Consumer Bankruptcy Lawyers in Akron, Ohio

Find the right Consumer Bankruptcy attorney in Akron, OH

Bankruptcy is a court proceeding which lets a person or business have some or all of their debts excused. It should typically only be considered as an option of last resort, because it can have serious long-term consequences, even if it can stave off financial disaster. This means that the costs and benefits need to be carefully considered before filing. Since it's a product of federal law, bankruptcy is handled in federal courts. Therefore, the rules and procedures governing it in Ohio will be the same as anywhere else in the country. Distinct courts in Akron, Ohio will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Akron, Ohio

There are 2 typical forms of consumer bankruptcy in Akron, Ohio: Chapter 7 and 13. Chapter 7 liquidates some of the debtor's assets. It requires a certain percentage of the debtor's assets to be sold off to pay as much of his or her debt as possible. However, many types of property that most people own are exempt, meaning that they don't need to be sold. This often includes houses, vehicles, insurance policies, and necessary personal items, like clothing. These assets are not available to creditors.

Once the non-exempt property is sold, the rest of the dischargeable debt is eliminated. Some types of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Akron, Ohio is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Akron, Ohio

In Akron, Ohio, Chapter 13 is substantially different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your specific situation. Chapter 13 Bankruptcy involves a court setting up a modified payment plan, which allows the debtor to pay off most or all of his debts over an extended period of time, through monthly payments that should, assuming that the debtor is willing to make a few sacrifices, be manageable.

Which Type of Consumer Bankruptcy Should I File in Akron, Ohio

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your distinct situation. If you have a steady income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a steady income, and most of your property is exempt, Chapter 7 might be a better way to go.

Whatever your situation, you should speak with a local Akron, Ohio bankruptcy attorney. Your lawyer will be able to advise you of your options and their likely results, which will help you make a more educated decision.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Akron

Akron is the fifth largest city in Ohio. It is located in Summit County, near the Great Lakes area. In fact, Akron is about 40 miles from Lake Erie.

Some popular sites include the Cuyahoga Falls, the All-American Bridge, the Goodyear Polymer Center, and the All-American Soapbox Derby.

Interestingly, in 2001, Akron was named fifth on the list of "high tech havens" by Newsweek. It has also been awarded as one of the "World's Most Livable Cities," by the National Civic League.

Top employers include Goodyear, The Kelly-Springfield Tire Company, GOJO, A. Schulman, FirstMerit Bank, and Bridgestone. Of course, to support these businesses, and local residents, Akron has a very competent legal force. Many attorneys practice law and devote themselves to providing excellent legal services.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY