In these uncertain economic times, millions of Americans are going through unforeseen hardships. It may be time to get a fresh start. If you are interested in becoming debt free and having more control over you financial future, I want to help. As an Ohio Debt Relief specialist I can help you become debt free by 2022.
Parma Bankruptcy Attorney
Top-Rated Chapter 7 and Chapter 13 Bankruptcy Attorney in Parma, Ohio
Richard West Law Office is a Parma, Ohio bankruptcy law firm with over 30 years of experience representing clients in Chapter 7 and Chapter 13 bankruptcy cases. We have filed over 30,000 cases in the State of Ohio, and we have some of the best ratings in all of the sate. If you are looking to file for bankruptcy but are confused or intimidated by the process. Then we can offer a solution for you. Get started today by requesting a free no-obligation consultation.
Over 30 Years Fighting Credit Card Predators
Bankruptcy is a process that most people in Parma would like to not think about. But if you’re suffering from significant financial stress, you need to know your options.
Many are surprised to learn that bankruptcy doesn’t work the way they thought it did.
And they’re even more encouraged when I explain how we can quickly rebuild credit after wiping out their debt, and keeping all the property they worked hard to get.
You probably know people who should have filed, but did not. They’re stuck with debts they continue to make minimum payments on but they will never get out of debt.
If you are considering bankruptcy, it is wise to seek the assistance of an experienced lawyer. One who specializes in the exact problem you have. Someone who can guide you through the process and make sure that all your debts will be dealt with correctly.
Preferably, you’ll consult with a board certified specialist. Even better, one who is also a certified debt arbitrator as well.
Richard West is both a board certified consumer bankruptcy specialist, and a certified debt arbitrator. He knows the pros and cons of all options. You’ll know you made the best choice after you consult with his firm.
By Filing for Bankruptcy Relief in Parma You Can . . .
Wipe Out Debt, Keep Your Property & Rebuild Your Credit
Are you a Parma, Ohio resident who is burdened with debt? Start here for an explanation on Bankruptcy options.
Chapter 7 Bankruptcy
Personal Chapter 7 Bankruptcy Attorney
Last year, 2020, was a tough year for many in Parma, Ohio, and thousands of families and individuals filed for bankruptcy protection.
Most of these cases were Chapter 7 bankruptcy cases.
Chapter 7 bankruptcies are the most commonly filed form of bankruptcy for Parma. If your income is in line with the median income for Ohio, you may be eligible to file Chapter 7 bankruptcy.
Many people meet the criteria for Chapter 7 bankruptcy. It makes sense to consider this option if you have serious financial problems.
In chapter 7 bankruptcy, most people are able to keep their property while disposing of a bulk of debts, which can strike them as the perfect way to start over and rebuild credit.
Our proven plan for rebuilding or repairing your credit often has clients eligible for better rates than they originally imagined possible in just months.
So, don’t worry that you’ll lose property or suffer from low credit score if you file Chapter 7 bankruptcy. When we work on your case, you’ll be back on track with a good credit score faster than expected.
As a Parma, Ohio Chapter 7 Bankruptcy Attorney, I can walk you through the benefits of filing for Chapter 7 vs Chapter 13.
Chapter 13 Bankruptcy
Personal Chapter 13 Bankruptcy
Chapter 13 Bankruptcy is a powerful and flexible form of debt relief. More people should file this than Chapter 7 because they actually can pay LESS in Chapter 13 than they do in Chapter 7.
Many people come to me after their family has been advised to file bankruptcy and reaffirm their car. But this can cost thousands of dollars. If they filed Chapter 13, they could save money.
Chapter 13 bankruptcy is often used to catch up missed payments on your car and house.
A Chapter 13 bankruptcy is the best remedy for individuals seeking to stop foreclosure or repossession of their home and/or vehicle. It can provide up to 5 years so that some missed payments may be ‘caught up’
And, with our one-of-a-kind credit rebuilding program, you can actually rebuild your credit at the same time as paying off your debt.
As a Parma, Ohio Chapter 13 Bankruptcy Attorney I can walk you through the benefits of Chapter 13 vs Chapter 7.
Debt Settlement & Debt Negotiation
Debt settlement is a dangerous choice especially for those who are not aware of the benefits and drawbacks to this option. The outcome in any debt settlement program is not guaranteed, and some creditors will not participate.
Debt settlement has many risks attached to it, including the damaging effect settlements have on borrowing power for years afterward. This can lead some people into situations where they find themselves unable to borrow money. These limitations from the debt settlement can last far longer than any detriment that might result from a bankruptcy filing.
Compared to filing bankruptcy, where you owe little or nothing to your creditors and wipe the slate clean, debt settlement will likely have more negatives than positives for most people.
Source of Debt in Parma
Nearly one third of families today have some type of medical debt, and 28%+ of them with balances over $10,000+, according to a recent CNBC article. Even though many people may have insurance, if your family has any significant debts it can be difficult or impossible to pay for things like living expenses.
