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Chapter 7 Bankruptcy:
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Ohio Chapter 7 Bankruptcy Lawyer in Columbus, Newark, Mt. Vernon, Akron & Canton
Chapter 7 Bankruptcy is commonly referred to as, “liquidation” and it is the type of bankruptcy that provides the debtor the fresh start that he or she is looking for. Chapter 7 bankruptcies typically take approximately 4-5 months to complete. Attorney fees plus filing costs are generally $1,200 – 1,500. Although the federal law changes in late 2005 made it more challenging to obtain Chapter 7 Bankruptcy relief, we possess the experience and knowledge to guide you through the bankruptcy process and inform you of what to expect.
How can I apply for Chapter 7 Bankruptcy?
In order to file for debt relief under Chapter 7 of the U.S. Bankruptcy Code, you must qualify under the the Means Test. The Bankruptcy Attorney at Sheppard Law Offices can explain the Means Test, as well as all of your options, to you.
In order to provide you with an explanation of how the means test works, you will need to know how many people make up your household. Next, you will need to calculate your household income by retrieving your last full 6 months worth of gross income. In order to qualify for Chapter 7 Bankruptcy protection, your annual gross household income must be less than a designated dollar figure calculated using IRS standards. Even in cases where the household income exceeds this threshold amount, we can complete an extended means test to determine whether you can still qualify for such Chapter 7 relief.
How can I Pass The Means Test?
Once you have passed the means test, there is still another analysis that needs to take place. This analysis involves whether there is any equity in your assets to warrant a Chapter 7 Trustee in desiring to sell any asset or proposing a buy-out option to you. Typically, the largest two assets that the Chapter 7 trustees examine is real estate and vehicles.
Many protections (also called “exemptions”) are afforded debtors. For example, in a joint bankruptcy, a husband and wife can protect the first $265,800 of equity in their primary residence. Another example would be that a debtor can protect $3,675 of equity in one vehicle. Given the variety of assets and debts a debtor may have, it is important to analyze the whole picture in order to determine which type of bankruptcy is appropriate for you.
What is the Chapter 7 Process?
If you are considering filing for Chapter 7 Bankruptcy relief, please note that under the federal bankruptcy laws enacted in late 2005, any debtor filing for bankruptcy protection must complete Debtor Education. In a Chapter 7 case, debtor education involves obtaining two certificates. The first certificate is called the “Pre-Filing Credit Counseling” Certificate. In order to file your Chapter 7 Petition with the banruptcy court, you must complete and submit this certificate with your petition. The second certificate is called the “Pre-discharge Financial Management” course.
You must complete this second certificate after your case has been filed with the court and it must be submitted to the court before your debts are discharged. Debtor education can be completed online or via telephone, and each session takes approximately 2 hours to complete. Many companies exist that offer these sessions. At Sheppard Law Offices, we utilize Cricket consumer credit counseling services, which costs $35. They then mail the certificates of completion directly to Sheppard Law Offices.
For Your Convenience we Have 5 Locations in Ohio to Handle Any Bankruptcy Issues
Our Columbus (Westerville) bankruptcy office is conveniently located near highways I-71 and I-270. Our Newark Ohio bankruptcy office is conveniently located at 843 N. 21st Street, Suite 108 in Newark, Ohio 43055. Our Mt. Vernon Ohio bankruptcy office is conveniently located on the northeast corner of Mulberry Street and Gambier Street. Our Canton, Ohio bankruptcy office is located in Belden Village Tower, Suite 200, Canton, Ohio 44718, and our Akron office. Our offices are handicap accessible. We accept various options for payment, including credit cards. and payment plans. However, please note that we cannot accept credit or debit card payments from our bankruptcy clients. Contact us today for your free one-half hour initial consultation.
Chapter 7 Consumer Bankruptcy
There are two options for consumer bankruptcy relief: Chapter 7 and Chapter 13.
For those that do not qualify under the Chapter 7 Bankruptcy Means Test or the Extended Means Test, Chapter 13 bankruptcy, also known as ” debt reorganization” may be a viable debt relief solution for you.
Sheppard Law Offices
3535 Fishinger Blvd Suite 190
Hilliard, Ohio 43026
Mt. Vernon Office
11 West Gambier Street
Mt. Vernon, Ohio 43050
Belden Village Tower, Suite 200
4450 Belden Village St., NW
Canton, Ohio 44718
843 North 21st Street, Suite 108
Newark, Ohio 43055
575 White Pond Drive, Suite C
Akron, OH 44313