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Bankruptcy Basics in Cleveland

50+ Years of Combined Experience in Cleveland, Akron, Canton, Elyria, & Garfield Heights

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 bankruptcy.

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 Consultation.

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 as soon 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.