Chapter 13 Lawyer in Cleveland
Learn More About Filing for Chapter 13 Bankruptcy in Ohio
Are you considering bankruptcy as a business owner or self-employed worker?
Filing for Chapter 13 may be your solution. 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.
Does Chapter 13 Wipe Out All Debt?
Chapter 13 does not wipe out all debt. It allows individuals to catch up
on their mortgage and car loan payments by restructuring the debt. When
the payment plan is completed, Chapter 13 discharges most remaining nonpriority,
Debts that Chapter 13 can wipe out:
- Credit Card Debt
- Utility Bills
- Medical Bills
- Old, Nonpriority Income Tax Obligations
- Personal Loans
Chapter 13 also allows you to eliminate debts that cannot be discharged
in Chapter 7. Some examples are:
HOA fees that were due after your bankruptcy filing date
- Debt used to pay nondischargeable tax obligations
- Debts from a property settlement agreement during a divorce
- Certain fines and penalties owed to the government, except for criminal fines
Looking for debt solutions?
Contact our office in Cleveland, OH online or call (215) 450-6689 for a free consultation!
How Chapter 13 Works and Benefits of Filing
Under Chapter 13 bankruptcy, the debtor proposes a three to five-year debt
repayment plan. During this time, creditors are ordered to stop wage garnishments,
home foreclosures, property repossessions, and more. Depending on your financial circumstances,
you may be able to repay your unsecured creditors as little as 1%.
- Under chapter 13 bankruptcy, you can:
- Save your home from foreclosure
- Stop foreclosure proceedings
- Resolve delinquencies on your mortgage
- Reschedule some secured debts and extend them over the life of the repayment plan
Who is Eligible 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 Knevel Law Co. LPA to Find Out if Chapter 13 is Right for You!
If you have mounting debts and are interested in learning more about chapter
13 bankruptcy, our bankruptcy attorney at Knevel Law Co. LPA may be able
to help. When you hire our Ohio 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 will work best 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.
Having all of this information organized and ready to present to your
bankruptcy attorney will help to expedite the bankruptcy process and get you back
on your feet financially. Our attorneys will prepare your bankruptcy documents
in a clear way for any Chapter 13 trustee in Cuyahoga County, OH.
Call Knevel Law Co. LPA today at (216) 450-6689 for a
free case consultation to see if filing for Chapter 13 is right for you. We help clients throughout
Ohio who are facing insurmountable debt.