Loraine Bankruptcy Attorney
Top-Rated Chapter 7 and Chapter 13 Bankruptcy Attorney in Loraine, Ohio
At Richard West Law Office, we have helped clients for over 30 years become debt free by representing them in US Bankruptcy Court. We have filed over 30,000 cases since 1986, and reviews speak for themselves. If you are considering bankruptcy as an option to gain control over your financial future, then our bankruptcy law firm can help.
Over 30 Years Fighting Credit Card Predators
By Filing for Bankruptcy Relief in Loraine You Can...
Wipe Out Debt, Keep Your Property & Rebuild Your Credit
Are you a Loraine, Ohio resident who is burdened with debt? Start here for an explanation on Bankruptcy options.
Chapter 7 Bankruptcy
Personal Chapter 7 Bankruptcy Attorney
Chapter 7 bankruptcy is often described as a liquidation proceeding in which the court has the power to order your creditors to be paid.
The truth is that most (generally all) of your assets (such as clothing, furniture, etc.) are totally protected.
There is no court hearing, just a meeting with a trustee.
Chapter 7 provides for a discharge of most debts.
A few debts are not dischargeable. These include child support, student loans, and most tax debts.
You may not file a petition under chapter 7 if you have sufficient income to make a meaningful payment to your creditors.
There is a “means test” which you may have to pass.
Chapter 7 is the most commonly filed form of bankruptcy in Loraine.
However, just because you qualify for Chapter 7, please be sure to check out Chapter 13, as you may get a better result in Chapter 13 even if you do qualify for Chapter 7.
Chapter 13 Bankruptcy
Personal Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a process by which individuals with regular income can catch up on their arrearages over time and have debts completely discharged upon completion of the plan.
Chapter 13 usually works best for people who want to save their home from foreclosure or their car from repossession.
Chapter 13 permits you to catch up on payments for property you want to keep, liek your car or your house.
In some cases, you can actually use Chapter 13 to pay less for your car.
And, in some situations we can strip off junior mortgages on your home.
Chapter 13 is more powerful, and more complex, than Chapter 7. Therefore, it is important that the attorney you consult with is fully familiar with Chapter 13 law.
Debt Settlement & Debt Negotiation
Debt settlement, also known as “debt negotiation” or “debt arbitration”, is a debt resolution option in which you hire a company to work directly with your creditors to mutually agree upon an amount of money that you can afford to repay. Debt settlement companies are typically paid by you and/or provided by the creditor as part of the negotiation process.
When debt settlement is successful it can save you thousands of dollars in interest charges. Though most people are able to settle their debts, this process can be time-consuming and may take several months before any substantive progress is made toward settling the total debt owed.
You will have to pay taxes on any debt which is cancelled by your creditors.
Some creditors do not offer direct debt settlement plans, so you may be required to take a debt management plan (DMP) in order to settle your debts. This is the case when creditors have already purchased your accounts on the secondary markets and do not wish to assume any more of your debt than they have to.
Debt settlement is NOT bankruptcy, though we will help you determine if it’s right for you!
Source of Debt in Loraine
In the United States, more than 900,000 people file for bankruptcy every year. The reasons why people have to declare chapter 7 or chapter 13 bankruptcy vary from person to person. Many individuals are aware of how easily their lives can spiral suddenly out of control because all it takes is a single unexpected event such as an illness or job loss that causes them to no longer have the means to make ends meet.
In Loraine Ohio, bankruptcy is a social safety net for many people who may face financial problems that are beyond their control or expertise to fix.
More people file bankruptcy each year, because more people need to. The social stigma is practically gone, and we all understand that if you need to file bankruptcy, you should do so without delay and it is not a last resort. In fact, the sooner you file the faster your financial recovery will be.
Sources of Debt
What They Can Claim
What They Can Cause
Types of Debts Discharged in Bankruptcy
Common debts discharged in bankruptcy
Most types of debt are discharged in bankruptcy, including most taxes, child support and certain educational loans.
Credit card debt
Credit card debt is the number one cause for filing for Chapter 7 or Chapter 13 bankruptcy.
The credit card companies have charged you more than they should have, and high interest rates will only make things worse. The Fair Isaac Corporation has stated that bankruptcy is sometimes the best option to get a jump-start on your finances. Don’t worry; filing bankruptcy doesn’t mean you’ll never be able to buy anything else. It’s just the first step
Medical bills are among the leading causes for bankruptcy, even if you have health insurance. If your deductible is too high, it could be impossible to afford the bill.
Filing bankruptcy on medical bills is commonplace, and it may be necessary to do so. Don’t be afraid that a discharge of these debts will stop you from being able to access hospital care.
Personal loans are a huge problem in the USA. Online companies like Lending Tree, Sofi, and BestEgg make it easy to get into serious debt trouble.
But, happily, these loans can be discharged in bankruptcy.
Cash advance loans
A cash advance loan is a type of debt that we can get rid of in bankruptcy. They have extra-high interest rates.
In bankruptcy court, it is important to know that cash advance loans will be forgiven under the law.
A promise made on a cash application does not change this result.
In my experience of 35 years as a consumer protection attorney and bankruptcy expert, I have
Foreclosure and repossession deficiencies
IIf your home is foreclosed or vehicle is repossessed, you will be sued for the “deficiency.” All these debts are discharged in bankruptcy and even if the creditor doesn’t sue you, they will harmfully report it to your credit which can do more damage over time than what would happen if they had just sued you.
If the lender has sold the home at foreclosure or repossessed the vehicle, the deficiency is forgiven in bankruptcy and this debt will be listed on your credit report as a zero balance.
Bankruptcy can help relieve you of credit card debt and other financial problems. Most creditors are aggressive in their pursuit to get what is owed to them. Filing for bankruptcy gives you protection from such tactics.
Rebuild Your Credit
Once you file for bankruptcy, all the debts are discharged and your credit card companies can no longer attempt to collect on past due payments. They will have a zero balance on your account and this will help you rebuild good credit over time.
However, this alone will not help to recover your credit. You need the help of a proven program specifically designed for you after bankruptcy.
We have a time tested program that does just that.
Don’t think you will have to suffer bad credit after wiping out your debts in bankruptcy. Let us show you how to recovery good credit in record time.
How A Loraine Bankruptcy Attorney Can Help.
If you live in Loraine, your case will be filed in the Toledo Bankruptcy Court. While there are several attorneys in Lima, 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.
We will review all your potential options for debt relief. At West Law Office, we know that bankruptcy is not the best option for every situation.
Richard West is a certified debt specialist, for non-bankruptcy debt relief options and he has assisted hundreds of families to find non- bankruptcy debt relief programs. In these cases, the debt was better handled by a non-bankruptcy approach.
Of course, all of this is just common sense.
It’s a simple truth that when you have a serious problem, you get to a certified specialist for help.
When you are at this critical point in your life, remember that the choices you make to get the help you need will necessarily result in long-term consequences on your financial life.
You really do need to get this right, the first time. We can help.
We Service the Following Cities and Communities Near Lorain, Ohio.
Ready? Get on the Road to Bankruptcy Recovery
We are still open for remote filings in Loraine, Ohio 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.