Many people face financial struggles that they cannot overcome without outside assistance. The law provides effective relief from overwhelming debt in the form of bankruptcy, which is a legal process overseen by federal bankruptcy courts. However, bankruptcy should never be a decision you take lightly, and it is important to fully discuss your options with experienced Akron bankruptcy lawyers like the team at Gertz & Rosen. Should you decide to move forward with a case, we can handle every step of the process.Â
Bankruptcy can provide significant relief from debts you cannot pay, though this is not the right option for everyone. Our legal team can review your situation and advise you of your best options. Some factors that influence this decision include:
In some cases, bankruptcy might not be necessary to help your financial situation, and negotiating directly with creditors might be possible. In some situations, bankruptcy might do little to help due to the types of debt you have – for example, bankruptcy cannot wipe out most student loans or past due child support. We will advise you whether you are a good candidate for bankruptcy or not.
Deciding to file for bankruptcy is only the beginning of the decision-making process. The next step is to determine which type of bankruptcy is most appropriate and beneficial for your situation. There are two types of bankruptcy that are common for individuals and married couples:
Chapter 7 – This is often referred to as liquidation bankruptcy or straight bankruptcy, and it is the most common type of case filed by consumers. In a Chapter 7 case, the court can take certain property and assets in exchange for a relatively quick discharge of your qualified debts.Â
Chapter 13 – This is a longer process referred to as reorganization bankruptcy. This type of case can help you avoid liquidation of your property or assets, but it does require you to follow a payment plan for your debts as reorganized by the court for three to five years. Then, you can receive a discharge of the remaining qualified debts.
While Chapter 7 cases tend to be preferable, not everyone is eligible for this type of case due to higher income. In addition, if you have property you cannot protect with exemptions, you might choose Chapter 13 to prevent the liquidation of that property.Â
Once you settle on a specific type of bankruptcy case, our Akron bankruptcy attorneys will assist with the preparation and filing of all necessary paperwork, and we will represent you to the bankruptcy court to best ensure a successful outcome of your case.Â
It is natural to have many questions and concerns about bankruptcy and its implications. The compassionate and knowledgeable Akron bankruptcy lawyers at Gertz & Rosen are ready to provide information and guide you through this process so you can experience financial freedom. Contact us to learn more about our firm and bankruptcy today.
For more information, contact Marc Gertz at (330) 255-0727 or Peter Tsarnas at (330) 255-0735.
By uniting attorneys of varying practice backgrounds into a single team, our firm can provide a range of professional services.