WORKING WITH MARY PAPCKE AS YOUR BANKRUPTCY LAWYER
Bankruptcy laws are different in each state, with many states having multiple districts that apply their own rules. When you are looking for a bankruptcy lawyer in Parma, Ohio, or the surrounding area, Mary Papcke is the person to call. With more than 30 years of experience as a bankruptcy lawyer in Ohio, Mary possesses an in-depth understanding of federal and state bankruptcy laws and can help you take control of your debt so you can take control of your life.
WHAT TO EXPECT FROM MARY PAPCKE AS YOUR BANKRUPTCY ATTORNEY
Mary will thoroughly analyze your case to determine if bankruptcy offers the most effective way to ease your financial burden. She’ll also discuss the various types of bankruptcy—Chapter 7 and Chapter 13—and explain what effect bankruptcy could have on your family, business, home, and future credit. If she doesn’t think it is your best option, she’ll discuss alternatives such as negotiation with creditors to lower the debt and accept lower monthly payments.
In general, should you choose Mary Papke as your bankruptcy lawyer, she will:
- Provide you with a list of everything you’ll need in order to proceed with filing for bankruptcy including any documentation and financial records.
- Review the Ohio bankruptcy exemptions with you and determine if any of them apply to your situation.
- Go over what you can expect during the bankruptcy process, what you can do to make it easier, and whether your case has any difficulties or risks you should be aware of that can possibly be mitigated before proceeding.
- Prepare and file your bankruptcy paperwork (meeting all deadlines as required) and keep you updated throughout the bankruptcy process.
- Serve as the contact for your creditors during your case.
- Represent you at the bankruptcy hearings.
FILING CHAPTER 7 BANKRUPTCY IN OHIO
Chapter 7 bankruptcy is designed to eliminate unsecured debts, including credit cards, medical bills, utility bills, and payday loans. It is usually a viable option if you have a lot of unsecured debt and a low income. To file for Chapter 7 bankruptcy protection, you must take a means test to determine if your income is low enough to get your debts discharged.
ADVANTAGES OF AN OHIO CHAPTER 7 BANKRUPTCY
- The state of Ohio offers certain exemptions in a Chapter 7 bankruptcy that allows you to keep some of your assets and/or property.
- After your bankruptcy is discharged, the only debts you owe will be for secured assets on which you choose to sign a “Reaffirmation Agreement.”
- You are immediately protected against your creditors’ collection efforts and any wage garnishment as of the date of filing.
- After your bankruptcy filing date, any wages you earn or property you acquire (except for an inheritance) is yours. It does not go to pay off your creditors or to the bankruptcy court.
- There is no minimum amount of debt required.
- Your case may be completely discharged in as little as three to six months.
DISADVANTAGES OF AN OHIO CHAPTER 7 BANKRUPTCY
- Any non-exempt property is sold by the bankruptcy trustee. If you want to keep a secured asset, such as a car or home, and it is not completely covered by the Ohio bankruptcy exemptions, then Chapter 7 is not an option for you.
- The automatic stay created by a Chapter 7 filing is only a temporary defense against foreclosure.
- Anyone who co-signed a loan for you may still be responsible for the debt and might have to file for bankruptcy protection.
- You can only file for a second Chapter 7 bankruptcy eight years after you filed the first time and received a discharge of your debts.
- A Chapter 7 bankruptcy can show up on your credit report for a certain period of time after the discharge of your debts, negatively affecting your ability to get credit or take out loans.
FILING CHAPTER 13 BANKRUPTCY IN OHIO
Chapter 13 is typically an option for people who have steady income but have fallen behind on their bills. Under Chapter 13 bankruptcy, the court places you on an interest-free payment plan that usually lasts three to five years. During that time, you make one low monthly payment directly to the bankruptcy court. The court, in turn, makes payments to your creditors according to the priorities it sets. At the end of your repayment period, you may even qualify to discharge your remaining unsecured debt (such as credit card bills, medical debt, utility back payments, etc.).
ADVANTAGES OF AN OHIO CHAPTER 13 BANKRUPTCY
- If you can afford the payment plan, you can keep all your exempt and non-exempt property.
- Your debts are not canceled as in a Chapter 7 bankruptcy but they can be reduced under a Chapter 13 payment plan.
- You have immediate protection against creditor’s collection efforts and any wage garnishment.
- More debts are considered to be dischargeable.
- If the Chapter 13 plan provides for full payment, any co-signers on loans for you are immune from the creditors’ efforts.
- You have protection against foreclosure on your home by your lender as long as you meet the terms of the plan.
- You have more time to pay debts that cannot be discharged, such as taxes, student loans, back child support.
- You can file a Chapter 13 at any time and can file repeatedly.
- You can separate your creditors by class wherein different classes of creditors receive different percentages of payment. This enables you to treat debts where there is a co-debtor involved on a different basis than debts incurred on your own.
DISADVANTAGES OF AN OHIO CHAPTER 13 BANKRUPTCY
- You must create a payment plan in which you use your post-bankruptcy income. This ties up your cash during the repayment plan period.
- Legal fees are higher because a Chapter 13 filing is more complex.
- Your payment plan and your debt will last for three to five years.
- You are involved in the bankruptcy court process for the term of the three- to five-year plan.
- Stockbrokers and commodity brokers cannot file a Chapter 13 bankruptcy petition.
STILL HAVE QUESTIONS?
Contact Mary Papcke, your Parma, Ohio, bankruptcy lawyer at 440-743-7000.