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About Bankruptcy

The decision to file for bankruptcy can be a difficult one to make. You may be overwhelmed with medical debt, repayment of student loans, and simply see no way out of your situation. In a stressful situation such as filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy, you may be overwhelmed by the sheer amount of information available. If you are considering filing for bankruptcy, it is important that you know the ins and outs of the process and seek the skilled counsel of a Cleveland bankruptcy attorney.

Luftman, Heck & Associates is here to help. Our Cleveland bankruptcy lawyers can tell you more about bankruptcy, explain alternatives to filing for bankruptcy, and explain your legal rights in a bankruptcy case.

Call us today at (216) 586-6600, or contact us online for a free consultation.

Learn more about bankruptcy and what we can do to help below:

What is Bankruptcy?
Bankruptcy is a legal process that allows individuals and companies to either eliminate their debt or pay back their creditors through a payment plan. Bankruptcy typically falls into two categories: liquidation and reorganization. Liquidation – more commonly referred to as Chapter 7 bankruptcy – is the most common form of bankruptcy, and focuses on how your assets can be turned into cash. Reorganization through a Chapter 13 bankruptcy involves a manageable repayment plan over the course of three to five years.

Qualifying for Bankruptcy
Depending on your financial situation, you will may qualify for either Chapter 7 or Chapter 13 bankruptcy. A “means” test, based on your income, is used to make that determination. If you’re wondering whether or not you qualify for either type of bankruptcy, it is important to employ the legal counsel of an experienced Cleveland bankruptcy lawyer.

Bankruptcy Process
Filing for bankruptcy is a complex legal process that can be overwhelming due to the precise steps you have to follow in order to even begin the process. You’ll need to provide proper documentation to both your attorney and your creditors, you may have to attend meetings with your creditors, and you may need to complete a credit counseling course. From the beginning to the end of your bankruptcy case, it is important to have the Cleveland bankruptcy lawyers of Luftman, Heck & Associates on your side to explain the complex legal steps it takes to file for bankruptcy.

Bankruptcy Timeline
The sequence of events in a bankruptcy case varies based on the facts and circumstances of your case and whether you file for Chapter 7 or Chapter 13 bankruptcy. With the help of a bankruptcy attorney you will need to determine if filing for bankruptcy is the best financial decision for you, how much you owe your creditors, and if/when you have to appear in court during your bankruptcy case.

Bankruptcy Discharge
Bankruptcy discharge occurs at the end of a bankruptcy case, and it releases you from paying some of your debts. Depending on the circumstances of your case, the amount of time it takes for bankruptcy discharge to occur varies widely. Not all debt can be discharged, but debts that are commonly released in these types of bankruptcy cases are medical debts, credit card debts, and personal loans.

Dos and Don’ts of Bankruptcy
Due the complex nature of bankruptcy cases, it is important to know what to do, and what not to do before you file for bankruptcy, during your case, and after your case concludes. If you’re confused as to what you should be doing during your bankruptcy case, a Cleveland bankruptcy lawyer from Luftman, Heck, & Associates can help.

Alternatives to Bankruptcy
Filing for bankruptcy is a major decision and may not be for you. There are several alternatives to filing for bankrupcty. You can contact your creditors on your own, you can fight your debts in court, or your attorney can establish a debt settlement plan with your creditors. If you’re wondering if there is an alternative to bankruptcy that is right for you, contact the Cleveland bankruptcy lawyers of Luftman, Heck & Associates today.

Bankruptcy Myths
Having to file for bankruptcy with your spouse, never being able to buy a house, and the prospect of losing all your property are all myths that have been spread about bankruptcy. A lot of information surrounding bankruptcy is false, so it is important to have the knowledge of an experienced Cleveland bankruptcy attorney on your side.

U.S. Bankruptcy Laws
In the United States, there are laws about bankruptcy that are meant to help protect individuals who are in debt. It is important to know these laws, as it will make your bankruptcy case easier to understand. Under U.S. law, you’re entitled to file for bankruptcy and have your case heard in federal court. The Cleveland bankruptcy lawyers of Luftman, Heck & Associates are here to help you understand the intricacies of these laws, and how they may affect your specific case.

Can Filing for Bankruptcy Get my Driver’s License Back?
Has your driver’s license recently been suspended? Filing for bankruptcy may help you get it back. License reinstatement fees are considered dischargeable debt, so if you were to file for Chapter 7 or Chapter 13 bankruptcy and provide the Bureau of Motor Vehicles (BMV) with the proper documentation, that is one less fee you have to worry about. Luftman, Heck & Associate’s Cleveland bankruptcy lawyers can help you better understand license reinstatement and its relation to discharging some of your debts through bankruptcy.

How to File a Bankruptcy with No Money
Although there are fees required to file Chapter 7 and Chapter 13 bankruptcy, you can still file for bankruptcy with very little money. With the help of a Cleveland bankruptcy lawyer, you may be able to obtain a fee waiver or establish a repayment plan that eases some of your financial burdens.

Bankruptcy FAQs
Are you curious about how long filing for bankruptcy takes? Are you wondering if your property is at risk, or if you’ll lose everything? Or how the Cleveland bankruptcy lawyers of Luftman, Heck & Associates can help you with your case? Find out helpful information in these frequently asked questions about bankruptcy.

How Luftman, Heck & Associates Can Help

Filing for bankruptcy is a serious legal process that can take a toll on your life if not handled properly. If you’re considering filing for Chapter 7 or Chapter 13 bankruptcy and have questions about the process, its timeline, and the laws surrounding the process, you need the skilled legal help of a Cleveland bankruptcy attorney. No matter what your financial situation is, there is a solution.

Luftman, Heck & Associates is here to help. Call us today at (216) 586-6600, or contact us online for a free and confidential case consultation.