Even though bankruptcy laws changed drastically in 2005, bankruptcy is still an option for individuals who have been backed into a financial corner by overwhelming credit card debt, illness and medical bills, divorce or other financial hardships.
The experienced bankruptcy attorneys at Sternberg & Zeid, located in Mentor, Ohio, can help you file for bankruptcy in a matter of days in some cases. You will begin to see the benefits of bankruptcy as soon as you file. Your creditors must stop all collection activities, meaning you will stop receiving harassing debt collection phone calls and letters, and you will be on your way to a fresh financial start.
Contact our Mentor, Ohio, bankruptcy office online to call toll free 800-610-9556 for to schedule a free initial appointment.
Chapter 7 and Chapter 13 Bankruptcy Attorneys: Serving Lake County and Surrounding Areas
The process of filing a bankruptcy petition does not need to take more than a couple of days. It all depends on the completeness and accuracy of the financial information you give to your lawyer. If you have good financial records of assets and debts — or if you can gather all that documentation in a short time period — your bankruptcy petition can be filed within a matter of days.
Once the petition is filed, your participation in the bankruptcy process lasts about three months, and the entire process will be complete within about five months.
Chapter 7 Versus Chapter 13
Chapter 7 and Chapter 13 are two types of bankruptcy options for individuals in financial crisis. As of 2005, you must complete a credit counseling course before you can file successfully for any type of personal bankruptcy.
Chapter 7 is also called the "liquidation plan." Your debts are canceled, but the court may rule that you have to sell ("liquidate") some of your property in order to pay off your creditors. You cannot use Chapter 7 if you discharged debt via bankruptcy in the last six to eight years.
If you earn a relatively high wage, you may have to use Chapter 13 instead of Chapter 7. Under Chapter 13 (also called the "wage earner plan" or the "reorganization plan"), you use your income to pay off some of your creditors according to a timeline set up by the courts. This typically includes establishing a three- to five-year repayment plan, after which some or all remaining balances could be discharged.
Contact a Northeast Ohio Bankruptcy Lawyer — Free Consultations
Filing for bankruptcy may seem like a drastic choice, but for many individuals with financial hardships, it may be the only choice. Our attorneys will guide you through the bankruptcy process and help you get your financial life back on the right track. Once you file, you will stop receiving phone calls from creditors, you'll gain peace of mind and you can start rebuilding your credit.
To consult with one of our Lake County bankruptcy attorneys, please contact Sternberg & Zeid today for an appointment. We can be reached by e-mail or by telephone toll free at 800-610-9556.
Free initial consultations in person or over the phone.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.