Cleveland Chapter 13 Bankruptcy Attorney
Learn More About Filing for Chapter 13 Bankruptcy in Ohio
Also called a wage earner's plan, a chapter 13 bankruptcy acts like
a consolidation loan as it enables an individual to develop a court-approved
plan to repay his or her debts. Depending on your financial circumstances,
you may be able to repay your unsecured creditors as little as 1%.
Under this chapter of bankruptcy, the debtor may propose a three to five
year repayment plan during which creditors are ordered to stop wage garnishments,
home foreclosures, property repossessions, utility shut-offs, and more.
- A chapter 13 bankruptcy has many advantages including:
- The opportunity to save your home from foreclosure
- The ability to stop foreclosure proceedings
- The opportunity to resolve delinquencies on your mortgage
- The ability to reschedule some secured debts and extend them over the life
of the repayment plan
Eligibility for Chapter 13 Bankruptcy
An individual who is self-employed or operating a business will likely
be eligible for relief under Chapter 13 if the debts are less than what
is designated in 11 U.S.C. § 109(e). The individual cannot file under
this chapter, or any other chapter, if they failed to comply with the
orders of the court during a previous bankruptcy case within 180 days.
The filer must also receive credit counseling from an approved agency
within 180 days before filing.
Call One of Ohio’s Largest Consumer Bankruptcy Law Firms. We Want
to Help You!
If you have mounting debts and are interested in learning more about chapter
13 bankruptcy and if it is a good option for you, our Garfield Heights
bankruptcy attorney at Knevel Law Co. LPA may be able to help. When you
hire our firm to take on your bankruptcy, we will educate you on the benefits of
chapter 7 and chapter 13 bankruptcies and help you determine which is right for you.
If you choose to move forward, we will file all schedules of assets and
liabilities, current income, contracts, leases, and more with the court.
In any case, you must gather all tax-related documents you have as well
as all of your personal financial information including expenses and income.
Having all of this information organized and ready to present to your
attorney will help to expedite the
bankruptcy process and get you back on your feet financially as soon as possible.
Call Knevel Law Co. LPA today at (216) 450-6689 for a
free case consultation with our Cleveland chapter 13 bankruptcy lawyer. We help residents of
Cleveland, Canton, Akron, Elyria, and Garfield Heights.