Find a Bankruptcy Lawyer in Lakewood, Ohio

Find the right Bankruptcy attorney in Lakewood, OH

Bankruptcy in Lakewood, Ohio is a court procedure through which a person or business who is unable to pay their debt is able to have some of their debt legally cleared, 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 convenient 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 acquire 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).

For that reason, it would be advisable to speak with a good Lakewood, Ohio bankruptcy attorney. This attorney will be able to advise you as to whether or not filing for bankruptcy is a good idea, given your particular situation. This determination is highly dependent on the details of each individual case, so a Lakewood attorney's advice is truly indispensable.

Types of Bankruptcy in Lakewood, Ohio

There are three basic bankruptcy schemes that are most commonly used in Lakewood: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the process for filing for bankruptcy in Lakewood, Ohio will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of part of the debtor's assets to pay off as much of his or her debt as possible. Once the liquidation is complete, and the proceeds given to the creditors, the rest of the debt is discharged. Liquidation is essentially selling assets to the highest bidder. Only some of the debtor's assets have to be sold, and numerous classes of property are exempt, meaning that the debtor can keep them, including homes, cars, insurance policies, and retirement accounts. It should be noted that certain types of debt cannot be discharged through Chapter 7 bankruptcy, including student loans, child support payments, criminal fines, and recent taxes.

The other form of bankruptcy most commonly used in Lakewood is Chapter 13. It allows a person to pay off their debt over a longer period of time, often consolidating it into one periodic payment. In this system, the amount of money the debtor owes is not actually reduced, but the payment of the debt is made far more manageable. This gives the debtor some breathing room, allowing him to continue to earn a living while slowly paying down his debts, and gives some security to creditors that they will eventually collect all or most of what they're owed. Although it can be used by individuals, Chapter 11 bankruptcy is used almost always by businesses. Not unlike Chapter 13, Chapter 11 focuses on restructuring of debt, rather than discharging it. Chapter 11 requires that the debtor come up with a reorganization plan designed to reduce debt and cut costs. Before being implemented, this plan must be approved by a majority vote of participating creditors.

During the Chapter 11 process, a business can usually continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.

How Can a Lakewood Bankruptcy Lawyer Help?

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

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Lakewood

Lakewood is in Cuyahoga County, Ohio. It is considered a part of Cleveland. It is the third largest city in the county, along with Cleveland and Parma.

Some great places to check out in Lakewood include Lakewood Park, The Rocky River Reservation, The Beck Center for the Arts, and Malley's Chocolates. A really popular restaurant that both locals and visitors love is Aladdin's Eatery,

Lakewood is home to many attorneys who either practice locally, or in Cleveland. These attorneys have excellent training, work in great firms, and can handle the legal needs of residents and businesses.

Famous residents, both past and present, include Matt Dunigan, Teri Garr, Moe Mantha, Jr., Brad Friedel, Sean Patrick O'Malley, Alex Boone, Dick Feagler, and Gary Lewis.

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