Cleveland Chapter 7 Bankruptcy Attorney
Beachwood Bankruptcy Lawyer
Bankruptcy is a right that is in the United States Constitution. You should not be embarrassed if you find yourself in financial difficulties. Especially in these difficult economic times, even the most hard-working wage earners can end up needing debt relief.
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There are generally two ways for individuals to file for bankruptcy: Chapter 7 bankruptcy, which is a "liquidation" bankruptcy that will wipe the slate clean of debts, and Chapter 13 bankruptcy, which is a debt reorganization/payment plan. A bankruptcy lawyer at Slive & Slive Co., L.P.A. can assist you in determining whether Chapter 7 or Chapter 13 is right for your needs. Generally, Chapter 13 bankruptcy is used to save a house from a mortgage foreclosure or because a Chapter 7 Bankruptcy was filed in the last 8 years.
Get a Fresh Start With Chapter 7 Bankruptcy
Chapter 7 bankruptcy, which is an asset liquidation bankruptcy, will terminate your unsecured debts. This means that you no longer have to repay these debts. There are some exceptions to this, including student loans, child support obligations and taxes.
In order to file for Chapter 7 bankruptcy, you must also meet certain eligibility requirements, such as a means test. This test compares your income level to the median income in your area. Furthermore, you are not eligible for Chapter 7 if have filed for bankruptcy within the last eight years.
You will also be required to provide a list of all your assets, including assets you will be obtaining. Additionally, under the Bankruptcy Reform Act, clients are required to speak with a financial counselor provided by Slive & Slive Co., L.P.A. prior to the filing of the bankruptcy. After the filing, clients must take a brief course on the phone or over the Internet on how to avoid debt in the future. Slive & Slive can help you find an appropriate counselor.
Contact Us
At Slive & Slive our experienced attorneys will assist you through the bankruptcy process from start to finish. Your understanding of your case is a priority, and your satisfaction is our goal. Your phone calls will be returned promptly and your needs addressed in a timely manner. In addition to our weekly office hours, we offer Saturday morning appointments. Contact Slive & Slive; Cleveland Chapter 7 bankruptcy attorneys for a confidential assessment.
