Bankruptcy Can Get Many of Your Debts Forgiven
Here’s a Way to Get a Fresh Financial Start
When bills keep piling up and creditors are harassing you to get paid, the stress and complications spread to every area of your life, affecting work, family, and even your health. You may be faced with foreclosure of your house, repossession of your car, utilities being shut off, and garnishment of your wages. It’s a difficult situation, and you don’t know where to turn.
Fortunately, there is help available and a way to get a fresh financial start through filing for bankruptcy. Bankruptcy, a legal way to have many debts forgiven, can relieve your stress and monetary burdens and put you on the road to financial recovery. If bankruptcy is right for your situation, filing can keep creditors from harassing you and seizing your possessions, allow debts to be forgiven, and provide a way for you to keep your assets and begin to rebuild your life.
Filing for bankruptcy is not something to take lightly, but the experienced and compassionate Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer are here to help. We understand that financial problems can happen to even the most well-intentioned people, and we know how to help ease this financial burden. We will assess your financial situation, examine all your various options, and help you decide what steps to take next.
We offer a free consultation to evaluate your financial situation, and look at your income, your debts and your goals to find a debt-relief plan that’s best for you. Our bankruptcy attorneys servicing Newark, OH, have helped thousands of families across the state, and we can do the same for you.
Stop staying awake at night worrying about money. Call an affordable bankruptcy attorney in Newark, Ohio, at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati). We offer a free initial consultation and can help you get back on the road to success.
How an Affordable Newark Bankruptcy Attorney Works for You
Choosing the Right Bankruptcy Attorney
If you are considering filing for bankruptcy, the first step is to find the right attorney — one who specializes in bankruptcy and who is also affordable. At this time, when money is especially tight, you want to make sure your attorney will work with you so you can manage legal fees. Lawyers charge a wide range of fees, and at Fesenmyer Cousino Weinzimmer, we pride ourselves on being one of the most affordable bankruptcy law firms in the area, and we keep our fees extremely competitive.
Our attorneys have decades of experience and financial knowledge of the complexities involved with bankruptcy cases. We know Ohio and federal laws, and we will work with you to determine whether bankruptcy is the best solution for your individual situation and which type works best. When you contact us, you will meet directly with the attorney who will be handling your case and who will be there throughout the entire process, answering your questions and addressing your concerns and making sure you follow through so that you will complete your bankruptcy successfully and your debts will be discharged.
The best thing you can do is give us a call so we can discuss the process. The initial consultation is free.
Our Bankruptcy Lawyers Serving Newark, Ohio, Explain Different Kinds of Bankruptcy
Chapter 7 and Chapter 13 are the Most Common Types of Bankruptcy
Determining which type of bankruptcy is right for you requires analyzing your specific financial situation and needs, and our experienced bankruptcy lawyers in Newark can assist you in making this decision. While Chapter 7, is the most common type, not everyone is eligible. Your income and debt will be subjected to something called a “means test” to determine whether you qualify, based on whether your average monthly income for the past six months is below the Ohio median for your size household.
Considerations to Know for Chapter 7 Bankruptcy
Chapter 7 has the advantage of eliminating most or all consumer and business debts, and the process is usually over in a few months, so you can begin rebuilding credit quickly and may even qualify for new credit cards or loans. In addition, if you do not own a great deal of property, your possessions may all be exempt from being liquidated, qualifying you for a “no asset” case. This is because Ohio has bankruptcy exemptions (Exemption Laws of Ohio) that list types of property that cannot be liquidated in bankruptcy, including clothing, cars, equipment used for work (like tools) and household furnishings.
Considerations to Know for Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a is a reorganization plan that allows you to consolidate your payments to avoid fees and fines and repay some or all of your debt affordably over a three- to five-year period. It is best for people who don’t qualify for Chapter 7 and who have a steady income, temporary financial problems where they can’t meet their debts, and a desire to repay some of the debt in order to keep assets they wish to protect. Once you file for Chapter 13, harassing calls and letters from creditors stop; and once you successfully complete the payment plan, qualifying debts covered by the plan are discharged.
Other items to note on Chapter 13 bankruptcy include:
- You will be under bankruptcy court rules and conditions during your repayment plan of three to five years.
- The bankruptcy will remain on your credit report for seven years
Be aware that Chapter 7 and Chapter 13 are designed to do different things, and just qualifying for Chapter 7 does not mean it is preferable. Our FCW bankruptcy attorneys will review your individual situation to determine which bankruptcy is better for you.
