Bankruptcy
BANKRUPTCY ATTORNEY IN CANTON, OHIO
LIFE BANKRUPTCY
Canton-Massillon Rebuilding Credit Lawyers
While you may have already decided that bankruptcy is the best way to rid yourself of debt and the stress that comes with it, you may still have concerns about what will happen to your credit and your reputation after you file for bankruptcy. Will it hurt you going forward?
At Thrush & Rohr LLC, we have more than 40 years of bankruptcy experience in northeast Ohio, and we have handled more than 10,000 cases. We have seen firsthand the benefits that bankruptcy has in providing a fresh start and a chance to rebuild good credit.
You are not alone. Over a million people seek a fresh start through bankruptcy every year. To learn more about how we can help you get debt relief with dignity, contact us.
Will Bankruptcy Hurt Your Credit?
Yes and no. While a bankruptcy will show up on your credit report for 10 years, chances are without filing for bankruptcy you will be in an even worse situation for the next 10 years. In most situations where someone is exploring bankruptcy, his or her credit is already severely damaged.
Bankruptcy will allow you to start fresh and begin rebuilding your credit by taking small steps such as opening up a secured credit card account, building a savings account and taking out loans. You will usually have to wait until you receive your discharge to obtain an auto loan and at least two years to obtain a mortgage loan.
BANKRUPTCY MISCONCEPTION
New Philadelphia Bankruptcy Attorney
What will happen if you file bankruptcy? Will it hurt your credit? Will it really give you a fresh start? People have many questions about bankruptcy and, unfortunately, there are just as many misconceptions that come from incorrect information. If you are considering bankruptcy it's important to have an experienced lawyer on your side.
At Thrush & Rohr in New Philadelphia, Ohio, we work closely with people as they explore their bankruptcy options. We will help you find the course of action that most closely matches your individual needs and make sure you have all the resources you need to pursue your goal of achieving a fresh start. To arrange a free consultation with an attorney, contact us.
Common Bankruptcy Misconceptions
Among the most common bankruptcy misconceptions are:
- Bankruptcy will permanently damage your credit.
- You will risk losing your job or have a hard time getting hired.
- Your children will not be able to qualify for student loans.
- You will not be able to obtain an auto or home loan again.
- You will never be able to get approved for a credit card again.
- You will lose all your assets to creditors.
These statements are all false. In fact, bankruptcy will allow you to rebuild your credit as early as months after your discharge. In some situations, an employer will view bad credit as a liability and prefer that a potential employee file bankruptcy in order to clear his or her slate.
The truth about bankruptcy is that you are not alone. Over a million people, from all walks of life, file bankruptcy each year. If you are tired of creditor harassment and worrying about wage garnishments, repossession or foreclosure, bankruptcy may be the best way to get the fresh start you need.
BANKRUPTCY EXEMPTIONS
Property Exemptions in Ohio
One of the biggest worries people have about bankruptcy is that they will lose their possessions. There are many misconceptions about bankruptcy, which have prevented people who stand to benefit greatly from bankruptcy from pursuing their rights.
At Thrush & Rohr in Canton, Ohio, we have more than 45 years of bankruptcy experience in the Canton area, and we have handled more than 10,000 cases. We will provide you with all the information you need about bankruptcy so you can feel comfortable with the process as we pursue the fresh start you need.
Bankruptcy Exemptions
In most cases, you will not lose your assets as a result of filing for bankruptcy. There are a number of assets that are exempted during bankruptcy, including:
- Cars up to $3,675
- All Retirement accounts (IRA's 401(k)'s 403(b)'s etc.)
- Pensions
- $132,900 per person for a house
- Household goods, furnishings, clothes up to $12250.00 per person
- Personal injury lawsuits up to $22,000.00 per person
- Jewelry up to $1,550.00 per person
- Cash on hand up to $450.00 per person
- Tools of trade up to $2325 per person
- Wild card exemption to be placed on additional equity in a car or bank account etc. up to an additional $1225.00 per person
In addition, there are many more exemptions available to individuals and families during bankruptcy depending on which type of bankruptcy they file and other personal factors. We can help you take stock of your situation and determine what assets will be exempted and which assets may be at risk, allowing you to make an informed decision about how to proceed.
Debt Relief With Dignity — Free Consultations
We look forward to helping you get the fresh start you need. To speak to an experienced attorney about your bankruptcy options, contact us today.
