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Lake Bankruptcy Lawyer

Financial trouble can cause a great deal of stress for many individuals. If you have fallen behind financially because of a divorce, investment failure, serious illness, or another unfortunate life event, you may feel like it’s impossible to get back on track. Fortunately, filing for bankruptcy can help you find relief from your debts and alleviate the constant fear and worry you are likely experiencing.

After getting to know your current financial situation in a free consultation, a Lake County bankruptcy attorney from Luftman, Heck & Associates can help you learn more about bankruptcy, and help you determine whether Chapter 7 or Chapter 13 bankruptcy is right for you. Call us today at (216) 586-6600 to explore your legal options.

Bankruptcy in Lake County

According to government data from 2011 to 2015, the median household income in Lake County is $58,029 while the per capita or average income is $30,094. Approximately 8.3 percent of Lake Country residents live at the poverty level. People who live above and below the poverty level often find themselves overwhelmed with debt. If you have questions about how to deal with your debt, contact a Lake County bankruptcy lawyer at Luftman, Heck & Associates today.

Why Consult a Lake Bankruptcy Lawyer

Bankruptcy is a complex process. Therefore, if you are considering filing for bankruptcy, it’s imperative that you have an experienced Lake bankruptcy attorney by your side. A lawyer can investigate your finances and let you know whether you qualify for Chapter 7 or Chapter 13 bankruptcy. They will do so through the means test which is a review of your income minus your expenses.

If your income is below the state median for the size of your household then you’ll automatically qualify for Chapter 7 bankruptcy. If you are not eligible for Chapter 7 bankruptcy, the means test will determine if you have the ability to fund a Chapter 13 debt repayment plan.

Chapter 7 bankruptcy is referred to as liquidation bankruptcy and can help you eliminate all of your unsecured debts or debts that are not guaranteed by collateral. Some examples of unsecured debts that can be discharged in a Chapter 7 case include credit card and medical bills. Unfortunately, debts like student loans and certain taxes are non-dischargeable. The Chapter 7 bankruptcy process takes four to six months and can give you a fresh financial start.

Chapter 13 bankruptcy may be an option for you if you have regular income and are ineligible for Chapter 7. It can give you the opportunity to combine all of your debts into one monthly affordable payment that you will pay over the course of three to five years. Once the repayment period is over, if you’ve kept up with your payments, any of your remaining debts will be discharged.

Call a Lake Bankruptcy Lawyer from Luftman, Heck & Associates Today

You can count on a Lake bankruptcy lawyer from Luftman, Heck & Associates to handle all of the bankruptcy paperwork and walk you through each step of the bankruptcy process with the United States Bankruptcy Court and the Ohio Northern Bankruptcy Court. We encourage you to call us at (216) 586-6600, or contact us online.

We look forward to helping you and your family overcome the financial hurdle you are facing.