Bankruptcy Attorney in Toledo, Ohio
Comprehensive Advice in Chapter 7 Proceedings
If your debt has become unmanageable, whether as a result of the loss of a job, a serious injury or other circumstances, you may be considering bankruptcy as a way to get a fresh start. You want to work closely with an experienced and knowledgeable bankruptcy lawyer, so that you understand the benefits and consequences of filing for bankruptcy and can make informed decisions that are in your best interests.
At the Thom Cafferty Law Office, in Toledo, we handle all matters related to Chapter 7 bankruptcy filings, from the determination of whether you qualify for the discharge of debts through liquidation of assets to the finalization of your bankruptcy. We will work closely with you throughout the process, making certain that you always know the status of your case. We understand the anxiety that can accompany a legal proceeding and offer comprehensive counsel in a relaxed and informal environment. To schedule a no obligation, one-hour initial consultation, contact our offices or call us at 419-244-0169.
Filing for Chapter 7 Bankruptcy
When you retain us to represent you in a bankruptcy matter, we will first determine what type of bankruptcy proceeding may be suitable for your situation. In a Chapter 7 bankruptcy, you are allowed to discharge certain debts in exchange for the sale (or liquidation) of non-exempt assets.
The bankruptcy laws changed in 2005, making it more difficult to file for protection under Chapter 7. You must now submit to a means test to ascertain whether you have the ability to repay your debts over a 3 to 5 year period. If the bankruptcy court rules that you have the means to pay off your creditors, you will may ineligible for Chapter 7 protection and must seek personal bankruptcy protection through reorganization under Chapter 13.
Before we file a petition in bankruptcy, we will make certain that you understand which debts can be discharged and which cannot (such as student loans, child support arrearages and certain tax obligations). We will also make certain that all eligible assets, such as your principal residence and motor vehicle, are not included in any sale of assets. We will also address ways to deal with secured debt, including:
- Redemption - keeping the asset by paying the creditor the fair market value.
- Reaffirmation - keeping the asset by entering into a new loan agreement.
- Surrender - giving the property back to the creditor
As a part of our representation, we will discuss the services that may be available to you from credit counseling agencies. We will help you understand the bankruptcy process, including the timetables and milestones within the process. We will address any attempts by your creditors to circumvent the bankruptcy process through garnishment, foreclosure or repossession.
Contact our offices to schedule a no obligation one-hour consultation.
Please download the intake package and complete the questionnaire, and the property, income and expense schedules and bring to your consultation.
Approved credit counseling agencies in the Northern District of Ohio
Thom Cafferty Law Office
500 Madison Avenue
Suite 320
Toledo, OH 43604
Telephone: 419-244-0169 | Fax: 419-244-9420
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