In a Chapter 7 liquidation bankruptcy, also known as a “Fresh Start” bankruptcy, an eligible Debtor may completely eliminate all dischargeable debts including but not limited to credit cards, vehicle loans, medical bills, collection accounts, and payday loans. Chapter 7 bankruptcy immediately stops lawsuits, wage garnishments, bank account seizures, utility shutoffs, and the filing of liens. The Debtor may retain possession of property and assets that are below the Ohio exemption limits.
In a Chapter 13 reorganization bankruptcy, an eligible Debtor pays back their debts over a 36-to-60 month period. The Debtor submits a Plan that proposes to devote a certain amount of income each month to the Chapter 13 Plan. Chapter 13 bankruptcy is a useful tool for Debtors with regular income who are behind on mortgage or vehicle payments but wish to retain their home or vehicle. Chapter 13 bankruptcy may also be a useful option for individuals who filed a Chapter 7 bankruptcy in the past 8 years.
In a debt settlement, debtors resolve their debts directly with a creditor outside of a federal bankruptcy proceeding. Individuals facing financial hardship or emergency may be able to reach a settlement with one or all of their creditors. A finalized debt settlement can provide for either a one-time lump sum payment or affordable monthly payments. A debtor may reach a debt settlement agreement with either the original creditor or a collection agency collecting on behalf of the original creditor.
If you are named as a Defendant in a lawsuit it is highly recommended that you retain an attorney to represent your interests in the court proceeding. McNeil Law Firm, LLC has extensive experience in representing clients involved in litigation.
McNeil Law Firm, LLC will provide comprehensive estate planning to meet your personal and financial goals. We work closely with each client to create a carefully crafted estate plan including the drafting of wills, trusts, powers of attorney, and deeds.
Whether your business operates as an LLC, Corporation, Partnership, or Sole Proprietorship, we provide personalized legal advice to help clients resolve business issues involving restructuring, financing, loans, workouts, and settlements.
*We are a Debt Relief Agency. We help people file for bankruptcy relief under the Bankruptcy Code.*
Any information listed on this page is not, and is not intended to be, legal advice. An Attorney-Client relationship is not established until there is a written fee agreement between both parties.
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