The Experience You Need
Our law office has been helping families navigate Ohio bankruptcy laws since 1993.
Considering Bankruptcy in Ohio?
When you are facing insurmountable debt, it can feel like you are drowning. Fortunately, the law acknowledges that no one should have to live that way forever. Bankruptcy lets you pay back creditors and wipe the slate clean.
The Law Office of Peter A. Russell, Esq. is dedicated to helping those in debt find a way to move forward. Call now to begin the process of taking back your life.
What is Bankruptcy?
Bankruptcy is the broad term used for a number of legal processes that allow individuals or businesses to discharge certain debts. General, it is a viable option for people who become unable to pay their bills, can only meet minimum amounts, or carry proportionally high levels of debt that cannot be paid within a reasonable time.
Bankruptcy is not a bad thing. It does not allow people to simply “walk away” from obligations but instead provides a closely scrutinized method for people to free themselves from unfortunate burdens. Wealthy business owners and minimum-wage workers alike may find themselves in a situation where bankruptcy is appropriate.
Most people do not understand the intricacies of modern bankruptcy law. Only by consulting an experienced attorney can you properly assess whether bankruptcy may be in your best interest.
What Type of Bankruptcy Is Right for Me?
There are several types of bankruptcy described in the various chapters of the federal bankruptcy code. The most common types of bankruptcy for individuals are those described in Chapter 7 and Chapter 13.
Chapter 7 bankruptcy (or straight bankruptcy or liquidation) is the most common type of bankruptcy filing. It entails the appointment of a trustee by the court, who sells the debtor’s non-exempt property and assets, the proceeds of which are then allocated to the creditors.
Chapter 13 bankruptcy allows individuals to pay all or part of their debts over three to five years. The debtor may keep his properties while making regular payments to a trustee out of his future earnings, and the trustee pays the creditors with the required payment.
No matter which type of bankruptcy is right for you, it’s important to know what property you can keep under what circumstances, and an experienced legal team can ensure the best outcome for you.
Determining the right course in your case requires significant legal insight. Chapter 7 eligibility is determined by complex statutory rules that must be applied to your particular situation. Additionally, the existence of non-dischargeable debts, pending divorce proceedings, tax obligations, and many other factors require careful consideration when filing for bankruptcy.
We treat our clients with the dignity, privacy, and respect they deserve.
Our legal bankruptcy counsel means you can get a fresh start faster.
When Is the Right Time to File for Bankruptcy?
Your Ohio bankruptcy attorney can help you make the right decisions by examining your specific situation and finances. By providing personal, client-focused representation, Peter A. Russell, Esq. can develop a plan to make your bankruptcy as smooth and liberating as possible.
If you’re facing financial difficulties and are considering if bankruptcy is right for you, you don’t have to make this decision alone. While there is no “right time” to file for bankruptcy, acting sooner rather than later can help you regain control of your finances and eliminate the emotional hardship of struggling to make ends meet.
Bankruptcy attorney Peter A. Russell, Esq. can help you navigate the complex legal process of bankruptcy. With his counsel, countless clients in the Strongsville, Medina area have been able to get their unmanageable debt under control. Let him help you get your life back on track.