Akron Chapter 13 Bankruptcy Lawyer
Akron Chapter 13 Bankruptcy Attorney
If you are struggling financially and are facing harassing calls from aggressive debt collectors, bankruptcy could be a valuable tool to help you get control of your finances. While you might be aware of this option, you likely have questions about how bankruptcy works, including the different kinds of bankruptcy available, the steps involved with each, and why you should choose one type over another.
The Akron Chapter 13 bankruptcy lawyers at Amourgis & Associates, Attorneys at Law, are ready to answer any questions you might have. Keep reading to learn more about filing Chapter 13 bankruptcy in Akron. Contact us to discuss the specifics of your situation and receive personalized recommendations from our knowledgeable bankruptcy lawyers.
What Is a Chapter 13 Bankruptcy?
Federal bankruptcy law is divided into several sections covering different types of cases. These sections are known as chapters. Chapter 13 is one of the chapters used for personal bankruptcy claims.
Sometimes, experts refer to Chapter 13 cases as “reorganization” bankruptcies because the filer is allowed to work with their creditors to agree to a plan that protects the filer for a specified period, usually three or five years. During that plan period, the filer pays some or all of his or her existing debts. If the filer meets the terms of the plan, this process wipes out your remaining debts.
Steps for Chapter 13 Bankruptcy in Akron, OH
If you are filing for Chapter 13 bankruptcy, Akron Ohio requires you to take the following steps:
- Attend a credit counseling course – Before you can file your petition with the courts, you must take a credit counseling class. This must be done within 180 days of filing your petition.
- Prepare the petition – The basic paperwork required to file for Chapter 13 bankruptcy usually includes a list of your assets, income, and current debts. You must fill out these forms correctly. An experienced bankruptcy attorney can help.
- Present a payment plan – Next, you must present a plan for paying back your creditors over three to five years. The court must approve this plan, which is why it must be detailed, accurate, and plausible.
- Accept the appointment of a bankruptcy trustee – If the court approves your repayment plan, they will appoint someone to collect your payments and distribute them to your creditors. As long as you follow the terms of your repayment plan, your creditors must cease all efforts to collect payment from you.
Chapter 13 Bankruptcy Repayment Plans
If you’re trying to understand the terms of a Chapter 13 bankruptcy, it helps to be aware of several different categories of debts under bankruptcy law. The main categories are:
- Priority debts – These debts must be paid back in full in any Chapter 13 bankruptcy. Some examples of priority debts include most back taxes, child support, and spousal support payments.
- Secured debts – A debt is “secured” if you provide some kind of collateral as a condition of the loan. Examples include car loans and home mortgages. Generally, these debts must also be paid back in full as part of your repayment plan.
- Unsecured debts – Credit card debt, outstanding medical bills, and other types of unsecured debt usually do not have to be paid back in full. Once you complete your repayment plan, any remaining balances on unsecured debts are generally discharged.
It’s crucial that your repayment plan is achievable and meets the requirements for the different types of debt you’ve accumulated. A Chapter 13 bankruptcy lawyer in Akron, OH, can help you meet these terms.
How an Akron Chapter 13 Bankruptcy Lawyer Can Help
If your debts have become unmanageable and you live in Akron, Chapter 13 bankruptcy may be an option for you. The Ohio bankruptcy lawyers at Amourgis & Associates, Attorneys at Law, have decades of experience with bankruptcy cases and want to help you become debt-free. We can help gather information, prepare your bankruptcy petition, and ensure your repayment plan meets all the obligations. Contact our office today for a free initial consultation.
