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The law offices of David
A. Looney Co., P.A., based in
Akron, Ohio,
provide professional and discrete bankruptcy
law services for clients in the
Summit,
Portage and
Medina counties of Ohio.
Our lawyers have extensive experience in
helping others gain control of their
finances, and our courteous and personable
staff ensures that you will receive the
personal attention you deserve to quickly
get on with your life.
With 30
years of experience and an impressive
reputation in the legal community, Mr. Looney
has worked closely with Ohio residents
struggling with the burden of debt, and he
knows how to apply our bankruptcy laws and
give people a fresh financial start. For a
free consultation,
contact
Mr. Looney at (330) 785-3337.
We know that debt problems
can arise for a variety of reasons, many of
which are beyond your control. Sudden
unemployment, divorce, loss of a spouse or
unexpected medical bills can contribute to
financial difficulties and leave you feeling
hopeless and trapped in a growing pile of
bills. When you are overburdened with debt and
you have no way to pay your creditors,
bankruptcy may be your best course of action.
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The federal bankruptcy laws
were enacted to provide debtors with a means
to get a fresh start and to create fair play
and priority among all the creditors who are
clamoring for the debtor's limited resources.
Bankruptcy helps people avoid the overwhelming
stress and pressure that come with the
seemingly never-ending expenses, mounting
interest fees, and the barrage of calls from
bill collectors. We will work with you
to take control of your financial future.
The United States bankruptcy
laws provide an important avenue of relief for
persons who are experiencing deep financial
difficulty. Chapter 7 and Chapter 13 offer
those in financial crisis the opportunity to
free themselves of debt and to start anew.
Chapter 7
Bankruptcy
Also known as “The Fresh Start
Provision,” Chapter 7 bankruptcy is the most
common form of consumer bankruptcy. Congress
created Chapter 7 bankruptcy as a viable
alternative for persons in financial trouble.
Chapter 7 is the most common
bankruptcy choice for individuals strapped with
current debts that they cannot repay. Chapter 7
becomes an option when monthly payments for the
home, car and credit cards far exceed take-home
pay. A Chapter 7 proceeding allows a debtor to
erase his or her unsecured debts, such as credit
card loans that are not secured by an underlying
asset.
A debtor who files for a Chapter
7 bankruptcy is usually allowed to keep his or her
home and car. Once the bankruptcy petition is
filed, creditors are prevented from taking
additional actions against the debtor.
Chapter 7 Review and Decision
Process
The debtor's
property rights are reviewed by
the U.S. Bankruptcy Trustee
assigned to the case. The debtor
is allowed keep exempt property
pursuant to law. The remaining
assets that are not considered
exempt are sold by the Trustee,
and the proceeds are paid to the
creditors.
There are many
rules within the U.S. Bankruptcy
Code that control the outcome of
a bankruptcy case. If a Chapter
7 case is filed correctly, the
debtors will receive a discharge
of most of their unsecured
debts. Not all debts are
forgiven or discharged. Secured
debts such as mortgages and car
payments as well as many tax
debts, student loans, criminal
fines or penalties, DWI
personal
injury damages, alimony, and
child support awards are not
discharged. The debtor may be
able to reaffirm a car or home
mortgage debt, thereby retaining
those assets, along with the
payments, if desired.
Chapter 7
bankruptcy is a tremendous tool
for people who are struggling
with debt issues and have
limited resources to deal with
the problem. A Chapter 7
Bankruptcy can give a person a
new beginning by stopping
harassing phone calls, letters,
lawsuits, garnishments and
payments to creditors.
Chapter 13
Bankruptcy
Chapter 13
bankruptcy is called
"wage-earner reorganization."
Chapter 13 allows an individual
to keep property and pay debts
over time, up to a maximum of
five years. It is similar to a
business or corporation going
into bankruptcy while remaining
in business. Chapter 13 offers
individuals an opportunity to
save their homes from
foreclosure. By filing
under this chapter, individuals
can stop foreclosure proceedings
and get a chance to cure
delinquent mortgage payments
over time.
A Chapter 13
is frequently filed if the
debtor has unexempt assets or
assets with equity. You must
have regular and stable income
to qualify for Chapter 13. In a
Chapter 13 case, the debtor is
required to pay his excess
income to the Trustee, who
distributes the funds to the
creditors.
During the
administration of the Chapter 13
plan, the debtor is protected
from creditors' phone calls,
letters, lawsuits and
garnishments. A Chapter 13 plan
may only run between three and
five years. At the completion of
the Chapter 13 plan, the debtors
also receive a discharge similar
to Chapter 7, in that most
remaining debts not repaid in
full are discharged or forgiven.
Get an attorney
early
Bankruptcy is
an important decision that
should only be made after
considering all available
alternatives. By consulting an
experienced bankruptcy attorney,
you will better understand your
options and have the support of
legal counsel to help you
navigate the complex laws and
requirements. Working directly
with creditors may only increase
your frustration and rob you of
the chance to restructure your
debts. With a qualified
attorney by your side, you can
take the first important step
towards your financial health
and well-being.
The
attorneys at the
Law Offices of
David A. Looney are committed to
providing aggressive,
high-quality legal services to
help you with your difficult
situation. Please fill out our
online
contact
form
or call us at 330-785-3337 to
get a fresh start today.
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