Cleveland Chapter 7 Bankruptcy Attorney
Helping Clients Get a Fresh Start. We Serve Akron, Canton, Elyria, &
Garfield Heights
As one of Northern Ohio's largest consumer bankruptcy law firms, we are
proud to focus solely on
bankruptcy law and on helping our clients find relief from daunting debt. If you or if
someone you know is facing a devastating financial crisis, there may be
hope through filing a chapter 7 bankruptcy.
Contact us online or call (216) 450-6689 to schedule a free initial consultation at
Knevel Law Co. LPA. Our
Cleveland Chapter 7 lawyers can determine if this option is right for you. Reach out today.
What Are the Benefits of Chapter 7 Bankruptcy?
If you are considering bankruptcy, filing for Chapter 7 has many advantages.
Keep in mind that, this option is not for everyone -- there are certain
qualifications which we explain in detail further below.
Reasons to file for Chapter 7:
- There are no limitations to how much debt you have
- There is no debt repayment plan
- Your debt may be discharged within 60 to 90 days after you file
- You will keep your future income after filing
- You receive a "fresh start" and your debts will be eliminated.
Keep in mind that certain types of debt cannot be discharged such as student
loans, child support, alimony, etc.
For more information, reach out to our
Chapter 7 bankruptcy lawyer in Cleveland.
How to Qualify for Chapter 7
Not everyone will qualify for Chapter 7 bankruptcy and you will need to
take the “Means Test” to determine whether you qualify. You
may be excluded from having to take it if your income is far below the
median for your family’s size.
Additional qualifications for Chapter 7 are:
- Completion of a credit counseling course approved by the U.S. Trustee Program
within 180 days of filing.
- No prior bankruptcy case was dismissed in the last 180 days.
-
No debt discharged from a previous filing.
- Chapter 7 within the last 8 years
- Chapter 13 within the last 6 years
- The bankruptcy court does not suspect you of creditor fraud.
What is the Means Test?
The "means test" for Chapter 7 is meant to determine if you have
enough disposable income for repaying your debts.
Which Factors Are Evaluated in a Means Test?
The following are all taken into account when determining your disposable income:
- Income
- Essential expenses
- The size of your family
In addition, any recent or upcoming changes that will affect your income
are considered.
How to Pass the Means Test
If your household income falls under the state median income, you qualify
for Chapter 7. To prove your disposable income, you will need to provide
documentation regarding your income from the past six months.
Once it is determined that the individual qualifies, they can have all
debts discharged once the liquidation process is finalized. This will allow a “fresh
start” for debtors who need one. If Chapter 7 is not right for you,
we can help you discover the best fit for your financial situation, including
pursuing a
Chapter 13 bankruptcy.
Call (216) 450-6689 to request a free initial consultation with a skilled
Chapter 7 attorney in Cleveland.
How to File for Chapter 7
To file for and complete a chapter 7 bankruptcy, you must do the following:
- File a petition with the bankruptcy court
- File a statement of financial affairs
- File other information about your creditors, income, assets, etc.
- File a schedule of the exempt property named under the law
- Provide all tax returns and tax-related documents
- Attend a creditors' meeting
Protecting Your Assets in a Chapter 7 Bankruptcy Case
Once you know that filing for bankruptcy under Chapter 7 is the best option
for you, the next step is knowing
when to file. Choosing the appropriate time to move forward with your case
is the best action you can take to protect your assets and will improve
the success of the filing. It is also important to determine whether your
specific debts are dischargeable in a Chapter 7 bankruptcy case.
In order to find out what assets are protected from liquidation, we encourage you to
consult with our firm.
Choose One of Ohio's Largest Consumer Bankruptcy Law Firms
If you are facing financial distress, there may be hope for a future without
it! Imagine a life free from debt and the possibilities that could be
available to you and your family without the weight of constant contact
from creditors. Don't hesitate to call our Cleveland bankruptcy lawyer at
Knevel Law Co. LPA as soon as possible to learn more about how we may be able to help you
find this financial freedom.
We have
more than 45 years of combined legal experience in
foreclosure and
creditor harassment defense and have filed more than 18,000 bankruptcy cases on behalf of our clients
across Northern Ohio in Cleveland, Akron, Canton, Elyria, and Garfield Heights.
Related Pages
Call (216) 450-6689 now to schedule your
free consultation to speak with our Cleveland Chapter 7 attorneys at Knevel Law Co. LPA.
