Find a Bankruptcy Lawyer in Youngstown, Ohio

Find the right Bankruptcy attorney in Youngstown, OH

In Youngstown, Ohio, bankruptcy is a judicial process in which the debts of a person or business can be absolved or restructured. This allows the debtor to climb out of a financial hole, and move on with a clean slate, which is sometimes more economically proficient than requiring the debtor to pay off everything they owe. However, bankruptcy is not a free ride, allowing someone who simply doesn't feel like paying their debts to get out of that legal obligation. It is designed to prevent debt which has minimal chance of ever being paid back from ruining the life and finances of the debtor. It also carries significant long-term consequences, which must be carefully weighed against the potential benefits. For example, bankruptcy makes it very difficult for the debtor to obtain credit in the near future.

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

Types of Bankruptcy in Youngstown, Ohio

In Youngstown, 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 Youngstown, Ohio will be similar anywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of many of the debtor's assets in order to pay off as much of the debt as possible. This sounds harsh, but there is an upside: once the liquidation is complete, the debts are legally viewed as having been paid in full, whether or not the full amount was covered by the liquidation. Liquidation involves selling some personal property, and using the proceeds to pay off debt. Varied types of property are exempt from liqudiation, and therefore may not need to be sold. They include homes, cars, and insurance policies, among others. You should know that some types of debt cannot be discharged in Chapter 7 bankruptcy, including taxes, student loans, and child support.

Under Chapter 13 bankruptcy in Youngstown, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over a prolonged period of time, thus theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. Though accessible to individuals, Chapter 11 bankruptcy is generally used by businesses. Like Chapter 13, Chapter 11 requires the restructuring of debts. Under this system, the debtor must come up with a plan to reduce debt, cut costs, and improve operations. Once this plan is presented, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.

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

How Can a Youngstown Bankruptcy Lawyer Help?

The need to consider all the options and consider the costs and benefits of filing for bankruptcy in Youngstown cannot be overstated. If you are considering filing for bankruptcy, it would be a good idea to speak with a Youngstown bankruptcy attorney beforehand.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Youngstown

Youngstown is a part of Mahoning County, Ohio. Some parts of it also fall in Trumbull County. It is near Pittsburgh, Pennsylvania and Cleveland. Specifically it is ten miles west of Pennsylvania, between New York City and Chicago on Interstate 80.

With such a central, great location, residents and local businesses have access to the strong legal force in New York City, Chicago, and Pennsylvania. All these areas are home to top-tier firms that train excellent, ivy-league educated attorneys. Therefore, residents and local businesses have access to a legal force that includes the best-trained attorneys in the United States.

Popular attractions include Powers Auditorium, Youngstown Symphony Orchestra, the Butler Institute of American Art, McDonough Museum of Art, Mill Creek Park, and the Ohio Historical Society.

Overall, Youngstown has a central location and provides its residents with a wonderful quality of life!

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