Find a Bankruptcy Lawyer in Cuyahoga Falls, Ohio

Find the right Bankruptcy attorney in Cuyahoga Falls, OH

Bankruptcy in Cuyahoga Falls, Ohio is a court proceeding through which a person or business who is unable to pay their debt is able to have some of their debt legally eliminated, or "discharged." This theoretically allows the debtor to move on with a clean slate. Bankruptcy should be treated as an option of last resort, and should not be viewed as a fitting way to get out of debt that you just don't feel like paying. Bankruptcy can have severe consequences, including but not limited to damage to your credit rating. A bad credit score can impact your ability to obtain loans in the future, to rent an apartment, and possibly even your ability to get hired at some jobs (as some employers now run credit checks on prospective employees).

Accordingly, you should speak with a good Cuyahoga Falls, Ohio bankruptcy lawyer. Your Cuyahoga Falls bankruptcy lawyer can inform you of the costs and benefits of filing for bankruptcy, and give his or her professional evaluation as to whether or not it's a good option, given your specific circumstances.

Types of Bankruptcy in Cuyahoga Falls, Ohio

In Cuyahoga Falls, Ohio, there are 3 types of bankruptcy in common use: Chapter 7, Chapter 13, and Chapter 11. Because bankruptcy is a creation of federal law, the procedures governing bankruptcy in Cuyahoga Falls, Ohio will be similar anywhere else in the U.S. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her property, and use the proceeds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the appropriate property is sold, and the proceeds given to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will typically be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.

The other common bankruptcy scheme used by consumers in Cuyahoga Falls is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the arrangements that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is approved, creditors are not allowed to attempt to collect payment under the original agreements. Chapter 11 bankruptcy is generally used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - typically telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be approved by the participating creditors through a simple majority vote.

One advantage of Chapter 11 bankruptcy is that it allows a business going through it to continue operations, and to trade its stock.

How Can a Cuyahoga Falls Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Cuyahoga Falls is an influential decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a good Cuyahoga Falls bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Cuyahoga Falls

Cuyahoga Falls is located in Summit County, Ohio. Approximately 50,000 people cal Cuyahoga Falls home. It is a suburb of Aron and Cleveland.

The most popular attractions are Blossom Music Center, Cuyahoga Valley National Park, Mary Campbell Cave, Gorge Metro Park, The River Front, Brookledge Golf Course, Indian Head-Trail of the Whispering Giants, The Natatorium, Water Works Aquatic Center, Falls River Cruise, and Downview Sports Center.

Past famous residents include John Jacobs, Jim Jarmusch, Gates McFadden, Jim Ballard, Bob Lewis, and Mark Mothersbaugh Devo.

The area is also home to many attorneys who practice in every area of law. Therefore, the legal needs of residents will always be taken care of!

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