Chapter 7 Bankruptcy Attorneys Mentor OH
Our Knowledgeable Bankruptcy Lawyers are Committed to Meeting Each Client’s Needs
If you don’t earn much income and you’re struggling to repay your debts on time each month, you may benefit significantly from filing for bankruptcy. Individuals – and married couples who file jointly – that qualify for this form of debt relief can have their eligible unsecured debts discharged without any obligation to make additional payments on those debts first.
The Benefits of Filing for Bankruptcy
The first benefit of bankruptcy is bestowed upon a filer as soon as they submit a bankruptcy petition to the court. Once a bankruptcy case has been opened, the automatic stay kicks in. This legal protection halts virtually all collections actions, including wage garnishment and even lawsuits. While the automatic stay remains active, creditors cannot request or demand repayment of most debts, nor can they take action to collect repayment.
The second primary benefit of bankruptcy occurs when a case is successfully closed. If a Chapter 7 bankruptcy filer has met all of the requirements of the process, the court will discharge their eligible unsecured debts, including medical bills, payday loans, and outstanding credit card balances. Once those debts are discharged, the filer will never again be required to repay them.
By freeing up a filer of the crushing weight of debt that likely keeps them up at night, the bankruptcy process can help families to achieve a fresh financial start.
Why Is It Called “Liquidation” Bankruptcy?
A trustee is assigned to each Chapter 7 bankruptcy case. If a filer owns a lot of luxury property or other valuable non-exempt assets, that trustee is empowered to sell those assets to repay the filer’s creditors. However, very few Chapter 7 filers own any non-exempt assets that are valuable enough that a trustee would be tempted to sell them. As a result, the vast majority of filers keep all of their property after filing for bankruptcy.
What About the Stigma?
If you are hesitant to explore this legal opportunity because you are concerned that there is a stigma attached to it, know that since the Great Recession of 2008, that stigma has all but disappeared in most communities. When the housing and financial markets crashed and the employment rate plummeted as a result, most Americans gained a new appreciation for the reality that sometimes even the most responsible, financially proactive, and hard-working people fall on hard times and need some help through little or no fault of their own.
Connect with one of our Experienced Lake County, Ohio Bankruptcy Lawyer at No Cost to Learn More
Filing for bankruptcy is not the best way forward under all circumstances. However, each year, hundreds of thousands of Americans benefit from meaningful debt relief via Chapter 7 bankruptcy with good reason.
To learn more about whether filing for Chapter 7 bankruptcy may be a good option for you, schedule a free case evaluation with one of our compassionate and reputable Mentor, OH Chapter 7 bankruptcy lawyers at Axelrod Law Office by calling the firm at (440) 944-7300 or submitting a contact form on our website. Because this consultation is risk-free and is offered at no cost, you have nothing to lose – and potentially much to gain – by exploring your options today. We look forward to speaking with you.