Springfield Bankruptcy Attorney
Trusted, 35 Years Experience Bankruptcy Attorney in Springfield, Ohio – Richard West Law Office
At Richard West Law Office, we have been supplying Springfield, Ohio residents with the tools they need to become debt free since 1986. We have over 30 year of experience as a bankruptcy law firm. We know that Ohio residents don’t want to be burdened with debt for another day, and that is the main reason we treat our clients with understanding and compassion while giving them sound advice on bankruptcy options.
Over 30 Years Fighting Credit Card Predators
Our Springfield OH Bankruptcy Attorney services are provided to residents in Clark County, Champaign County, Greene County, Madison County and Union Township.
By Filing for Bankruptcy Relief in Springfield You Can
Wipe Out Debt, Keep Your Property & Rebuild Your Credit
Are you a Springfield, Ohio resident who is burdened with debt? Start here for an explanation on Bankruptcy options.
Chapter 7 Bankruptcy
Personal Chapter 7 Bankruptcy Attorney
Tough times mean tough decisions. If you’re considering bankruptcy, it’s a good idea to get some legal advice before filing for Chapter 7 in Springfield Ohio . An attorney can help you evaluate your assets and debts to determine whether bankruptcy is right for you.
Chapter 7 is also known as liquidation bankruptcy. It requires submitting a petition to the court, then giving up any property that doesn’t fit into your state’s exemptions. An attorney can help you with this process by explaining the law and forms involved in Chapter 7 and representing you in court if needed.
Our bankruptcy attorneys can help you determine if Chapter 7 or Chapter 13 is best for your situation.
Chapter 13 Bankruptcy
Personal Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a reorganization plan. It lets you pay off your debts based on your ability to pay, over time, usually up to 5 years. Sometimes these plans pay only a penny on the dollar, and can save thousands of dollars on your automobiles, making Chapter 13 much better than Chapter 7 in some cases.
In Chapter 13 bankruptcy, you make payments to a trustee who in turn distributes the funds among your creditors.
Chapter 13 bankruptcy can reduce or even eliminate what you owe on many debts, and this makes it p;ossible for you to save your home from foreclosure.
A bankruptcy attorney can help you discuss the benefits of each type of bankruptcy, then determine which one is right for you.
Debt Settlement & Debt Negotiation
Debt settlement is a way to avoid bankruptcy and pay off debt by negotiating with creditors and agreeing on the amount that will be paid back in full. There are some people who are opposed to filing bankruptcy. They consider this option as a way for them to save money without filing bankruptcy. But, there are many risks involved with debt settlement.
The main risk of is that it just won’t work.
If you don’t have enough extra money in your budget to settle your debts, then you’re just going to make matters worse. You’ll end up with more debt, which will result in more interest charges and in most cases, your credit scores will take a big hit!
Another risk is that creditors may sue you.
Because debt settlement is 100% voluntary, the creditors may not work with you. Compare this to bankruptcy, which forces the creditors to take nothing, or less than what you owe, debt settlement is purely optional for your creditors.
It’s a big risk. Many people end up filing bankruptcy anyway. And, debt settlement is worse, for a longer period of time, for your credit.
The Cost of A Springfield Bankruptcy Attorney
In life, you get what you pay for. And that’s especially true when it comes to bankruptcy lawyers. Sure, it may seem expensive – but just think about how many times in the past you’ve tried saving money only to end up spending more than if we had spent at the beginning? Investing now could save us a lot of time and trouble later on down the line!
The many people that try to save money by hiring a cut-rate, corner cutting attorney are risking their legal future. You may believe you’re saving some cash but it could cost you much more in the long run because any lawyer worth his salt will know what they can get away with and charge accordingly for those services. The motivation behind these attorneys is clear: advertising as “cheap” lawyers often nets them clients who don’t even realize they’re paying too little until after things have gone wrong (and there’s no turning back at this point).
Would you go to the “cheap” heart surgeon? How about the “cheap” oncologist to treat your cancer? You don’t have to do this. At Richard West Law Office, we make our top-notch, board certified expertise available in a way that fits with any budget – payment plans are customized specifically for each individual’s needs and wants. We start working for you right away so that creditors will stop calling as soon as possible; or if they’re not interested at all (even though it is rare), then no money down payments required!
