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TOLEDO BANKRUPTCY LAWYER

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SKILLED IN BANKRUPTCY CASES

BANKRUPTCY CAN HAPPEN TO ANYONE AND WHEN IT DOES THE DAMAGES CAN BE SEVERE.

Are you receiving an endless stream of calls and letters from creditors and debt collectors? If so, it may be time to consider exploring bankruptcy protection. No matter your specific financial circumstances, you have legal options available. There is a path out of financial distress and back to stability. If you are thinking about filing bankruptcy, an experienced attorney will be able to answer your questions and help you make informed decisions.

At Groth & Associates, our Toledo bankruptcy lawyers work tirelessly to help our clients find the most effective solution to their financial issues. There are two chapters of Bankruptcy that a consumer can file and we will help you decide which chapter is the best for you. Further, our legal team will also help you explore every option of NOT filing for bankruptcy. If you or your family member is considering seeking bankruptcy protection in Ohio, we can help. Please contact our Toledo law office today for a free, no obligation initial consultation.

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THE FIRST STEP: WE WILL EXPLORE YOUR ALTERNATIVES TO BANKRUPTCY

Are you receiving an endless stream of calls and letters from creditors and debt collectors? If so, it may be time to consider exploring bankruptcy protection. No matter your specific financial circumstances, you have legal options available. There is a path out of financial distress and back to stability. If you are thinking about filing bankruptcy, an experienced attorney will be able to answer your questions and help you make informed decisions. 

At Groth & Associates, our Toledo bankruptcy lawyers work tirelessly to help our clients find the most effective solution to their financial issues. There are two chapters of Bankruptcy that a consumer can file and we will help you decide which chapter is the best for you. Further, our legal team will also help you explore every option of NOT filing for bankruptcy. If you or your family member is considering seeking bankruptcy protection in Ohio, we can help. Please contact our Toledo law office today for a free, no obligation initial consultation.

WHAT YOU NEED TO KNOW ABOUT CHAPTER 7 BANKRUPTCY

Understanding the Basics

Chapter 7 Bankruptcy also known as “liquidation” is the most common filing. It will eliminate almost all debts. During the Chapter 7 process, an intake is done of the client’s income, assets and debts owed. There is a myth that everyone who files for Chapter 7 Bankruptcy will lose all of their possessions, but this is not the case with everyone. Depending on your income and assets, you may be able to keep all or some of your property. During the process, you will have to attend a meeting of creditors, also called the 341 meeting. A Chapter 7 Bankruptcy will normally last between four and six months before it is discharged.

Who is Eligible for Chapter 7?

Not everyone is eligible to file for a Chapter 7 liquidation. As explained by the United States Courts, Chapter 7 bankruptcy petitioners must satisfy a ‘means test’. To start, your current monthly income will be reviewed. If it is higher than the median monthly income in your state (Ohio) on a household-sized adjusted basis, you may be deemed ineligible for Chapter 7 bankruptcy protection. A deeper assessment of your financial situation will be required. However, if your monthly income is below median income in Ohio, you will satisfy the means test.

Advantages of Chapter 7 Bankruptcy

Chapter 7 bankruptcy protection offers some important benefits to financially distressed borrowers. First, filing a Chapter 7 petition will make those calls and collection letters stop. More importantly, it is a liquidation bankruptcy. If you are deep in debt, Chapter 7 is often the best way to get a fresh start. You can discharge most of your debts outright. They will be gone. Finally, it is worth emphasizing the fact that Chapter 7 does allow for some asset protection. Generally speaking, you will not lose everything if you file for Chapter 7.

Drawbacks of Bankruptcy

Of course, there are also some potential downsides to seeking Chapter 7 bankruptcy protection. Unsurprisingly, a Chapter 7 bankruptcy filing will cause real damage to your credit rating. In addition, for some borrowers, Chapter 7 may expose certain assets. Our Toledo, OH Chapter 7 bankruptcy lawyer will help you understand and assess the potential drawbacks when compared with your other available options.

