Have you come to a point in your life where your income is just not enough? When life events such as divorce, retirement, or a sudden death in the family occurs, people soon find they are unable to keep up with their credit card payments, medical bills, car loans, even mortgages.
Mitchell A. Machan has been providing bankruptcy counseling and legal representation since 1981 in Ohio and has built an excellent reputation for efficient service. While bankruptcy is not an option for everyone, you can contact Mr. Machan for a free consultation to find out if you qualify for debt relief through filing for bankruptcy in U.S. District Court.
At the Mitchell A. Machan Law Firm, we can answer your questions to determine if filing bankruptcy is the right option to help you.
Do I Qualify To File For Chapter 7 Bankruptcy?
Individuals may file for a Chapter 7 bankruptcy to do away with their obligation to repay some of their debts, including utility bills, credit cards, unsecured loans and medical bills. Filing for Chapter 7 will lower a person’s credit score, but it is a valuable option available for people who have gone through life changes and can no longer keep up with the outstanding debt payments.
The bankruptcy court determines whether an individual qualifies for filing Chapter 7 using a “means test.” The court reviews the amount of your debt against your income and assets before it grants a bankruptcy.
While most of your debts can be eliminated in a Chapter 7 bankruptcy, you will still have to repay any money you owe to the government for taxes, student loans or any outstanding judgments you have been court-ordered to pay. If you have outstanding child support, you will have to pay the amount you owe.
You will not be sent to prison or get a criminal record for filing bankruptcy. Chapter 7 allows you to protect some of your property from repossession or foreclosure, including your car, your home and personal property.
Contact our firm for a free consultation to better understand how the court considers the amount of your debt, your income and your assets in a Chapter 7 bankruptcy.
What Is A Chapter 13 Bankruptcy?
If you do not qualify for a Chapter 7 bankruptcy, you may qualify for filing a Chapter 13 bankruptcy. If you have an income, and a home you want to protect, Chapter 13 bankruptcy may be a good option.
In a Chapter 13 bankruptcy, you work with a bankruptcy trustee to set up a budget and debt repayment plan with the court. Your debts are not wiped out; rather, you agree to make repayments for three to five years. Depending on your circumstances, the court may allow you to eliminate the outstanding debt after five years.
If you have not been able to make your mortgage payments, or have received a foreclosure notice, it is important to contact a lawyer soon. Filing a Chapter 13 bankruptcy can stop the mortgage company from continuing with foreclosure proceedings.
At Mitchell A. Machan Law Office, we understand how hard it is when you are burdened under this type of financial stress. Let us help you through this difficult time.
Contact An Experienced, Compassionate Bankruptcy Attorney
We can review your circumstances, income, assets and debts, take the time to understand your unique situation, and give you the information you need to make the best decisions for your family and financial future.
Call Mitchell A. Machan Law Office in Canton at 330-879-8338 for help with your Chapter 7 or Chapter 13 bankruptcy filing. You may also reach out online by completing our form for a free bankruptcy consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.