Bankruptcy Basics in Cleveland
50+ Years of Combined Experience in Cleveland, Akron, Canton, Elyria, &
According to United States federal law, individuals and businesses who
have accumulated insurmountable debts are able to obtain a fresh start
financially through filing for
If you or if someone you know has more debt than they are able to handle,
bankruptcy may be a great option. Our attorneys at
Knevel Law Co. LPA have more than 50 years of combined legal experience serving clients across
Northern Ohio with thorough professional debt relief advocacy.
The Bankruptcy Code is divided into the following chapters:
Chapter 7: A Chapter 7 bankruptcy is also known as a "straight bankruptcy."
It applies to consumer debts. It does not discharge child support, or
criminal fines. Taxes and student loans can be discharged but only under
limited circumstances. A trustee is appointed by the bankruptcy court
to sell and distribute the funds from all assets you hold that are not
qualified as exemptions in order to resolve your debts. Ohio’s Exemption
Laws allow you to protect a certain amount of equity in your home, vehicle,
household goods, and other assets including social security benefits and
life insurance. In most cases, you keep all of your property and discharge
all of your debt.
Chapter 13: In a Chapter 13 bankruptcy, the debtor develops a plan to repay creditors
over a three to five-year timeline. This protects your assets including
your home. In a Chapter 13, your unsecured creditors can be paid as little
as 1% depending on your income and experience.
Hiring Our Firm Can Make the Difference in Your Case. Call for a Free Case
Learn bankruptcy basics from our Cleveland bankruptcy lawyers at Knevel
Law Co. LPA. If you are a hardworking individual who simply needs help
getting back on your feet financially, don't hesitate to contact our firm
at your earliest convenience. We serve all of Cleveland, Akron, Canton,
Elyria, Garfield Heights, and surrounding communities.
Call (216) 450-6689 for a
free case consultation with our Cleveland bankruptcy lawyers to discuss your situation.