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Filing CH 13 Bankruptcy in Akron-Canton, Ohio

debt re-organization restructuring plans for Ohioans

Debt Re-organization in
Akron-Canton, Ohio
Chapter 13 Bankruptcy

Complex debt situations, including those who do not meet the qualifications under the means test to file Chapter 7 bankruptcy "fresh start" protection, a structured debt repayment plan under Chapter 13 bankruptcy protection may be the best option. This benefits clients who have too much income to pass the Chapter 7 means test, or for those who wish to keep assets that may otherwise be liquated when filing for Chapter 7 bankruptcy protection. A good example is a debtor may not be able to bring their mortgage current yet wishes to keep his or her primary residence. In order to keep the home when filing Chapter 7 they would have to be able to bring the mortgage payments current. If the debtor is not able to do so, filing Chapter 13 bankruptcy may be a better choice. Due to many of the home mortgage loan modifications in recent years, this has sometimes been a deciding factor in whether a client’s best option was a Chapter 7 or Chapter 13 bankruptcy. Serving the Akron-Canton area, bankruptcy attorney Kenneth Sheppard Jr. can help you to evaluate the best options for debt relief and which type of bankruptcy will best meet your goals given your specific situation.

Chapter 13 bankruptcy, often called “debt re-organization”, provides a structured repayment plan for a set length of time (a typical plan is for three to five years). Upon completion of the repayment plan, the debtor can expect discharge of remaining unsecured debts.

Both Chapter 7 and Chapter 13 bankruptcies require a Section 341 Meeting, called the Meeting of Creditors. The debtor must attend this meeting in which creditors may ask about the debtor’s intentions, as well as his or her liabilities and assets. This meeting helps to make clear whether the proposed plan for debt repayment is realistic.

The payment amount a debtor will be responsible for under a Chapter 13 structured repayment plan depends on individual circumstances. However, in every case, the debtor is responsible for repaying some (at least 1%) of unsecured debt. Factors such as the amount of priority debt, secured debt, and living expenses are also taken into consideration to equate the payment amounts.

Are you in need of debt relief and unsure whether Chapter 7 or Chapter 13 bankruptcy is right for you? Contact Akron-Canton, Ohio Bankruptcy attorney Kenneth Sheppard, Jr. for a free initial consultation. You can expect to meet with an experienced, and compassionate debt relief attorney. For your convenience we have bankruptcy law offices in Canton, Columbus, Newark, and Mt. Vernon, Ohio. Attorney Sheppard will meet with you and discuss the needs of your particular case so you can recover from the stress of overwhelming debt. We provide affordable bankruptcy filing assistance for our clients.