No one wants to file bankruptcy. But, certain things happen in our lives that are out of our control. During those tough times, we encourage our clients to stop worrying about what got them into trouble and start focusing on the solution!
There are two basic types of bankruptcy:
- Chapter 7 Bankruptcy
- Chapter 13 Bankruptcy
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is commonly referred to as "straight bankruptcy." If eligible, you can discharge 100% of your debt. Most people will keep their necessary assets such as their home, vehicle, personal property, life insurance, etc.
You may not be eligible to file Chapter 7 if your household income exceeds certain limits set by law. In addition, people who own valuable assets above and beyond what is considered necessary run the risk of losing those assets. For example, you can keep one reasonably priced vehicle in Chapter 7, but only one. If you have two vehicles, you run the risk of losing one.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is commonly referred to "reorganization bankruptcy." Chapter 13 is a three to five year repayment plan. All of your debt is essentially frozen, you are protected from any collection activity, and you repay some portion of your debt over the three to five year plan. Some people pay back as little as 1% of their total debt, others might pay back 10%, 50%, and so on. The amount you have to repay is based on how much you can afford to repay. At the end of your plan, the remaining unpaid portion of your debt is discharged.
Under Chapter 13, you keep all of your assets, no matter how valuable they might be.
Typically, people file Chapter 13 for one of three main reasons:
- Their income is too high and they are not eligible to file Chapter 7.
- They have unusually valuable assets that they want to keep and they might lose under Chapter 7.
- They have a home in foreclosure and they need three to five years to catch up the mortgage payments.
Why Hire Hurley Law?
Dustin Hurley has extensive experience representing individuals, married couples, and businesses in bankruptcy. In particular, Hurley Law has the following recognition you won't find with the typical bankruptcy attorney:
- Rated Top 10 bankruptcy attorneys in Ohio by the American Institute of Bankruptcy Attorneys.
- Rated by Super Lawyers.
- Rated by Martindale-Hubbell.
- Rated 10/10 by Avvo.
- Appointed by a Bankruptcy Judge to serve on the panning committee for the Bankruptcy Bench-Bar Conference, a bi-annual conference of bankruptcy Judges and attorneys.
- Former partner in one of the largest and most successful bankruptcy law firms in Southwest, Ohio.
- Handled over 2,000+ bankruptcy cases.
At your initial consultation, Dustin Hurley conducts a very thorough analysis of your income, debts, assets, and goals to make the appropriate recommendation for your particular circumstances.
Call or Email us now to schedule your complete bankruptcy analysis for a discounted rate of only $200.
The cost to file bankruptcy depends on the complexity of your case and the type of case you need to file. Basic cases (single person, no mortgage, no car loan) start at $1,200. Additional fees apply for married couples, mortgages, car loans, tax debts, self employed/business owner. To give you an exact fee quote, we first need to conduct a bankruptcy analysis to determine your needs. Call or Email us now to schedule your complete bankruptcy analysis for a discounted rate of only $200.