The U.S. Bankruptcy Code is organized into chapters that describe various forms of debt relief available to individuals and businesses. Chapter 13 bankruptcy allows individuals to restructure their debt under the protection of the Federal Bankruptcy Court. While the process can seem daunting, a seasoned bankruptcy attorney can guide you through each step, ensuring your financial future remains secure.
At Gertz & Rosen, our Ohio bankruptcy attorneys have helped hundreds of hard-working families reduce their financial burdens while keeping their homes and cars using Chapter 13 bankruptcy. We may be able to help you, too.
Chapter 13 bankruptcy, often referred to as a “wage earner’s plan,” offers individuals an opportunity to pay off their debts over time. It differs from Chapter 7 bankruptcy, which involves liquidating assets to pay off debts. In Chapter 13, you keep your property but must make regular payments to your creditors based on a court-approved repayment plan.
Key features of Chapter 13 bankruptcy include:
Both Chapter 13 and Chapter 7 bankruptcy offer relief from overwhelming debt, but Chapter 13 may be a better option in several situations. First, Chapter 13 is beneficial for those with regular income who can commit to a repayment plan. Secondly, it is advantageous for individuals who do not meet the “means test” requirement for Chapter 7 bankruptcy but want to protect their homes from foreclosure or their cars from repossession. Finally, Chapter 13 may be more suitable for those who have non-dischargeable debts, such as student loans or tax obligations. Businesses are not eligible to file bankruptcy under Chapter 13.
To qualify for Chapter 13 bankruptcy in Ohio, you must have:
At Gertz & Rosen, our attorneys have a proven track record of guiding Ohio residents successfully through the Chapter 13 bankruptcy process. We can help you identify which debts are eligible for discharge or reorganization through bankruptcy and identify the best debt relief options for your situation.
With extensive experience in negotiating and structuring repayment plans, we ensure that you receive reasonable repayment terms. Our team provides comprehensive guidance throughout the entire bankruptcy process, from filing the petition to discharging the debts. You can trust us to be with you every step of the way.
Navigating bankruptcy can be stressful, but you don’t have to do it alone. Trust the experienced attorneys at Gertz & Rosen to help you take control of your financial future. Contact us today to request a consultation, and let us guide you toward financial stability.
By uniting attorneys of varying practice backgrounds into a single team, our firm can provide a range of professional services.
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