Lima Bankruptcy Attorney
Trusted Expertise Since 1986
Since 1986, Richard West Law Office has helped over 30,000 families explore options for debt relief, including Chapter 7 & Chapter 13. Because Richard West is trained, certified and experienced in ALL forms of debt relief, you can be sure that he’ll help you find the one that’s best for your needs.
Over 30 Years Fighting Credit Card Predators
Why Should I Hire a Lima Bankruptcy Attorney?
There are many in Lima Ohio who need to consult a bankruptcy lawyer for help with their finances. Richard West says that filing for bankruptcy should not be considered your last resort as it is often said to be. In fact, considering bankruptcy as a debt relief option should be considered earlier than later.
Bankruptcy, as a debt relief tool, offers many advantages over other options where you essentially are taking chances that you’ll get out of debt. Debt management programs can’t guarantee your success.
It’s dangerous to gamble with ineffective debt management programs when you need to file for bankruptcy. These non-bankruptcy programs seem to be more interested in signing you up regardless of your chances for success. I have seen too many people try these programs when it is clear to me that they NEVER should have considered them in the first place.
Call the Lima Ohio bankruptcy attorney who helps you compare all your options, and explains why one will be the best choice for your situation.
And, you should know that Chapter 13 bankruptcy, in many cases, offers a better result than Chapter 7. Sometimes, you can save thousands of dollars in Chapter 13, even if you do qualify for Chapter 7.
By Filing for Bankruptcy Relief in Lima You Can
Wipe Out Debt, Keep Your Property & Rebuild Your Credit
Are you a Lima, Ohio resident who is burdened with debt? Start here for an explanation on Bankruptcy options.
Chapter 7 Bankruptcy
Personal Chapter 7 Bankruptcy Attorney
What is Chapter 7 bankruptcy ?
Chapter 7 bankruptcy, also called straight bankruptcy, is an option when you cannot repay your debt using a repayment plan or other alternatives. Chapter 7 allows you to wipe out most of your debts so you can start with a clean slate and keep all of the property that you currently own.
The benefits of filing for Chapter 7 bankruptcy
Chapter 7 bankruptcy offers the chance to get rid of debt. It’s also a very fast process that can be completed within a few months in most cases. Bankruptcy doesn’t discharge all debts but does remove many.
Most people keep their homes and cars in bankruptcy, wiping out all unsecured debts like credit cards, personal loans and medical bills.
If you are considering filing for Chapter 7 bankruptcy, we have a credit rebuilding program that is designed to help rebuild your credit. Within one year of finishing our 1-year follow-up program, most clients will see their credit scores increase to 650 – 700.
Chapter 13 Bankruptcy
Personal Chapter 13 Bankruptcy
What is Chapter 13 bankruptcy ?
Chapter 13 bankruptcy is a reorganization, also referred to as a wage earner plan.
When you file Chapter 13 bankruptcy, technically you repay some of your debts. But often, not much, in your 3-to-5 year plan. Many of the Chapter 13 plans I create pay very little, often 1% of the debt. Effectively, these plans are a lot like Chapter 7 bankruptcy.
Chapter 13 bankruptcy provides significant protections for you compared to the Chapter 7.
For example, you can cure arrearages on your house and car in a Chapter 13. You cannot do this in a Chapter 7. In Chapter 7 you are generally required to be current on these debts to keep the car or house.
Chapter 13 protects you the entire time 3 to 5 year period.
Chapter 13 bankruptcy is an excellent way to protect valuable property that you have more equity in than you could protect in a Chapter 7.
Example: Your car equity is only protected up to $4,000. So, if you owned a car worth $10,000, and owned it free and clear, and if you filed a chapter 7, you would either lose it or have to pay the trustee to keep it. In a Chapter 13, you would simply pay a small amount to your creditors in order to keep the car. A much better result.
Debt Settlement & Debt Negotiation
Debt settlement can have drastic effects on your credit score, making it difficult to acquire new loans.
