Bankruptcy Process in Ohio

At Gertz & Rosen, we understand that declaring bankruptcy is a significant decision that can impact your personal and financial life. Our team of experienced attorneys is here to guide you through the complexity of bankruptcy law in Ohio. We support individuals and businesses considering bankruptcy as a solution to their financial troubles. Below is an overview of the typical bankruptcy process. For more detailed guidance on your specific situation, please contact our office.

1. Consult an Attorney

A wise first step in any bankruptcy case is to consult an attorney. Our attorneys at Gertz & Rosen offer a comprehensive evaluation of your financial situation and can help determine whether bankruptcy is the right choice for you.

2. Determine Filing Type

There are different types of bankruptcy filings, with Chapter 7 and Chapter 13 being the most common. Chapter 7 bankruptcy, often known as “liquidation,” allows for the elimination of most debts without repayment. Chapter 13 involves a court-approved repayment plan but may allow you to keep certain assets. Your attorney can help you determine which filing type will be most beneficial in your situation.

3. Gather & Prepare

Once the decision to file for bankruptcy has been made, it’s necessary to gather all relevant financial information. This includes income documentation, bank statements, debt records, tax records, property listings, and more.

4. Credit Counseling

Before filing for bankruptcy, Ohio law requires individuals to undergo credit counseling. This step ensures you understand the consequences of bankruptcy and explore all possible alternatives.

5. Review & File Petition

After gathering all necessary documents and completing credit counseling, our attorneys will review your case thoroughly to ensure all details have been considered before you sign and file the bankruptcy petition with the court. This action formally starts the bankruptcy process. It also creates an “automatic stay” that prevents creditors from taking further collection actions.

6. Meeting of Creditors

You will be required to attend a meeting of creditors, also known as a 341 hearing. This is usually less formal than other court hearings and may take place in a conference room rather than a courtroom. The bankruptcy trustee will ask you to verify your identity and may ask about the financial statements in your petition. Creditors are also able to attend and ask questions but rarely do so unless they suspect fraud.

7. Discharge

The final step in the bankruptcy process is discharge. This is when the court releases you from your debts. In a successful Chapter 7 filing, most debts are discharged. In a Chapter 13 filing, debts are discharged after completion of the repayment plan.

At Gertz & Rosen, we’re committed to providing personalized, professional legal services that meet your unique needs. Whether you’re an individual or a business considering bankruptcy, our team is here to guide you every step of the way.

Remember, navigating bankruptcy doesn’t have to be overwhelming. With Gertz & Rosen by your side, you can face the future with confidence. Contact us today to learn how we can assist with your bankruptcy law needs.