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Chapter 13 Bankruptcy Attorney in Shaker Heights, Ohio

Bankruptcy may have a bad reputation, but it may be your way to financial relief. In the Northern District of Ohio, 754 Chapter 13 bankruptcy filings have already occurred through May 2021. If you are looking into filing for Chapter 13 bankruptcy but do not know where to start, an experienced bankruptcy attorney can help give you the tools you need.

At Sam Thomas III, ESQ. LLC, we are committed to providing experienced legal services and guiding clients through complicated bankruptcy proceedings. We can help you understand and navigate through your options at this crossroads in your life, as well as offer guidance throughout the process. In the end, we can simplify the bankruptcy process for you to help with debt relief. If you are located in Shaker Heights, Cleveland, or the Northeast Ohio areas of Akron, Canton, and Youngstown, our firm is ready to help.

Contact us at Sam Thomas III, ESQ. LLC today to schedule a free consultation to discuss your situation.

Understanding Chapter 13 Bankruptcy

Chapter 13 bankruptcy is also known as the “wage earner's bankruptcy.” It is beneficial for individuals who earn an income but are overwhelmed by debt. Chapter 13 provides financial relief by setting up a structured repayment plan to pay back your debt. During that time, you can hold onto your home, car, and other important assets. The repayment plan takes place over the course of three to five years.

Chapter 13 is a strong debt relief option because your property does not get liquidated or sold and it will stop home foreclosure and vehicle repossession. In addition, the repayment plan acts to consolidate your debts into one payment. If you file for a Chapter 13 bankruptcy, a trustee is appointed to pay your creditors. Chapter 13 bankruptcy also allows you an opportunity to keep your non-exempt property.

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Qualifying for Chapter 13

In order to qualify for Chapter 13 bankruptcy, you must have enough disposable income to pay off your debt. In addition, your unsecured debts must be less than $394,725 and you secured debts less than $1,184,200. You also cannot qualify for Chapter 13 if a prior bankruptcy petition was dismissed within the last 180 days due to the willful failure to appear before the court or comply with orders of the court or was voluntarily dismissed after creditors sought relief from the bankruptcy court to recover property upon which they hold liens.

The Filing Process

In order to file for Chapter 13 bankruptcy, you must first file a petition with the bankruptcy court. You must file it with the court in the jurisdiction in which you live. With that filing, you must include:

  • A list of all assets and liabilities

  • A list of all current income and expenditures

  • A list of executory contracts and unexpired leases

  • A full statement of financial affairs

Then, you must make a list of all of the creditors, your income, your property, and your living expenses. From there, a trustee appointment is made and a meeting of the creditors occurs to make sure no one was left out. Afterward, the debtor, the appointed Chapter 13 trustee, and those creditors who wish to attend will come to court for a hearing on the debtor's Chapter 13 repayment plan.

Chapter 13 Bankruptcy Attorney Serving Shaker Heights, Ohio

A Chapter 13 bankruptcy filing may seem difficult, but it can be less intimidating if you have a bankruptcy attorney helping you through the process. At Sam Thomas III, ESQ. LLC, we are ready to help you through financial difficulties. We offer the comprehensive legal counsel and advocacy you need. We proudly serve clients throughout Shaker Heights, Ohio, Cleveland, or the Northeast Ohio areas of Akron, Canton, and Youngstown.