not alone. According to the American Bankruptcy Institute, an estimated 39 million Americans have filed for bankruptcy. Filing for bankruptcy is nothing to be ashamed of. Life sometimes involves unexpected financial hardships, and filing for bankruptcy can provide a way to get rid of debt and create a financial fresh start. When it comes to filing for bankruptcy, having an experienced Ohio bankruptcy attorney on your side can make the whole process easier.
Bankruptcy attorney Sam Thomas provides experienced legal guidance to clients facing difficult financial circumstances. Serving clients in Shaker Heights, Ohio, as well as the surrounding areas of Beachwood, Euclid, Bedford Heights, and Cleveland Heights, our firm can help walk you through each step of the bankruptcy process. Our firm can help you understand all of your options, answer all of your questions, and help you choose the right bankruptcy option for your needs.
Bankruptcy can be defined as both a legal and financial tool that people can use to discharge debt. Chapter 7 bankruptcy allows you to erase a number of different debts that you may have accumulated over the years, such as credit card, medical, and car loan debt. It is often referred to as “liquidation” bankruptcy because it allows you to sell certain assets to pay off your debts.
If you are filing for Chapter 7 bankruptcy in Ohio, the court will appoint an independent contractor to oversee your bankruptcy case and to liquidate assets. The contractor, also known as a trustee, collects and sells your non-exempt assets. Non-exempt assets are properties that can be sold and can include things such as bonds, bank assets, second homes, and second cars. The net proceeds from the sales go towards paying your creditors and can help you eliminate debt.
Chapter 7 bankruptcy allows you to wipe most of your unsecured debts. Plus, it still leaves you with exempt assets, such as your home, furnishings, and clothing. This can provide you with the “fresh start” you need and will not leave you destitute once the process is complete.
In order to file for Chapter 7 bankruptcy, you must meet certain criteria. As an individual, your income has to pass a means test. This is determined by measuring your current monthly income against the average income for a family of your size in your state. In order to pass the means test, you must earn more. You need to have enough disposable income to help pay your creditors.
If you previously received a bankruptcy charge, had a bankruptcy dismissed by the court in the past 180 days, or defrauded your creditors, you can be considered ineligible to file for a Chapter 7 bankruptcy.
Your income and assets are an important factor in deciding whether Chapter 7 bankruptcy is right for you. If you are eligible under the means test and you have non-exempt assets, you may want to consider Chapter 7 bankruptcy as an option.
At the end of the day, fIling for bankruptcy can seem like an intimidating process. Getting an experienced bankruptcy attorney who is well versed in Chapter 7 filings can make the process streamlined, understandable, and easier. If you or someone you know is considering filing for Chapter 7 bankruptcy in Shaker Heights, Ohio, or in the surrounding areas of Beachwood, Euclid, Bedford Heights, or Cleveland Heights, call or reach out to our firm today to get reliable the legal counsel and representation you need.
Here at our firm, Attorney Sam Thomas and our legal staff are committed to helping you through your bankruptcy proceedings. Our team brings knowledge and experience that can help you explore all of your options and help you make informed decisions that can guide you toward the financial fresh start that you deserve. As your counsel, our team can help you achieve the debt relief that you need to move forward. If you are considering filing for bankruptcy, and are unsure of where to start, contact attorney Sam Thomas today for trusted legal guidance.