Chapter 7 Bankruptcy Ohio


Ohio Chapter 7 Bankruptcy Lawyer in Columbus, Newark, Mt. Vernon, & 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 and Cricket at $35 (as opposed to Access $14.95). 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 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 bankruptcy 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 4 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. Our offices are handicap accessible. We accept various options for payment, 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.

Contact Sheppard Law Offices and Attorney Kenneth L. Sheppard, Jr. to discuss your particular situation. Call today to schedule your free consultation at (614) 523-3106.

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.

Contact Sheppard Law Office

Sheppard Law Office Locations

  • Columbus Office

    3535 Fishinger Blvd Suite 190
    Hilliard, Ohio 43026
    (614) 523-3106

  • Mt. Vernon Office

    11 West Gambier Street
    Mt. Vernon, Ohio 43050
    (740) 392-0404

  • Canton Office

    Belden Village Tower, Suite 200
    4450 Belden Village St., NW
    Canton, Ohio 44718
    (330) 409-2876

  • Newark Office

    843 North 21st Street, Suite 108
    Newark, Ohio 43055
    (740) 345-7138

Contact Sheppard Law Office Today

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