Debt Relief: How a Bankruptcy Lawyer Can Help | Columbus, OH

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How Can an Ohio Bankruptcy Attorney Help Individuals Overwhelmed by Debt?

Bankruptcy Attorney

Find Financial Relief With Our Ohio Bankruptcy Lawyers

Many people in Ohio struggle with debt. When you owe more money than you can pay back, it can be hard to know what to do. It can feel like you’re buried under bills and can’t see a way out. That can cause a lot of stress and worry. When debt becomes too much to handle, a helping hand from an Ohio bankruptcy attorney can make a real difference.

Trying to handle bankruptcy by yourself can be very hard since many rules and laws can be confusing. A bankruptcy attorney understands these laws and can help you make the best choices for your situation.

Quick Summary:

  • Many people in Ohio struggle with overwhelming debt, causing significant stress and worry about financial well-being.
  • Bankruptcy is a legal process that offers relief from unmanageable debt by eliminating debts or setting up structured repayment plans.
  • Chapter 7 bankruptcy involves liquidation, swiftly selling assets to pay debts, while Chapter 13 allows debt reorganization over three to five years.
  • Considering bankruptcy in Ohio offers benefits such as debt discharge, protection from creditors, asset preservation, a fresh financial start, and manageable repayment plans.
  • Our Ohio bankruptcy attorneys can guide you through the maze of debt relief options, from understanding available choices to navigating the legal process. We protect from creditor harassment, representation in court, and negotiation with creditors, enabling individuals to regain financial stability and pave the way for a brighter future.

Understanding the Burden of Debt

Debt can be a heavy burden to carry, affecting both your emotional well-being and your financial health. Worrying about how to pay your bills can make you feel constantly stressed and anxious. 

Financially, overwhelming debt can make paying for basic needs like food, housing, and utilities difficult. You might start to miss payments, leading to late fees and higher interest rates. That makes the debt grow faster and bigger, creating a cycle that’s hard to break.

Debt can come from many different places. Here are some of the most common causes:

Medical Bills

Health care in the United States can be costly. Even with insurance, a major illness or injury can lead to huge medical bills that are hard to pay off.

Job Loss

Losing your job can quickly lead to financial trouble, especially if you don’t have savings to fall back on. Keeping up with bills and expenses without a steady income can be challenging.

Credit Card Debt

It’s easy to rely on credit cards to cover expenses. However, high interest rates can make it hard to pay off the balance.

Unexpected Expenses

Sometimes, car repairs, home emergencies, and other things we don’t plan for happen. These unexpected costs can add up and create debt.

Student Loans

Education is important, but paying for it can be very expensive. Many people find themselves with large student loans that take years to pay off.

Overview of Bankruptcy

Bankruptcy is a legal process that helps people who can’t pay their debts. If you are struggling with a lot of debt and can’t see a way out, bankruptcy might be a good option for you. It can help you get a fresh start by either getting rid of your debts or setting up a plan to pay them off over time.

There are two main types of bankruptcy for individuals in the US: 

Chapter 7 Bankruptcy

Chapter 7 is the fastest and easiest form of bankruptcy for an individual. It is also called “liquidation” bankruptcy because it might involve selling some of your belongings to pay off your debts. There are exemptions in Ohio law that protect certain assets, like your car and house, depending on the value. That allows you to get a clean slate and rebuild your finances without the burden of overwhelming debt.

Chapter 13 Bankruptcy

It is often called “reorganization” bankruptcy. Chapter 13 bankruptcy is a structured way to catch up on your debts. You work with a court-appointed trustee to create a plan to repay some or all your debts for three to five years. That can be a good option if you have a steady income and want to keep your assets.

Considering Bankruptcy in Ohio

Bankruptcy offers a pathway to financial relief and a chance for individuals to regain control of their finances. Here are some reasons why considering bankruptcy in Ohio might be beneficial:

Debt Discharge

Bankruptcy allows you to discharge or eliminate most or all your debts. When you file for bankruptcy, the court looks at all your debts and decides which ones can be wiped away. That usually includes things like credit card bills, medical debts, and personal loans. Once the court grants a debt discharge, you’re no longer legally obligated to repay those debts.

Protection from Creditors

Bankruptcy is a shield that protects you from creditors. When someone files for bankruptcy, an automatic stay goes into effect. It stops most creditors from trying to collect debts from you or taking any legal action against you to get their money. It provides temporary relief from debt collection activities like phone calls, letters, lawsuits, or wage garnishments.

Asset Protection

Bankruptcy exemptions allow you to keep certain assets, such as your home, car, and personal belongings, up to a specific value. That helps protect important property from being seized to repay debts.

Fresh Start

Bankruptcy provides you with a fresh financial start. It allows you to move forward without the burden of overwhelming debt, allowing you to rebuild your credit and financial stability.

Repayment Plans

In Chapter 13 bankruptcy, you can set up a repayment plan to pay off your debts over a certain period. This structured plan can make it easier to manage debt and avoid further financial strain.

How Our Ohio Bankruptcy Attorney Helps Individuals Overwhelmed by Debt

When debt becomes a heavy burden, it can feel like there’s no way out. Bankruptcy isn’t an easy decision to make, but sometimes it’s the best option for getting out of overwhelming debt. If you’re struggling to make ends meet and feel like you’re drowning in bills, bankruptcy might be worth considering.

Filing for bankruptcy can be confusing, leaving you feeling stuck and unsure of what to do next. But you don’t have to face it alone. Our Columbus bankruptcy attorneys at Sheppard Law Offices can guide you through the maze of debt relief options, offering support every step of the way. Here’s how we can help:

Understanding Your Options

Our Ohio bankruptcy attorney can help you understand what options are available to you. We’ll look at your financial situation and explain whether filing for bankruptcy is the right choice or if there are other alternatives to consider.

Navigating the Legal Process

Bankruptcy can be complicated, with lots of rules and paperwork to deal with. We know the ins and outs of the process and can guide you through each step. We’ll ensure you meet all the requirements and file the necessary paperwork correctly.

Protecting from Creditors

Once you file for bankruptcy, an automatic stay goes into effect. That stops creditors from trying to collect money from you while the bankruptcy process is underway. We will ensure this protection is in place and handle any creditor harassment on your behalf.

Representing You in Court

If you must go to court during the bankruptcy process, we will represent you. We’ll speak on your behalf and make sure your rights are protected.

Negotiating with Creditors

In some cases, our Ohio bankruptcy lawyer may be able to negotiate with your creditors outside of court to present a payment plan that works for everyone.

From understanding the available options to guiding clients through the legal process, our bankruptcy law firm plays a crucial role in helping individuals pave the way for a brighter financial future. 

Don’t wait any longer to take control of your finances. Contact us today to schedule a free consultation, and let us discuss your options and help you find relief from overwhelming debt. 

Remember, you have legal rights and options. Let us help you explore them and find the best solution for your situation. We also represent Ohio families with family law, tax, and estate planning issues.

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