Chapter 13 Bankruptcy Attorney in Northeast Ohio
If you need help filing a Chapter 13 bankruptcy in Northeast Ohio contact the law office of attorney Irving S. Bergrin. With over 42 years of experience, attorney Bergrin can help you get the most out your bankruptcy case.
Chapter 13 Bankruptcy
A Chapter 13 bankruptcy allows individuals with a steady income to negotiate a plan with their creditors to repay all or part of their debt. Debtors propose a month-to-month repayment plan, based on their income, to creditors over a period of three to five years.
Benefits of Debt-Reorganization
A Chapter 13 bankruptcy may provide many benefits not available under Chapter 7 liquidation. For many people, Chapter 13 is the chance to stop foreclosure proceedings and repay overdue mortgage payments over time.
Chapter 13 can also act as a consolidation loan. This benefit creates a repayment plan that simplifies the process of repaying creditors over time. Individuals make payments to their trustee, who then distributes it to their creditors on their behalf.
Finally, a Chapter 13 bankruptcy may allow you to reduce your debt before establishing a repayment plan. You may be able to cut your debt by a percentage of depreciation after an asset valuation. For instance, if you owe $15K on a car currently valued at $7K, your financial obligation could be cut in half.
Chapter 13 Eligibility
Anyone can apply for a Chapter 13 bankruptcy as long as his or her unsecured and secured debts do not pass the federal limit. Debtors must attend credit counseling within 180 days before filing, and any developed debt management plan must be reported to the judge.
However, corporations and partnerships cannot qualify as Chapter 13 debtors. There are also time limitations to when an individual can file a bankruptcy claim. If during the prior 180-days a recent bankruptcy petition was dismissed, because of the debtor's willful failure to comply with court orders or if creditors recovered relief for property claims, the debtor cannot file under Chapter 13 bankruptcy.
The Chapter 13 Discharge
A Chapter 13 debtor is entitled to debt discharge at the end of the repayment plan if they fulfilled their bankruptcy requirements. The discharge offers a fresh financial start by relieving the debtor of all legal obligations to past debts.
Debts that aren't dischargeable by bankruptcy include liabilities for domestic duties, student loans, specific taxes, and payments for a criminal sentence.
Attorney Irving S. Bergrin Helps Clients in Cleveland, Akron, and Surrounding Cities
Depending on your case, filing a Chapter 13 bankruptcy could offer the financial relief you need to get your life back on track. However, the process is complicated and time-consuming.
If you need help filing a Chapter 13 bankruptcy in Cleveland, Akron, or anywhere else in Northeast Ohio, attorney Irving S. Bergin can help you get the most out of your case. Attorney Bergin was rated the highest level of professional excellence by his peers because he gets results! Let him help you repair your financial help. He will take time to discuss all of your legal options and advise you on the right choice for your specific situation. Call today for a free consultation and get started on a brighter financial future.