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Akron Bankruptcy Lawyers
Akron Chapter 13 Bankruptcy Lawyers

Akron Chapter 13 Bankruptcy Lawyers

Corporate Restructuring Law

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.

Understanding Chapter 13 Bankruptcy

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:

  • Allows you to keep your property
  • Consolidates your debts into a manageable payment plan
  • Offers protection against foreclosure or repossession
  • Discharges remaining unsecured debts upon completion of the payment plan

Why Choose Chapter 13 Over Chapter 7?

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.

Chapter 13 Eligibility Criteria for Ohio Residents

To qualify for Chapter 13 bankruptcy in Ohio, you must have:

  • Regular income – You must be able to keep up with the payments required by a Chapter 13 bankruptcy.
  • Debts below the required maximums – There are limits on the amount of unsecured and secured debt a person can have when filing for bankruptcy. Secured debts are ones that give creditors an interest in your property, such as a mortgage or car loan. Examples of unsecured debts are medical bills and credit card debt.
  • No recently dismissed bankruptcy petitions – To be eligible, you cannot have had a bankruptcy petition dismissed in the previous 180 days due to willful failure to appear before the court or comply with court orders. 

The Gertz & Rosen Legal Advantage

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.

Take Control of Your Financial Future Today

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.

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