Shifting to debt negotiation can have pros and cons. One of the disadvantages is a lower borrowing power for years post-settlement which may make it difficult for you or others related to you – such as banks, spouses or government programs – to borrow money during those periods.
Credit counselors warn that debt settlement is not good for your credit and can be a bad decision. It’s better to file bankruptcy in most cases and you pay little or nothing on your debts and then they are reported as zero balance.
Your credit is hurt for a much longer time in debt settlement, and you will normally pay a lot more to your creditors in the process.
The Cost of a Bankruptcy Attorney in Lima
If you are filing for bankruptcy, it is only natural that you would be concerned with the cost of retaining or hiring a Bankruptcy Attorney in Lima Ohio. You will find, after doing some research, that the cost of hiring a bankruptcy attorney in Lima may not be as intimidating as you think.
Here are some things to consider when looking at how much it will cost to hire a bankruptcy attorney:
- Hiring A Bankruptcy Attorney – if you decide to enlist the help of a professional to help you through the bankruptcy process, you will need to determine how much it will cost. A good attorney will not be able to tell you, in advance of learning about you and your situation what you need, so beware of attorneys who advertise a price without asking about your situation first.
- Quoting a price for services “blindly” is a huge red flag. Like a doctor quoting the price of a treatment or surgery without even examining you first.
- Filing Fees – and legal fees. There are costs, like filing fees, credit report fees, credit counseling fees. And then there are the legal fees. Some attorneys charge a flat fee, some charge by the hour. You should be given a written contract and fee estimate at the beginning of the engagement.
A word of caution. Hiring a cheap bankruptcy attorney in Lima can lead to mistakes that will cost you years down the line. Bankruptcy mills are common and they rifle through paperwork which leads to mistakes. You need an attorney experienced bankruptcy lawyers who is versed in bankruptcy law to get the most of filing.
Source of Debt in Lima
According to a recent CNBC article, almost one third of us have medical bill balances over $10,000! If you have this problem, you have lots of company. Even if you have insurance, one serious illness can sink your finances.
Nearly half of college students from 18 to 29 years old, have student loans Lima students are no exception, and these loans are reported on your credit and will lower your score if you default. And default can easily increase the balance you owe, making it difficult or impossible to ever get out of student loan debt. Bankruptcy doesn’t discharge student loans but wiping out other debts often makes it possible to get a handle on your student loans.
Credit cards are always a part of modern life, but if you’re not careful, it’s easy to get into trouble with them. Relying on cash advances or balance transfers and “teaser rates” can cause problems before you know it. And getting too many credit cards can make it too easy to overspend and avoid your responsibility in the
A home purchase is the American Dream. Interest rates are at historic lows for many reasons. Houses prices seem to be at an all time high, and panic has set in with many people keen on taking advantage of this low interest boom before it ends. Too often times, buyers, especially first-time buyers fail to recognize that there are fees that come with mortgages, and the interest rate is just one of them.
In these difficult economic times, some people may be desperate to get a loan from their family members. And sometimes they’ll agree — as long as you pay them back! There’s nothing necessarily wrong with doing this if it’s done right. But beware that these can cause problems in bankruptcy.
The news of a lawsuit letter is always frightening at first, but the action you take afterwards dictates how the situation will eventually turn out. It’s important to know why the lawsuit happened and when it was filed. Fast action is the key to avoiding garnishment.
Sources of Debt
What They Can Claim
What They Can Cause
What Debts Can and Can Not Be Discharged?
Common Debts Discharged in Bankruptcy
Most types of consumer bills are discharged in a bankruptcy case, but some are not. Generally most taxes, child support debt, and student loans are not discharged.
Here are the most common debts we discharge for our clients, helping them to get a fresh start.
Credit Card Debt
Credit card debt is the number one top reason we file for Chapter 7 or Chapter 13 bankruptcy.
