Quick Contact Form

Proud to be rated as one of
Cleveland's Top Rated Lawyers of 2014
for Bankruptcy Law
Irving S. Bergrin LPA Co
AV Preeminent Lawyer Cleveland

Bankruptcy Lawyers Accredited Business

Chapter 7 Bankruptcy Attorney in Northeast Ohio


A Chapter 7 bankruptcy is the correct choice for many people faced with financial hardship. It can discharge all of your debts and give you a fresh start in as little as six months. However, trying to file for bankruptcy alone can be difficult. Luckily, attorney Irving S. Bergrin is here for you. He has been practicing law for over 42 years and is dedicated to helping clients in Cleveland and the surrounding areas get the most from their bankruptcy case.

Chapter 7 Consumer Bankruptcy in Ohio

Chapter 7 is the most common form of bankruptcy. In a nutshell, a court-appointed trustee will take all of your assets, sell them, and distribute the proceeds to your creditors who filed the proper claims. This process would require you to relinquish your property—typically including bank accounts, stocks, jewelry, and second homes or motorized vehicles—to liquidate the debt. However, you will be allowed to keep enough exempt property for a fresh financial start.

Exempt Property in Ohio

Exemptions are laws that allow you to protect specific assets—like your car and home—when you file for bankruptcy. In Ohio, individuals are limited to the state's particular exemptions when they register for Chapter 7 bankruptcy. For instance, the most common exceptions include $136,925 of value in one home of residence, $3,775 of value in one car, 75% of wages, and a wildcard of $1,250 of value in any property.

Individuals can also use the federal non-bankruptcy exemptions to protect retirement benefits, group life insurance, death/disability benefits, and other miscellaneous assets.

In Ohio, married couples may “double” the exemption amount, allowing them each to claim the full exemption amount for any property that belongs to them.

Chapter 7 Business Bankruptcy

In a Chapter 7 consumer bankruptcy, all dischargeable debts get cleared, and you no longer have a legal obligation to pay them. In a business bankruptcy, there is no discharge or exemptions. The trustee sells all business assets and gives the proceeds to the appropriate creditors.

If you are a business owner, Chapter 7 may help save your business or offer a simple way to liquidate it. However, the benefits of business bankruptcy depend on the structure of the company. For example, a sole proprietorship is not a separate legal entity. This business structure requires the owner to file personal bankruptcy that would treat business debt like private debt. The business debt would then be wiped out by the discharge. Meanwhile, corporations and limited liability companies can liquidate the business through Chapter 7, but liability for business debts must first get cleared through personal bankruptcy.

Overall, a Chapter 7 bankruptcy offers businesses an easy liquidation. The burden of selling assets and repaying creditors is on the trustee instead of the business owner.

Attorney Irving S. Bergrin Helps Clients in Northeastern OH

Most people don't dream of the day they have to file for bankruptcy, but it happens. If you need help filing a Chapter 7 Bankruptcy in Cleveland, Akron, or the surrounding cities,attorney Irving S. Bergrin is here for you. He has achieved the highest level of professional excellence from his peers and is dedicated to helping clients get their lives back on track. Call today to schedule a Free Consultation and get started on your brighter future.

Other Practice Areas