Frequently Asked Questions About Bankruptcy
Learn More from Our Cleveland Bankruptcy Lawyers
At Knevel Law Co. LPA, we have over 45 years of combined professional experience helping clients in Cleveland, Akron, Canton, Elyria, and Garfield Heights through complicated financial issues. This has given us the knowledge to guide you through your matter and advise you on all aspects of your case.
Read some answers to frequently asked questions below or call (216) 450-6689 to discuss your unique situation. Schedule your free initial consultation today.
How can bankruptcy help me and my family?
Bankruptcy allows those who owe money to eliminate some or all of their debts through chapter 7 or repay some or all of what they owe through a repayment plan and chapter 13 bankruptcy. Filing bankruptcy will end creditor harassment and get you back on the road to financial freedom, even when you feel as if you are drowning in your debts.
Can bankruptcy stop annoying or harassing correspondence from creditors?
When you file for bankruptcy in Ohio, an automatic stay will be placed on your case. This requires creditors to stop harassing you and your family. If they continue, they can face harsh legal penalties.
My wages are being garnished. Will bankruptcy stop this?
The automatic stay that is placed on your debts when you file also applies to any wage garnishment issues against you to repay your debts. This means that creditors must immediately stop taking money from your paycheck to repay what you owe.
What is a secured debt? What is an unsecured debt?
Secured debts are debts that a creditor can collect by selling a specific piece of property. These include your home or your car. Unsecured debts, on the other hand, are ones that are held by your creditors, such as credit cards, medical bills, and utility bills.
What is discharging my debts?
When you go through bankruptcy, the court will order which of your debts you no longer owe money on at the end of the process. In chapter 7, you receive your discharge 60 days after your creditors meet. In a chapter 13 bankruptcy, your debts are discharged once you have completed payments under your agreed upon plan.
Can all of my debts be discharged through the bankruptcy process?
The short answer, unfortunately, is no. Student loans, unpaid or back taxes, loans given by the government and other debts can only be discharged under very specific and limited circumstances. Our Cleveland bankruptcy lawyers can look at what you owe and advise you on what may or may not be eligible for discharge.
How Often Can You File for Bankruptcy in Ohio?
There is no limit to the number of times you can file bankruptcy. However, the following wait periods typically apply:
- Filing Chapter 7 a second time: Eight Years
- Filing Chapter 13 a second time: Two Years
- Filing Chapter 13 after Chapter 7: Four Years
- Filing Chapter 7 after Chapter 13: Six Years