If you analyze it, you will see that you have probably paid your credit cards much more than you have actually purchased, and most of what you pay is interest rates, late fees and over-limit fees.
You even the score by filing bankruptcy. And don’t be concerned that you won’t get new credit. You WILL be able to get new credit cards.
Discharging debt on credit cards can be the beginning of better credit.
Another primary reason for filing consumer bankruptcy is unpaid medical bills. Even if you have health insurance, the sky-high deductibles make any medical problem a potential financial disaster.
Dishcharging medical debt in bankruptcies necessary in many situations. Even if you do discharge medical debt, you WILL always be able to go to the emergency room if you need to.
Personal loans can be a huge problem for Americans as money companies – One Main, Mariner, Tracir and the like- make it possible to get into impossible debt situations. Bankruptcy is the escape route for many in this situation, because these personal loans can be discharged in bankruptcy.
Cash Advance Loans
One of the most difficult kinds of loans to get out of, cash advance loans are another common debt we wipe out in bankruptcy. The interest rates are unbelievably high.
Cash advance loans are dischargeable in bankruptcy. Sometimes you sign an application that indicates you won’t file bankruptcy. These are not enforceable.
Foreclosure and Repossession Deficiencies
After foreclosure our repossession, you will probably be sued for the “deficiency.”
The deficiency is discharged in bankruptcy, as it is now just another unsecured loan.
Even if you don’t get sued, creditors will normally park the debt on your credit report. Parking debt this way lowers your score for years. Bankruptcy will wipe this balance off of your credit report, and prevent this damage to your score.
You have the right under Federal Bankruptcy Law to discharge these debts. Aggressive creditors are, more an more, seeking to garnish your pay or wipe out your bank accounts. Chapter 7 or Chapter 13 bankruptcy can protect you from these aggressive collection tactics.
Rebuild Your Credit
Unfortunately, many people believe that filing for Chapter 7 or Chapter 13 bankruptcy in Lima Ohio means they will have poor credit for years. In truth, this is not the case; it’s because these bankruptcy filers do not know how to get their credit score back up after filing.
As a certified credit counselor with financial experience, I am able to share the successful plan that I created in order to rebuild my own credit, after I was, myself, insolvent.
Wiping the slate clean and starting over from scratch can be a great way to start rebuilding your credit.
Using my customized credit rebuilding program, most of my clients achieve credit scores of 650-700 within a year of their discharge from bankruptcy.
How A Lima Bankruptcy Attorney Can Help.
Deep in debt in Lima Ohio is not where you want to be.
If you live in Lima, your case will be filed in the Toledo Bankruptcy Court While there are several attorneys in Lima, you’ll find that there are only two board certified consumer bankruptcy specialists, recognized by the Ohio Supreme Court.
Richard West, who is certified by the American Board of Certification, is one of them.
At West Law Office, we’ll be the first to tell you that filing a bankruptcy is NOT the best solution for everyone.
Because Richard West is a certified debt specialist, he will help you review all kinds of options, and he frequently recommends that clients pursue non-bankruptcy debt relief options. Some folks just don’t need to file bankruptcy.
Over his career, spanning over 35 years, he has recommended that many clients do not file bankruptcy. Instead, he helped them to find non- bankruptcy debt relief programs.
And, all of this is just plain old common sense.
For example, we all know that when you have a serious problem, you better get a certified specialist help you fix it.
If you’re reading this, you are probably at a point in your life where the choices you make concerning getting the help you need will dictate your financial future.
This is a critical point.
You need to get this right, the first time.
Let us help.
Call for a free consultation today and you’ll sleep better tonight.
We Service the Following Cities and Communities near Lima, Ohio.
Ready? Get on the Road to Bankruptcy Recovery
We are still open for remote filings in Lima and remote consultations during the pandemic. All consultations are free and there is no catch. We only work with clients who want to work with us. Nothing high-pressure. We look forward to assisting you.