The affordable bankruptcy attorneys at Fesenmyer Cousino Weinzimmer understand each of these debt distinctions and can provide the best legal advice to protect your assets and provide financial freedom.
Newark Bankruptcy Attorneys Answer FAQs
Facing filing for bankruptcy is difficult, and you are bound to have questions and concerns. While the best way to get answers is at your free consultation, here are some answers to questions our clients often ask:
Fesenmyer Cousino Weinzimmer understands how difficult it is for people facing bankruptcy, so our goal is to provide top-notch service with affordable fees. We have no hidden fees, and we do not complicate or stretch out the hours it takes to get your paperwork in order. We strive to get the process over as quickly as possible, so you can start rebuilding your financial future. Our affordable Newark bankruptcy attorneys have decades of legal experience and a streamlined process for completing bankruptcy cases. The initial consultation is free. Give us a call at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati) and we can discuss your case and the potential cost of filing bankruptcy.
Bankruptcy laws have an automatic stay provision, so you get immediate relief when our Newark bankruptcy lawyers file your case. We put your creditors on notice so all harassment stops.
Creditors know that once a person files for bankruptcy, they are required by law to stop all harassment. That means your phone will stop ringing and your mailbox will no longer be flooded with letters from creditors. You no longer have to avoid phone calls and let unopened mail pile up on the dining room table. Creditors can no longer try to contact you at work or contact your family members.
Ohio has many bankruptcy exemptions you can use to protect some property when filing for bankruptcy, such as a home, car, and retirement account. Exemptions are protected from being seized in a bankruptcy procedure. Some exemptions include:
- Ohio Homestead Exemption – protects equity in real estate or tangible personal property that you or your dependents use as a residence, including your home, condominium, or mobile home. You must reside in the property when bankruptcy is filed.
- Ohio Motor Vehicle Exemption, up to the allowed amount of equity in one vehicle.
- Ohio Wildcard Exemption, allows you to exempt any property of your choosing up to the allowed amount. (Ohio Rev. Code Ann. 2329.66(A)(18).)
- Personal Property, including specific amounts for cash, jewelry, household goods and furnishings, tools of the trade, spousal or child support, a burial plot, and a percentage of wages.
- Pension and Retirement Benefits
- Miscellaneous Ohio Exemptions, including: 529 savings plans, benevolent society death benefits, crime victim’s compensation received during 12 months before filing, disability assistance payments, earned income tax credit and child tax credit, unemployment compensation benefits, vocational rehabilitation benefits, and workers’ compensation.
Exemptions change periodically. You can verify exemption amounts on the Ohio Legislature’s website, or by consulting with our bankruptcy lawyers who will help you understand how the exemptions apply to you.
Yes, some kinds of debt cannot be discharged under bankruptcy. These include most student loans, child support, tax debts, and debts incurred through fraud or theft. However, because bankruptcy does allow you to discharge medical, credit card, and several other forms of consumer debt, it makes it easier to pay the nondischargeable debts that remain.
First, let’s find out if bankruptcy is the right move for you. Next, let’s talk about a plan to set aside this debt and move forward into a brighter future. When we meet with you, we will go over what documents are necessary for filing bankruptcy. A Newark bankruptcy lawyer will walk beside you every step of the way. We don’t want you to feel overwhelmed, and that’s why we make the process as easy as possible.
Call an Affordable Newark Bankruptcy Attorney to Get Started Toward a Brighter Future
When you call our affordable Newark bankruptcy lawyers, you are empowering yourself and will no longer feel at the whim of creditors. Instead, you can arm yourself with reliable information and receive expert guidance from an experienced attorney.
During your consultation at Fesenmyer Cousino Weinzimmer, we will evaluate your entire financial situation by looking at your income, your debts and your goals, and we will discuss the best fit for your financial situation. We will make sure you are aware of all your options and help you decide on the path to a brighter future that makes sense in your individual case. We understand that those struggling to deal with debt cannot afford to be burdened with large attorney fees, so we make our services as affordable as possible, and we will be there for you throughout the entire bankruptcy process. The initial consultation is free, so you have nothing to lose.
Delaying can only make your situation worse, so call the Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer today! Call one of our conveniently located office branches at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati) so we can determine what debt relief solutions will work best for you.