Mentor OH Chapter 7 Bankruptcy Lawyer

Helping Clients File for Chapter 7 Bankruptcy in Lake County

Although the thought of filing for bankruptcy can be overwhelming, there are a number of benefits involved. If you have been dealing with immense financial burdens, such as large debts and harassment from collection agents, then you will likely experience great relief by filing for Chapter 7 bankruptcy.

The team of Mentor chapter 7 bankruptcy attorneys at Axelrod Law Office can help guide you through the bankruptcy process. Contact us now to see how we can help you!

What Is Chapter 7 Bankruptcy?

Chapter 7 can provide you and your family with a clean financial slate. Under Chapter 7 of the Bankruptcy Code, you will liquidate non-exempt assets and property to repay as much of your debt as possible, after which your remaining debts will be discharged.

Here at Axelrod Law Office, we are dedicated to providing you with the legal guidance you need to start fresh.

What are the benefits of Chapter 7 Bankruptcy in Ohio?

A life of debt can be incredibly stressful and cause constant anxiety over various financial obligations and payments you owe. Imagine a debt-free life without that stress – we can help you achieve it.

Please know this: the bankruptcy process was created by our government to help struggling citizens achieve their goals and become debt free.

How Long Does it Take for a Chapter 7 to be Removed From Credit Report?

In normal circumstances, public record of your bankruptcy report is deleted after seven to ten years . This highly depends on which type of bankruptcy you file. A Chapter 13 takes only seven years, while a Chapter 7 takes ten. Chapter 7 takes longer because no debt is being repaid in that time-frame. Are you struggling with the negative social stigma connected with bankruptcy?

At Axelrod Law Office, our legal team and experienced Mentor chapter 7 bankruptcy lawyer are here to help you improve the state of your finances and get out from debt.

Chapter 7 Bankruptcy Ohio Exemptions

Bankruptcy exemptions protect a certain amount of your property during a bankruptcy. Essentially, they prevent creditors from taking and selling certain things to pay off the debt you owe them. While some states allow you to choose between federal and state exemptions, Ohio is not that way. In Ohio, you must follow Ohio’s bankruptcy exemptions. Some common exemptions include:

• Homestead Exemption
• Vehicle Exemption
• Wildcard Exemption

It’s important that you speak with a knowledgeable Mentor chapter 7 bankruptcy attorney who can help you understand what exemptions you qualify for.

How Many Times Can You File Chapter 7 Bankruptcy in Ohio?

You must wait a minimum of four yours from the date you filed the Chapter 7 to become eligible for a discharge in Chapter 13 bankruptcy. In addition, you will need to wait another six years on average after filing for Chapter 13 to file for Chapter 7 once again.

How Much do You Have to be in Debt to File Chapter 7?

To file for Chapter 7 bankruptcy, there are five qualifying components to look for:

• Your debts must equal more than half of your annual income
• You can estimate that your debts would take five or more years to pay off
• The debt will be interfering with aspects of life, such as relationships or personal health
• Your disposable income is low or non-existent
• The monthly income you are acquiring is lower than the median level of the state you reside in

Contact Our Firm Today for a Free Consultation!

With over 15 years of experience practicing law and serving clients throughout Lake County and Ohio, we have helped many individuals like you file for bankruptcy. We have the necessary knowledge and skill you need to get through the process of filing for bankruptcy.