Consumer Bankruptcy Lawyers in Toledo, Ohio

Find the right Consumer Bankruptcy attorney in Toledo, OH

Bankruptcy is a legal process allowing an individual or business to have some or all of their debt discharged. It is almost always considered as a last resort because it can have some negative long-term consequences which must be considered, even if you ultimately decide that they are outweighed by the benefits. Bankruptcy is governed by federal law and handled in federal courts, so the procedural and substantive rules involved in Ohio are often the same as anywhere else in the U.S. However, individual bankruptcy courts have slightly different rules for items such as exemptions, so it would be a good idea to consult with a local Toledo, Ohio bankruptcy lawyer beforehand.

Chapter 7 Bankruptcy in Toledo, Ohio

There are 2 common forms of consumer bankruptcy in Toledo, 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 essential personal items, like clothing. These assets are not available to creditors.

Once the eligible property is sold, and the funds transferred to the creditors, the dischargeable debt is excused. Some types of debt, however, can't be discharged in Chapter 7 Bankruptcy in Toledo, Ohio. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be discharged, Chapter 7 might not be the best choice for you.

Chapter 13 Bankruptcy in Toledo, Ohio

Chapter 13 Bankruptcy in Toledo, Ohio is very different from Chapter 7. Whether or not it is a better option is highly dependent on the facts of each individual case. Chapter 13 bankruptcy does not discharge debt. Instead, it restructures it. This involves the bankruptcy court coming up with a new payment plan that supersedes the terms of the agreements that gave rise to the debt in the first place. This results in a new payment plan that the debtor should find manageable, if he or she can make a few sacrifices.

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

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your individual 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.

Of course, you should always seek the counsel of an experienced local Toledo, Ohio bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your particular situation.

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Life in Toledo

Toledo is the seat of Lucas County and the 4th most populous city in the State of Ohio. Toledo borders the State of Michigan and grew exponentially after the Miami and Eerie Canal were completed. As a transportation hub, Toledo is a midpoint between New York and Chicago via rail lines making it an ideal location for industry and commodity production. Toledo is widely known for its glass production including windows, doors, automobile windshields, art, and other construction materials. Johns Manville operates two premier fiberglass plants in Toledo alongside other giants like GlassTech. The automotive industry also thrives in Toledo with several Fortune 500 automotive companies that produce everything from spark plugs to performance parts.

Toledo's professional sports teams are a big attraction for locals and travelers alike. The Toledo Speedway hosts the Glass City 200 and is known as the home to the "Fastest Short Track Show" in the world which include drag races. The Inverness Club hosts a number of United States Golf Association (USGA) professional events like the U.S. Senior Open and the LPGA's Jamie Farr Owens Corning Classic. Raceway Park horse racing, Toledo Walleye hockey, and the Toledo Mud Hens who are the Detroit Tiger's minor league team are also play within city limits.

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