Bankruptcy Basics in Cleveland
45+ 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 45 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 and
foreclosure 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.