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Wrongful Death

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WHAT YOU NEED TO KNOW ABOUT CHAPTER 13 BANKRUPTCY

Understanding the Basics

As noted by the United States Courts, Chapter 13 bankruptcy is often called a ‘restructuring’ bankruptcy. In contrast to Chapter 7 bankruptcy, Chapter 13 bankruptcy will not result in a full liquidation and discharge of your debts. Instead, this type of bankruptcy is for those who have the means to pay back their debt over time. Chapter 13 can also stop foreclosure and give you the opportunity to clear up your defaulted mortgage payments as well as any auto loans. During Chapter 13 which normally will last 3-5 years, you will make a monthly payment to the Trustee and the Trustee will distribute payments to the creditors.

Who is Eligible for Chapter 13?

While it is much easier to qualify for Chapter 13 than it is for Chapter 7 — the strict ‘means test’ does not apply — there are some criteria that must be met. Most notably, Chapter 13 petitioners must be up to date on their taxes. If you have not filed your taxes, your petition for Chapter 13 will not go forward. Tax issues must be resolved first. Further, there are some debt limitations. Finally, you must have enough disposable income to create a viable restructuring plan. U.S. bankruptcy courts will not approve a Chapter repayment plan that is destined to fail.

Why File for Chapter 13 Bankruptcy Instead of Chapter 7?

Some people file for Chapter 13 simply because they are not eligible for Chapter 7. In that case, it may simply be the best available option. Beyond that, Chapter 13 bankruptcy protection is actually the better choice for some financially distressed borrowers. For example, it is often best for people who could repay a significant portion of the debts, if only they were given more time and/or different terms. Chapter 13 can also work best for distressed borrowers who own nonexempt property that they want to keep.

WORDS FROM OUR CLIENTS

Our experience with Attorney Stevin Groth was nothing short of life changing.
When we first contacted Mr. Groth, he gave us his cell phone number and we were able to directly contact him day or night. His knowledge of the Ohio judicial system was astounding. He handled all aspects of our case himself, never once handing off our case to jr. associates. Stevin had positive relationships with all the judges, district attorneys and court personal that we came in contact with. Stevin’s persuasive arguments on our son’s behalf cleared him of all charges. Because of Stevin’s abilities, our son is able to move forward with his life without the stigma of a criminal record. We could not recommend Stevin Groth more highly.

ALFRED & JENNIFER

Dan is an amazing attorney. He had my divorce finalized in a short period of time. A lot quicker than I thought it was going to be and for that I’m thankful! Dan knew exactly what he was talking about. Any questions I had Dan, and his assistant, Michelle was glad to answer. The outcome of my divorce was exactly what I was hoping for.
Thank You Dan for your services!

LAURIE

Allison Lawrence is the best lawyer I have hired.she was attentive when I presented my case to her & knew exactly how to handle it.very professional person when it comes to her job,also a humanitarian.Allison has given me great advice in a free consultation,as well as stood by side in court with chargers pending,of course she got the charges dismissed!!Great attorney,very dependable.in need of a lawyer,I highly recommend Allison Lawrence.

RONNIE

WHY HIRE THE TOLEDO BANKRUPTCY LAWYERS AT GROTH & ASSOCIATES

Unfortunately, creditors and debt collectors do not make things easy. Beyond that, navigating the bankruptcy process is notoriously complex. At Groth & Associates, we help you find the right debt relief solution and we will protect your rights and interests. Among other things, our Toledo personal bankruptcy attorneys are ready to:

Conduct a free, comprehensive evaluation of your financial circumstances;
Help you explore every available alternative to bankruptcy;
Explain the specific benefits and drawbacks of filing for Chapter 7 bankruptcy vs. Chapter 13 bankruptcy;
Take proactive steps to protect your assets; and
Prepare a bankruptcy petition.

We know that one-size-fits-all solutions simply do not work well in bankruptcy cases. You deserve a Toledo, OH bankruptcy attorney who will take the time to understand your unique situation and to provide you with the full personalized legal representation that you rightfully deserve. Our law firm will get you results.

Get Help From Our Toledo, OH Bankruptcy Attorneys Today

At Groth & Associates, our Ohio bankruptcy lawyers are experienced advocates for clients. If you are facing serious financial stress, we will help you get answers. To arrange a free, completely confidential review of your case, please contact our law firm right away. From our law office in Toledo, we handle bankruptcy matters throughout Northwest Ohio, including in Bowling Green, Findlay, Maumee, Perrysburg, and Fremont.

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