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Depending on your financial situation, Chapter 7 bankruptcy could provide you with the kind of fresh financial start you deserve. If you are struggling with debt and just want the collection calls to stop, bankruptcy may be the answer. Before you file, it is important that you consider seeking out the support of a dedicated bankruptcy attorney. Anyone can find themselves in these difficult situations, but our Toledo Chapter 7 bankruptcy lawyers are here to help you get past them.
Chapter 7 bankruptcy, also known as liquidation bankruptcy, allows eligible individuals to discharge most of their unsecured debts. That means everything from credit card debts to medical bills can be wiped out forever. However, not everyone qualifies for this kind of relief. There are several requirements you must meet under federal law before you can secure a discharge under Chapter 7.
The most important threshold is the means test, which compares your income to the median income for a household of your size in Ohio. If your income is below the state median, you typically qualify. If it’s above, the court will examine your expenses to determine whether you have enough disposable income to repay a portion of your debts. If your disposable income is too high, you may need to consider filing under Chapter 13 instead.
You also cannot file for Chapter 7 if you received a Chapter 7 discharge within the last eight years or a Chapter 13 discharge within the last six years. Additionally, you must complete a court-approved credit counseling course within 180 days before filing.
Chapter 7 is best suited for people with little to no assets and overwhelming unsecured debt. A Toledo Chapter 7 bankruptcy attorney can help determine your eligibility and guide you through the process.
Filing for bankruptcy might have a stigma associated with it, but the reality is that the U.S. Bankruptcy Code provides you with protection from creditors when you need it the most. There are immediate advantages that take effect the moment you file, and it is your best opportunity for a fresh financial start.
Not only are these benefits immediate in most cases, but you also have a chance to complete this process in a matter of months. With the support of a Toledo Chapter 7 bankruptcy attorney, you could go from mountains of debt to firm financial ground before you know it.
Some of the most important protections under the bankruptcy code take effect the moment your petition is filed. Immediately upon filing your case, the automatic bankruptcy stay bars your creditors from attempting to collect any further debts from you. This means no phone calls, garnishments, or lawsuits. Any ongoing legal cases must halt, and you are free from worrying about the prospect of going to court for as long as the stay is in effect.
The ultimate goal for anyone filing for Chapter 7 is the discharge of their unsecured debts. When debts are discharged, you are no longer obligated to pay them and your creditors are barred from attempting to collect those obligations. The discharge only occurs at the end of the process, after you have completed all the other steps. There are also certain types of debts, including student loans and spousal support, that can never be erased through bankruptcy.
This process does not have to be intimidating, and you never have to go it alone. Our team can file your bankruptcy for $0 down. Reach out to a Toledo Chapter 7 bankruptcy lawyer as soon as possible to discuss your situation, and fill out our online debt calculator for a faster overview of your options.
We have locations available by appointment in the following areas. Please call us to speak to an attorney and set up an initial meeting.
We are a debt relief agency helping people file bankruptcy under the United States Bankruptcy Code.
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