Are you overwhelmed by financial stress and looking for a fresh start?
At the Law Offices of Kenneth L. Sheppard Jr., we focus in providing compassionate and effective bankruptcy solutions tailored to your unique needs. With over 20 years of experience, our dedicated team is here to help you navigate the complexities of bankruptcy law and achieve financial stability.
If you’re burdened by unmanageable debt, Chapter 7 bankruptcy might be the solution you need. This option allows you to discharge most unsecured debts, such as credit card bills and medical expenses, giving you a clean slate to rebuild your financial future. Our experienced attorney will guide you through every step of the process, ensuring you understand your rights and options.
For those who prefer a structured repayment plan, Chapter 13 bankruptcy offers a viable alternative. This type of bankruptcy allows you to reorganize your debts and create a manageable repayment plan over three to five years. By filing for Chapter 13, you can retain your assets and work towards a more secure financial future. Our skilled attorney will work closely with you to develop a plan that fits your unique financial situation.
Are you facing the stress of wage garnishment? Our legal team can help you put an end to wage garnishment and protect your income. By filing for bankruptcy, you can halt garnishment orders and regain control of your finances. Let us help you take the necessary steps to stop wage garnishment and achieve financial relief.
If you’re at risk of losing your home to foreclosure, we can provide the legal support you need to protect your property. Filing for bankruptcy can put an immediate stop to foreclosure proceedings, giving you the time and space to develop a plan to keep your home. Our dedicated attorney will work tirelessly to ensure that you have the best possible outcome in your foreclosure case.
Bankruptcy can also help you stop lawsuits and legal actions from creditors. When you file for bankruptcy, an automatic stay is put in place, halting all collection activities, including lawsuits. This protection gives you the breathing room to address your financial challenges without the constant pressure of legal actions.
Are you tired of relentless creditor harassment? Bankruptcy can provide immediate relief from aggressive collection tactics. By filing for bankruptcy, you can put an end to harassing phone calls, letters, and other collection efforts. Our compassionate team is here to help you stop creditor harassment and find peace of mind.
Bankruptcy is a federal legal process designed to provide debt relief by either eliminating or restructuring debts. Individuals must undergo a means test to determine eligibility for Chapter 7 Bankruptcy, which offers a fresh start by discharging debts. Chapter 13 Bankruptcy, on the other hand, allows for a structured repayment plan. Consulting with a bankruptcy attorney can help determine the best course of action.
The primary consumer bankruptcy options are Chapter 7 Bankruptcy (liquidation) and Chapter 13 Bankruptcy (repayment plan). Businesses often file Chapter 7 for closure or Chapter 11 for reorganization. Since businesses do not receive a discharge of debts, individual business owners may also need to explore personal bankruptcy options.
No, bankruptcy laws in Ohio include exemptions that protect essential assets. In Chapter 7 Bankruptcy, exemptions help retain key property such as personal residences, vehicles, and retirement accounts. Chapter 13 Bankruptcy allows filers to keep their assets as long as they meet plan obligations.
Many unsecured debts, such as medical bills, credit card balances, and personal loans, can be discharged, offering substantial financial relief. Certain tax debt may also be discharged in bankruptcy. Discharge of debt means that the debt is eliminated resulting in no further liability to the debtor.
Generally, student loans, some tax debts, child support, and alimony are not dis-chargeable, but bankruptcy can free up funds to manage these priority debts more effectively. An experienced bankruptcy lawyer can explain how these types of debts are addressed in either a Chapter 7 Bankruptcy or a Chapter 13 Bankruptcy.
Bankruptcy may lower your credit score initially but can provide an opportunity for financial recovery. A Chapter 7 Bankruptcy stays on your credit report for up to ten years, while a Chapter 13 Bankruptcy remains for a period of seven to ten years. The debt itself remains listed on your credit report for this period; however, the debt is marked as "Paid in Full" and lists a $0 balance. The debt will be removed from your credit report at the designated time set by the credit bureau (e.g. Equifax, Experian, and Trans Union).
The filing fees in Ohio are $338 for Chapter 7 Bankruptcy and $313 for Chapter 13 Bankruptcy. Attorney fees vary, and many attorneys offer flexible payment plans. In Chapter 13 Bankruptcy, attorney fees follow the "no-look" fee guidelines set forth by the bankruptcy court, where a portion of attorney fees may be deferred and paid from the plan of reorganization.
Bankruptcy law is complex. Filing incorrectly can result in dismissal or unintended asset loss. Professional legal assistance is strongly recommended.
Bankruptcy requires financial disclosures, a credit counseling course, a personal financial management course, and a Meeting of Creditors. Chapter 7 Bankruptcy takes about 3-4 months, while Chapter 13 bankruptcy involves a 3-5 year repayment plan.
Most filers only attend a Meeting of Creditors, which is a brief hearing with a bankruptcy trustee, usually conducted virtually.
Yes! The automatic stay immediately halts creditor calls, lawsuits, and collection efforts, offering much-needed relief. The automatic stay also stops foreclosure actions and pending sheriff sales. By filing bankruptcy wage garnishments that are pending or about to take place are stopped pursuant to the automatic stay.
Most Ohio bankruptcy filers can retain their home and vehicle in Chapter 7 Bankruptcy if payments are current and exemptions are properly utilized. In Chapter 13 bankruptcy, assets are normally kept, whether in delinquent or current status, provided the "best interest" of the plan is satisfied.
A spouse can file alone, but the choice may depend on whether debts are joint or individual. A bankruptcy attorney can provide tailored advice. Keep in mind that the gross income of the household is used to determine elegibility under the means test, so while one spouse may not file, his or her income (and debts and expenses) are used to determine eligibility for the other spouse.
Common documents include tax returns, pay stubs, bank statements, a debt list, vehicle titles, recorded deeds to real property, recorded mortgages, and asset valuations. Self-employed individuals will need to provide an income and expense report as well. Your attorney will provide a checklist.
Yes, but waiting periods vary. Chapter 7 Bankruptcy filers must wait eight years before refiling another Chapter 7 Bankruptcy. Timing varies between Chapter 7 Bankruptcy and Chapter 13 Bankruptcy, so consulting a lawyer is essential.
The means test is a key component for determining eligibility for Chapter 7 bankruptcy. It is also used to determine the repayment period for a Chapter 13 Bankruptcy. The means test is calculated by utilizing the gross income of all household members during the six-month period prior to filing for bankruptcy. The purpose of the means test is to ensure that a filer is not abusing the protections afforded by the U.S. Bankruptcy Code.
With three convenient office locations in Columbus, Newark, and Mount Vernon, the Law Offices of Kenneth L. Sheppard Jr. is always accessible to our clients. Don’t let financial stress control your life any longer. Contact us today to schedule a consultation and take the first step towards a brighter financial future. Let our experienced attorney guide you through the bankruptcy process and provide the support you need to overcome your financial challenges.
At Sheppard Law Offices, we are committed to helping you achieve financial relief and peace of mind. Reach out to us today and discover how we can help you rebuild your financial future with confidence.
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