Chapter 7 and 13
CHAPTER 7 AND 13 ATTORNEY IN CANTON, OHIO
CHAPTER 7
New Philadelphia Personal Bankruptcy Attorneys
Are you tired of struggling to pay your bills each month while making little to no headway in reducing your debt load? Have you been subjected to harassment and abuse from creditors? Chapter 7 bankruptcy may be able to give you the fresh start you need, allowing you to begin rebuilding your credit free from the stress of debt.
At Thrush & Rohr LLC, we have more than 45 years of bankruptcy experience in the Canton, Ohio, area. Our entire practice is focused on bankruptcy, allowing us to provide each of our clients with the personal attention his or her case deserves. Contact us for a free consultation.
The Means Test
For most people seeking bankruptcy, this is the determining factor to what form of bankruptcy they will file. We will work with you to determine if you pass the means test for Chapter 7 bankruptcy. If not, you have other options such as filing for Chapter 13 bankruptcy. Our experienced attorneys will explain to you how the means test affects you.
The Automatic Stay
Once you file Chapter 7, an automatic stay goes into effect, protecting you from legal actions, wage garnishment and harassment from creditors. For many people struggling with debt, this is a huge relief as they have spent months, even years, being verbally abused by creditors and collections agencies.
The Chapter 7 Process
Changes to the bankruptcy laws in 2005 have made Chapter 7 a more complex process, but our lawyers will handle all of the documentation and make sure every deadline is met so your case moves forward as smoothly as possible. Once you file, the process usually lasts approximately 4 months.
CHAPTER 13
Chapter 13 bankruptcy may be the best way to get the fresh start you need, whether you are unable to qualify for Chapter 7 or need to save your home from foreclosure or have a nonexempt asset that you want to keep. Filing will put a stop to creditor harassment and allow you an opportunity to achieve debt relief with dignity.
At Thrush & Rohr LLC, we have more than 30 years of consumer bankruptcy experience, and we are dedicated to our clients throughout Ohio.
What Is Chapter 13?
Chapter 13 is a dignified bill consolidation plan that allows debtors to repay their debts over a period of three to five years before having their remaining unsecured debts discharged. This is ideal for homeowners looking to prevent a foreclosure, as well as people who are unable to pass the means test for a Chapter 7.
In order to qualify for Chapter 13, you must have sufficient income to make the payments for the three- to five-year period. This is why Chapter 13 is ideal for individuals or families who have significant disposable income and want to protect assets that they may otherwise lose in a Chapter 7 liquidation.
Stopping Foreclosure
Filing Chapter 13 stops all foreclosure actions and allows people to include their mortgage payments and arrange in the payment plan. This allows people with home equity to save their home and eliminate their other outstanding debts.
Stripping a Second Mortgage
If your first mortgage is higher than the value of your primary home, we will be able to strip away your second mortgage as part of your Chapter 13 plan. This is extremely beneficial to homeowners who took out a second mortgage to stave off debt and are now looking at 15 more years of payments on mortgages well in excess of their property value.
STOP FORECLOSURE/LAWSUITS
New Philadelphia Avoid Foreclosure Attorneys
One of the scariest things people in debt face is the potential of losing their home. If your bank is threatening foreclosure, you may feel like your only option is to let it happen and start looking for a place to stay. It does not have to be this way; a knowledgeable bankruptcy lawyer can help you find a better way.
At Thrush & Rohr LLC in Canton, Ohio, we have more than 45 years of bankruptcy experience in the Akron - Canton area. To discuss how bankruptcy can help you prevent a foreclosure on your home, contact us.
How Do I Save My House?
This is one of the most common questions that our clients have when they meet with us. In most cases, filing Chapter 13 bankruptcy is the best way to save a house from foreclosure. Along with other unsecured debts, such as credit card debt and medical debt, your mortgage and arrange will become part of your payment plan, which lasts between three and five years. Once your payment plan is complete, your remaining debts will be discharged, providing you with a fresh start.
Stripping a Second Mortgage
If your first mortgage is higher than the value of your primary home, we will be able to strip away your second mortgage as part of your Chapter 13 plan. This is extremely beneficial to homeowners who took out a second mortgage to stave off debt and are now looking at 15 more years of payments on mortgages well in excess of their property value.
The Automatic Stay Also Prevents Lawsuits
In addition to staving off foreclosure, Chapter 13 can also prevent lawsuits and judgments against you while you go through the bankruptcy process. The automatic stay, as in a Chapter 7, will also put an immediate stop to creditor harassment and threats of wage garnishment.