The majority of college students take out loans. 42% of people in the 18-29 age group have student loan debt. This is a huge problem in Findlay, Ohio. And if you default on your loans, it will hurt your credit and can make the interest rate go up. While student loans are generally not discharged in bankruptcy, the elimination of other debts may make the student loan debt manageable.
Credit cards are a part of the world. They are always there. But, it is easy to get in trouble with them. The most common way this happens is by taking cash advances on credit cards, transferring balances from card to card, and taking advantage of low “teaser rates.” There is also an easy way to get too many credit cards.
Home ownership is the American Dream. Low interest rates are available now, and housing prices are going up. But many people forget about other costs like mortgage, taxes, insurance and more. When they buy a home with money they don’t have for these things, it can become a real nightmare that will get very expensive in the long term!
When you get a lawsuit in the mail, it might make you feel scared. And more and more creditors are choosing to turn their unpaid bills over to lawyers.
You can stop these lawsuits by filing bankruptcy.
Sources of Debt
What They Can Claim
What They Can Cause
Types of Debts Discharged in Bankruptcy
Common debts discharged in bankruptcy
The majority of debts are able to be discharged in a bankruptcy case. A bankruptcy will not discharge certain types of debt, such as most taxes (unless fraud is suspected), child support, and student loans; however, the majority of obligations can be cleared.
Here are some common type of debt that consumers regularly discharge in bankruptcy cases: car loans, overdrafts/unpaid fees owed to banking institutions, repossession debt, unsecured debts of all kinds.
Credit card debt
Credit card debt is one of the reasons people file for bankruptcy.
If you use a credit card, you probably have paid many more dollars in interest than the money that was spent. But filing for bankruptcy can even this out and you will be able to get new credit cards.
Another reason for bankruptcy is unpaid medical bills. You may have health insurance, but high deductibles make any medical situation a financial disaster.
Sometimes you need to filed bankruptcy on your medical debt. That’s not a problem because you can still go to the emergency room if you need.
Personal loans are a huge problem in America. Finance companies like One Main, Mariner, Tracir and others make it easy for people to get into debt situations that they cannot get out of.
Fortunately, these personal loans can be discharged in bankruptcy.
Cash advance loans
Cash advance loans are another kind of debt that you can get rid of in bankruptcy. The interest rates are ridiculously high.
Don’t worry. These loans are also going to be forgiven in bankruptcy. Even if you signed an application saying that you won’t file for bankruptcy, they can still forgive these loans. This has happened 35 years in a row for my clients and I have never seen someone not get their cash advance loan discharged in bankruptcy.
Foreclosure and repossession deficiencies
If your home is foreclosed or your vehicle repossessed, you will likely be sued for the “deficiency.” All of these debts are discharged in bankruptcy. And, even if the creditor doesn’t sue you they will typically “park” the debt on your credit report harming you more, sometimes over time than if they had sued.
We offer Chapter 7 and Chapter 13 bankruptcy to help you recover from debt. Some of these creditors are aggressive, which they can garnish your pay or wipe out your bank account if you do not have the protection of filing for bankruptcy.
Rebuild Your Credit
Most people think filing for Chapter 7 or 13 bankruptcy in Parma Ohio will cause them to have bad credit indefinitely. But this is not necessarily the case, as many people get their good credit back through a bankruptcy after they file by using my unique credit rebuilding program.
As a certified credit counselor, I have seen the harsh effect of bankruptcy on credit for those who have no help rebuilding their credit.
It is important to rebuild your credit after bankruptcy or any kind of financial hardship. This will help you recover from it more quickly than expected.
Wiping the slate clean is a good way to start over. It’s not magic. And, it’s not hard if you have a program that will show you how to do it step by step. We have that program for you.
Most clients who participate in my program achieve FICO scores of 650 or higher within a year after filing for bankruptcy.
How A Parma Bankruptcy Attorney Can Help.
Deep in debt in Parma is not a good place to be.
If you live in Parma, 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.
You need to review all of your options. At West Law Office, we’ll be the first to tell you that filing a bankruptcy is NOT the best option for every situation.
Richard West is a certified debt specialist. He regularly recommends non-bankruptcy debt relief options for situations that do not call for bankruptcy. Over the years, he has kept hundreds of families out of bankruptcy, and helped them to find non- bankruptcy debt relief programs.
You can see that this is just common sense.
Everyone knows that when you have a serious problem, you get better results when you have a certified specialist help you.
If you’re at a point where the choices you need to make concerning getting the help you need will determine your financial future, you really do need to get this right, the first time.
We can help.
Call us at (440) 252-0111 for a free consultation or fill out our Parma Bankruptcy Evaluation Form today and you’ll sleep better tonight.
We Service the Following Cities and Communities near Parma Ohio.
Ready? Get on the Road to Bankruptcy Recovery
We are still open for remote filings in Parma, 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.