Source of Debt in Springfield
Springfield Ohio is no stranger to those filing for bankruptcy protection. In 2020, the median income level in Springfield Ohio is projected to be $55,637. This number refers to the amount of money earned in a full year by a single individual or family unit residing within the city limits.
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 a bankruptcy case. Some are not, like most taxes, child support debt, and student loans,
Most of our debts are eligible for discharge.
Credit card debt
Credit card debt is one of the top reasons we file for Chapter 7 or Chapter 13 bankruptcy.
Truth is that you have probably paid the credit card companies much more than you have charged, due to high interest rated, late fees and over-limit fees.
Don’t worry, you WILL be able to get new credit cards, after you wipe out the ones you have, and this will be the beginning of better credit.
Another leading reason for bankruptcy is unpaid medical bills. Even though you may have health insurance, high deductibles make any medical situation a potential financial disaster.
Filing bankruptcy on medical debt is common, even necessary in many situations. And, don’t worry, you WILL always be able to go to the emergency room if you need to.
Personal loans are a huge problem in American. Finance companies like One Main, Mariner, Tracir, and, of course, all the new online loan companies, like BestEgg, Sofi, and Lending Tree make getting into impossible debt situations easier than ever.
Fortunately, these personal loans can be discharged in bankruptcy.
Cash advance loans
Cash advance loans are another common debt we wipe out in bankruptcy.
Don’t worry. These are dischargeable in bankruptcy. This is true even though you may sign an application that says you won’t file bankruptcy. In 35 years of practice I have never failed to discharge a cash advance loan.
Foreclosure and repossession deficiencies
If your home is foreclosed or your vehicle is repossessed, you will probably be sued for the “deficiency.” All of these debts are discharged in bankruptcy. And, even if the creditor doesn’t sue you, they will normally “park” the debt on your credit report, harming you more, in some cases, over time, than if they had sued.
You have the right to wipe these debts out by filing bankruptcy. Some of these creditors are very aggressive, and will seek to garnish your pay or wipe out your bank accounts. Filing Chapter 7 or Chapter 13 can protect you from these aggressive collection tactics.
Rebuilding Your Credit After Bankruptcy
Most people think that if they file Chapter 7 or Chapter 13 bankruptcy in Springfield Ohio that they will have to suffer no credit, or bad credit, for a long time. And, sadly, many do. But it’s not because they have to. It’s because they don’t know how to recover their credit after filing bankruptcy.
Because I am a certified credit counselor, and had to rebuild my own credit after I went insolvent, I have created a very effective, yet easy to follow plan to rebuild credit quickly after discharging debt in bankruptcy.
Turns out that wiping the slate clean is a perfect beginning for most people to be able to clear away all the wreckage of the past and begin to correctly rebuild their credit. It’s not magic, and it’s not hard. You just need a proven program that leads you, step by step, through the process.
Most of my clients, virtually all of them who follow this simple, yet powerful program, achieve FICO scores of 650 – 700 within a year of their Chapter 7 bankruptcy discharge, or even while they are still in their Chapter 13 bankruptcy case. These results are typical. Some even get higher scores!
How A Springfield Bankruptcy Attorney Can Help.
The bankruptcy process in Springfield, Ohio is complex. But we make it organized and some of our clients even say it’s easy.
As a respected Springfield, OH bankruptcy lawyer I have 35 years of experience helping people file for bankruptcy relief.
I’ll explain exactly how the process works and help you navigate every step of it.
I also have a thorough understanding of the US Bankruptcy Code and Ohio state law which means I can make it faster, convenient, and less expensive for clients to get the relief they need.
I practice exclusively bankruptcy law and that means all my time, attention, experience and energy is focused on helping you find a solution to your financial problems.
I can take care of everything you need including:
- Helping you understand exactly how much debt relief you may qualify for;
- Calculating what your new monthly budget will look like;
- Helping you find solutions to keep your valuable assets;
Free Consultation on Bankruptcy in Springfield
We Service the Following Cities and Communities Outside and Inside of Springfield, Ohio.
Ready? Get on the Road to Bankruptcy Recovery
We are still open for remote filings 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.