FREMONT, OH BANKRUPTCY ATTORNEY

KNOW YOUR ALTERNATIVES TO BANKRUPTCY

We want to make sure that our clients have all of the tools and information they need to protect their interests. This means understanding every available option for debt relief—including the alternatives to bankruptcy. While bankruptcy is absolutely a sensible decision for some insolvent consumers, it is not the best option for every person who is struggling with debt payments. Some alternative debt relief options that our Fremont, OH bankruptcy attorneys will help you consider include: 

• Loan consolidation;  
• Loan renegotiation;
• Debt litigation;
• Debt settlements; and
• Other forms of debt restructuring. 

Whether or not one of the alternatives to bankruptcy will work for you and your family depends entirely on your specific financial circumstances. Our Fremont bankruptcy lawyers will take a careful and comprehensive look at the numbers and help you determine what option makes the most financial sense in your case.

CHAPTER 7 BANKRUPTCY LAWYER IN FREMONT, OH

Chapter 7 bankruptcy is also known as a “liquidation” or “complete” bankruptcy. With some limited exceptions, it will wipe out much of a consumer’s overall debt burden, including their credit card payments and outstanding medical debt. There are both advantages and disadvantages to using Chapter 7 bankruptcy as opposed to other debt relief solutions. Here are three important things that you need to know about Chapter 7 bankruptcy in Ohio: 

• You Must Satisfy a ‘Means Test’: Not everyone can file for Chapter 7 bankruptcy protection. Under federal law, a court will consider your last six months of income in the period before you want to file. If you earned more than the median income in Ohio (adjusted for household size), you will not be eligible to file. 
• It is a Myth that You Will Lose “All” Assets: Many people falsely believe that Chapter 7 bankruptcy will cost you everything you own. It is simply not the case. In reality, there are exemptions available that will help you keep most (maybe all) of your possessions.
• Your Credit Will Sustain Damage: It is important to understand both the benefits and drawbacks of Chapter 7 bankruptcy protection. While it can wipe virtually all of your debt, it will damage your credit rating in the process. While it is still worth it for many consumers, it is an issue that warrants consideration.

CHAPTER 13 BANKRUPTCY LAWYER IN FREMONT, OH

Chapter 13 bankruptcy is often referred to as a “restructuring” bankruptcy. Unlike Chapter 7, you will not be able to wipe out (liquidate) all of your debts through a Chapter 13 reorganization. Instead, the terms of debts will be modified so that you can make sustainable payments. This means that your debt will be extended, and, in many cases, the total burden will be reduced. Here are three things you know about Chapter 13 bankruptcy in Ohio: 

• There is No ‘Means Test’: Every person has the right to file for Chapter 13 bankruptcy protection. While Chapter 7 is only available to those with a below-median income, Chapter 13 is available more broadly. 
• Restructuring is Significant: Although you cannot wipe the slate clean with Chapter 13 bankruptcy, it is still a very powerful debt reorganization tool. Monthly debt payments can shrink dramatically in many cases. It can turn an overwhelming burden into reasonable payments. 
• Repayment Lasts Up to 60 Months: As a general rule, Chapter 13 repayment plans will last somewhere between 36 months and 60 months. Based on your specific financial circumstances, the court will determine the appropriate payment structure.

HOW THE BANKRUPTCY ATTORNEYS AT GROTH & ASSOCIATES CAN HELP

When you are dealing with overwhelming levels of debt, it can often feel like there is simply no way out. Every phone call from an aggressive debt collector is another little reminder of the frustrating burden. At Groth & Associates, we fight to help our clients get back on stable financial ground. When you reach out to our law office, you will speak to a Fremont bankruptcy lawyer who is ready to: 

• Conduct a free, in-depth review of your financial circumstances;
• Help you understand your rights and options—including bankruptcy and other debt-relief alternatives; 
• Gather and organize all relevant financial documents and records;
• Take action to help you protect your personal assets; 
• If appropriate, prepare a Chapter 7 or Chapter 13 bankruptcy petition. 

You deserve attentive, personalized representation from a Fremont bankruptcy lawyer who will take the time and energy needed to understand your case and craft the best possible strategy. We have a proven track record of satisfied clients and we are here to help you take action to get out of debt.

CONTACT OUR FREMONT BANKRUPTCY ATTORNEYS FOR IMMEDIATE ASSISTANCE

At Groth & Associates, our Ohio bankruptcy attorneys are experienced, aggressive advocates for our clients. Our team knows how to deliver results. If you are facing financial distress and you need legal guidance, we are here to help. To set up a no-cost, no-commitment review of your case, please contact our law firm today. We represent clients in Fremont and throughout the surrounding communities in Sandusky County, including in Bellevue, Clyde, Gibsonburg, Elmore, Woodville, and Helena.