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Bankruptcy

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.