Toledo Bankruptcy Lawyer

If you are struggling with financial hardship and are facing legal actions such as foreclosure or wage garnishment, it may be time to consider bankruptcy. With the help of our dedicated bankruptcy attorneys, you could evaluate your options and determine the right path forward.

Each year, countless Americans get a fresh financial start through the bankruptcy system. It is not always easy, but the end result can see many of your debts discharged. Our team proudly offers zero money down filing options to help you get back on your feet without sinking further in debt to do so. Let a Toledo bankruptcy lawyer from our firm guide you through this process by filling out our online debt calculator.

What Bankruptcy Options Are Available?

For most people, there are two primary options for filing for bankruptcy. They include protection under Chapter 7 or Chapter 13 of the bankruptcy code. Chapter 7 is known as liquidation bankruptcy, and it is intended for individuals who have no assets. While there is a common misconception that you are forced to sell all your belongings in a Chapter 7, this is not the case. In fact, most debtors retain all their property. However, unless you have an agreement to keep paying for secured assets such as a car or home, you could be forced to return those to your lender.

One of the biggest benefits of filing for Chapter 7 is the short timeline. Most people are able to secure a discharge in between six and twelve months. This is a much faster turnaround compared to other types of bankruptcies.

Chapter 13 cases are not as brief—they typically take four or five years to complete. This is because Chapter 13 requires that you make several years of ongoing payments to your creditors before you can discharge your debts.

The result in both cases—a discharge—is usually the same. If you discharge your debts, you no longer owe your unsecured creditors anything and will not have to deal with impending lawsuits, bank levies, and collection calls anymore. Reach out to our Toledo bankruptcy attorneys to discuss how we could help you start this process.

Bankruptcy and Income Eligibility

Your income will play a major role in determining which type of bankruptcy you qualify for. Each of the two options is very different, with Chapter 7 serving individuals with limited assets and Chapter 13 focusing on people who can show some form of incoming revenue. A Toledo bankruptcy attorney could help you understand what your options are based on your resources.

Because Chapter 7 eligibility is determined by income limits. If you make too much money, you will not qualify for this approach no matter how extensive your debts might be. The means test compares your household income to the median income level for the state. If you fall below this threshold, you will typically qualify for Chapter 7. However, there are ways to qualify even if you are above this threshold based on certain deductions.

Chapter 13 is for individuals with the resources to pay some of their creditors. In order to qualify, you must be able to show income that will cover your bankruptcy plan. Your plan is a series of payments spread over several years that are designed to partially pay back your secured creditors.

Talk to a Toledo Bankruptcy Attorney Today

The bankruptcy process can be daunting, but you never have to face it alone. Having the support and guidance of skilled counsel could increase your chances of obtaining a favorable outcome from your circumstances. With the right approach, you could discharge your debts and move forward with financial freedom.

A Toledo bankruptcy lawyer from our firm is ready to help. Reach out as soon as possible to discuss your financial situation with us. Or, fill out our debt calculator for a free quote and to get a head start on the process.