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Life During Bankruptcy

Deciding to file for bankruptcy in Ohio can be a very intimidating prospect, and you may not know what to expect from life during bankruptcy. After all, you are already dealing with financial instability and adding, even more, stress can seem overwhelming. Regardless of which debt rlief option you choose, it may be your best chance at a fresh start. Keep in mind that you don’t need to go through the process alone. By working with an experienced and knowledgeable Cleveland bankruptcy lawyer, you can avoid the typical pitfalls and be confident that you are making the right choices for your financial well-being.

The bankruptcy attorneys of Luftman, Heck & Associates know what you are going through and are committed to helping you through the entire process with honest, straightforward information.

Call us today at for a free consultation to begin rebuilding your finances and your future.

What to Expect During Bankruptcy

When you choose to pursue a Chapter 7 or Chapter 13 bankruptcy, you will likely need to complete a financial inventory, participate in credit counseling, and meet with your creditors to discuss terms. The next steps and how your particular situation is handled will depend largely on if you are seeking to discharge your unsecured debts through a Chapter 7 or reorganize your debts with a Chapter 13. In either case, a skilled bankruptcy attorney will guide you through the options and which will work best for you.

The Cleveland bankruptcy lawyers of Luftman, Heck & Associates want you to have as much information as possible about what to expect from life during bankruptcy and any potential issues that may arise during your case.

Some of the most common topics include, but are not limited to:

  • Your Assets During Bankruptcy – It’s understandable that you want to protect as many of your hard-earned assets as possible. Learn what exemptions may or may not be available and what can be kept during a bankruptcy.
  • Restrictions on Obtaining Credit – Regardless of which type of bankruptcy you select, there will probably be a negative effect on your credit. By working with an experienced bankruptcy lawyer you can be prepared and reduce the impact.
  • Tax Refunds During Bankruptcy – When you file for bankruptcy, your assets usually become part of the “bankruptcy estate.” Your annual tax refund is typically one of these assets and may be appropriated to repay your debts. Be prepared and learn how a bankruptcy lawyer can help.
  • Increases in Income – Since your income is a major factor in any bankruptcy case, it is important to know that a dramatic increase during bankruptcy could alter the payments required or your continued eligibility.
  • Income Loss During Chapter 13 – The bankruptcy court sets your payments based on what you can afford. If the unexpected happens, a sudden loss of income during bankruptcy can impact what you need to contribute.

Need Debt Relief? Call Us Today

While there may be some obstacles and a lot of information to consider, a bankruptcy filing may be exactly what you need to straighten out your finances and set you on a road to stability. The Cleveland bankruptcy lawyers of Luftman, Heck, & Associates realize that you are going through a lot and our attorneys have the knowledge and experience you need to fight for your best interests and successfully alleviate your debts.

For a free and confidential consultation to discuss your options, call us at .

Contact us today!