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Cleveland Woman Spared From $129,000 Debt And Offered A New Payment Plan With Chapter 7 Bankruptcy

A woman in Cleveland, supporting her 29-year-old daughter with disabilities contacted the attorneys at Cleveland Bankruptcy Attorneys after she became $129,000 in debt. A substantial area of her concerns stemmed from a payment plan from furnishing her home with items from a rent to own company. Essentially, due to high-interest rates and small monthly payments spread over a long period, a $500 item could end up costing $1,500. Our client was worried about her situation and since she had become past due in her rental payments the company began threatening to repossess her home fixtures.

After filing paperwork for Chapter 7 Bankruptcy, Cleveland Bankruptcy Attorneys with Cleveland Bankruptcy Attorneys helped this client discharge over $100,000 in debt and negotiated with the rental company for a new payment plan. In the end, our client agreed to pay 50% of what was owed with 0% interest, reduced from 18% and based on the current value of the items instead of their original price. The client was pleased with this outcome and happy to learn that during these types of financial cases, assets with loans against them can potentially be re-negotiated based on present-day condition after we account for normal wear and tear.

The outcome of an individual case depends on a variety of factors unique to that case. Case results do not guarantee or predict a similar result in any similar or future case.

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