In times like these, you may find yourself in a situation where you are overcome by stress and anxiety. This may be due to insurmountable debt, through circumstances beyond your control. The COVID-19 crisis has affected everyone in some form or another. Despite the forbearances and moratoriums in place for some collections, these will eventually end and you will need to be prepared with a plan. There are protections in place to help you navigate these difficult times.
If you find yourself in need of an Ohio or Kentucky bankruptcy attorney, call the Finney Law Firm. Our consumer and business bankruptcy practice is led by seasoned attorney Susan Browning.
Finney Law Firm has experience representing debtors in Bankruptcy Court for Chapter 7, Chapter 13, and Chapter 11 cases. We also assist our clients in working with creditors toward debt restructuring and settlement. We can assist you in understanding your credit report, credit score, secured debts and unsecured debts. We can educate you on repayment plans for long-term debt including student loans.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is sometimes called “debt liquidation.” Some of its benefits are:
- Obtain a discharge of all or most unsecured debts, i.e. medical bills, utility bills, and credit cards.
- Stop collection calls and other harassment.
- Avoid wage garnishment, as well as potential and pending lawsuits.
- Possible removal of judgment liens on real estate
A Chapter 7 trustee will examine the value of your assets and apply the available bankruptcy exemptions intended to protect your assets up to a certain amount. If there is no value beyond the exemptions, then your assets are protected from being sold by the trustee to pay creditors.
Our goal is to protect your home, automobiles, qualified retirement accounts and personal items.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is often referred to as “individual reorganization.” If you do not qualify for Chapter 7 bankruptcy due to income requirements, this route may be your best path forward. This allows you to make manageable monthly payments over a period of time-based on your income and expenses.
In some situations, Chapter 13 may be an option to keep a home in foreclosure or keep a car subject to a repossession. This is also a helpful option for debtors to keep an asset they might otherwise lose in Chapter 7 due to excess equity.
Chapter 13 will pay a percentage to your unsecured creditors over a three to five-year period. Other debts may be paid by the trustee including mortgage, car payment, past-due taxes, and student loans.
Chapter 11 Bankruptcy
Chapter 11 bankruptcy is for business entities as well as individuals as an option to deal with high debts associated with business or real estate losses. Much like Chapter 13 bankruptcy, Chapter 11 allows you to create a debt repayment plan. It is used by business entities to continue doing business while repaying debts.
Not all creditors are required to agree with your repayment plan as long as certain requirements are met and the plan is approved by the Bankruptcy Court.
Some long-term debts could be spread out over an extended term with a lower interest rate.
With the new Subchapter V Small Business Reorganization Act there are even more options to assist the small business debtor in shorter timeframes and at a lesser cost.
We offer a free consultation.
Our caring and compassionate staff works closely with each client. It is essential for us to understand and evaluate your total financial picture. Based on this foundation, our team will determine cost-effective, creative, and efficient strategies. We will then apply the relevant bankruptcy law to your specific case.
If you are experiencing any of the following:
- Harassment from creditors
- Collection phone calls
- Wage garnishment
- Bank account levy
- Medical debt
- Credit card debt
- Title loans
- Payday loans
- Utility shutoff
- Tax debt
- Inability to make progress on current debts
Please contact us to schedule a free consultation. 513-943-6650
How will my case proceed?
Be prepared to do the following once you retain Finney Law Firm:
- Fill out a bankruptcy questionnaire
- Gather documents such as:
- Car titles
- Car loan documents
- Real estate deed
- Mortgage documents
- Past due bills
- Proof of income
- Tax returns
- Participate in a credit counseling course
- Review and sign a bankruptcy petition
- Attend a 341 Meeting of Creditors
- Review and sign any necessary amendments
- Participate in a debt management course
Your bankruptcy attorney at Finney Law Firm will guide you through the complicated Bankruptcy Court process in the least stressful way possible. Our office offers remote meetings as well as in-person meetings at either our Eastgate or Mt. Adams locations.
Our goal is to recommend the proper avenue to successfully free our clients from the financial and psychological burdens of overwhelming debt. We strive for the very best possible outcome with a minimal amount of stress.
Please fill out our bankruptcy questionnaire to get started.
Fill out the form below so we can properly evaluate how to assist you in dealing with bankruptcy and its associated difficulties.