Consumer Bankruptcy Lawyers in Euclid, Ohio

Find the right Consumer Bankruptcy attorney in Euclid, OH

Bankruptcy is a court proceeding which lets a person or business have some or all of their debts discharged. It should usually only be considered as an option of last resort, because it can have significant 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 creation of federal law, bankruptcy is handled in federal courts. Therefore, the rules and procedures governing it in Ohio will be the same as everywhere else in the country. Individual courts in Euclid, Ohio will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Euclid, Ohio

In Euclid, Ohio, there are 2 main types of commonly-used consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets. It requires some percentage of the debtor's property to be sold in order to pay off as much of his or her debt as possible. However, the majority of property that most people own is exempt. This usually includes homes, vehicles, insurance policies, and retirement accounts. These do not have to be sold.

Once eligible assets are sold, and the proceeds turned over to the creditors, most remaining debt is excused. However, some forms of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Euclid, Ohio is not dischargeable, you may want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Euclid, Ohio

In Euclid, Ohio, chapter 13 is extremely different from Chapter 7, and may or may not be the best option for you, depending on your situation. Chapter 13 Bankruptcy involves a court setting up a revised payment plan, which allows the debtor to pay off most or all of his debts over a longer 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 Euclid, Ohio

The answer to this question depends strongly on your individual situation. If you have enough stable income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 may be a good option. If you don't have much stable income, and most of your property is exempt, Chapter 7 might be better.

In any case, you should talk with a local Euclid, Ohio bankruptcy lawyer. Your lawyer can advise you of your options and inform you of their likely consequences. This will make it much easier for your to make an informed choice.

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Life in Euclid

Euclid is located in Cuyahoga County, Ohio It is considered to be in the greater part of Cleveland. Per the 2010 census, it is home to 48,920 people.

Popular sites to visit include the National Cleveland-Style Polka Hall of Fame. the Lincoln Electric Company, Euclid Beach Park, and the Softball Hall of Fame.

There are approximately one hundred and fifty companies in Euclid. To support such businesses, and of course local residents, the legal force in Euclid is strong. Many attorneys live and practice law in Euclid. These attorneys practice in all areas and dedicate themselves to provide excellent, personalized legal services.

Overall, Euclid is a wonderful city to live in or visit. Although it is considered a part of the greater Cleveland area, it has the small town appeal!

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